First Manhattan Co. Holds Stake in Public Service Enterprise Group Incorporated (PEG)

First Manhattan Co. continued to hold its position in Public Service Enterprise Group Incorporated (NYSE:PEG) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,207 shares of the utilities provider’s stock at the end of the second quarter. First Manhattan Co.’s holdings in Public Service Enterprise Group were worth $352,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC raised its position in Public Service Enterprise Group by 1.9% in the first quarter. FMR LLC now owns 2,166,576 shares of the utilities provider’s stock valued at $96,088,000 after buying an additional 40,125 shares during the last quarter. Vanguard Group Inc. raised its position in Public Service Enterprise Group by 3.4% in the first quarter. Vanguard Group Inc. now owns 35,042,083 shares of the utilities provider’s stock valued at $1,554,116,000 after buying an additional 1,144,077 shares during the last quarter. Bank of Montreal Can raised its position in Public Service Enterprise Group by 47.8% in the first quarter. Bank of Montreal Can now owns 1,004,699 shares of the utilities provider’s stock valued at $44,559,000 after buying an additional 325,079 shares during the last quarter. DT Investment Partners LLC raised its position in Public Service Enterprise Group by 15.9% in the first quarter. DT Investment Partners LLC now owns 22,646 shares of the utilities provider’s stock valued at $1,004,000 after buying an additional 3,115 shares during the last quarter. Finally, Peapack Gladstone Financial Corp raised its position in Public Service Enterprise Group by 6.6% in the first quarter. Peapack Gladstone Financial Corp now owns 151,656 shares of the utilities provider’s stock valued at $6,726,000 after buying an additional 9,338 shares during the last quarter. Hedge funds and other institutional investors own 65.76% of the company’s stock.

Shares of Public Service Enterprise Group Incorporated (PEG) opened at 45.44 on Thursday. The stock’s 50 day moving average is $43.82 and its 200 day moving average is $44.15. Public Service Enterprise Group Incorporated has a 12 month low of $39.28 and a 12 month high of $46.14. The firm has a market cap of $22.99 billion, a P/E ratio of 51.06 and a beta of 0.38.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Friday, July 28th. The utilities provider reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.05. The company had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.33 billion. Public Service Enterprise Group had a return on equity of 11.46% and a net margin of 4.88%. During the same quarter in the prior year, the company earned $0.57 earnings per share. Equities research analysts expect that Public Service Enterprise Group Incorporated will post $2.92 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 8th will be issued a dividend of $0.43 per share. The ex-dividend date is Thursday, September 7th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.79%. Public Service Enterprise Group’s dividend payout ratio is presently 193.26%.

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PEG has been the subject of several analyst reports. Zacks Investment Research upgraded shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Tuesday, August 1st. Royal Bank Of Canada restated an “outperform” rating on shares of Public Service Enterprise Group in a report on Wednesday, May 10th. BidaskClub upgraded shares of Public Service Enterprise Group from a “strong sell” rating to a “sell” rating in a report on Monday, July 24th. Goldman Sachs Group, Inc. (The) restated a “buy” rating on shares of Public Service Enterprise Group in a report on Tuesday, June 27th. Finally, Wolfe Research upgraded shares of Public Service Enterprise Group from an “underperform” rating to a “market perform” rating in a report on Monday, July 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $47.30.

In related news, COO Ralph A. Larossa sold 24,021 shares of the company’s stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $43.55, for a total value of $1,046,114.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Ralph Izzo sold 30,000 shares of the company’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $42.83, for a total value of $1,284,900.00. Following the completion of the sale, the chairman now directly owns 748,121 shares in the company, valued at $32,042,022.43. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 77,421 shares of company stock valued at $3,389,397. 0.61% of the stock is owned by corporate insiders.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated (PSEG) is a holding company. The Company is an energy company with operations located primarily in the Northeastern and Mid-Atlantic United States. The Company’s segments include Public Service Electric and Gas Company (PSE&G), PSEG Power LLC (Power) and Other.

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Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

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