Public Service Enterprise Group Incorporated (NYSE:PEG) Stake Boosted by Retirement Systems of Alabama

Retirement Systems of Alabama increased its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.2% during the second quarter, Holdings Channel reports. The firm owned 245,277 shares of the utilities provider’s stock after buying an additional 580 shares during the period. Retirement Systems of Alabama’s holdings in Public Service Enterprise Group were worth $10,549,000 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. Candriam Luxembourg S.C.A. increased its stake in Public Service Enterprise Group by 141.9% in the second quarter. Candriam Luxembourg S.C.A. now owns 81,614 shares of the utilities provider’s stock valued at $3,510,000 after buying an additional 47,872 shares during the period. First National Bank & Trust Co. of Newtown increased its stake in Public Service Enterprise Group by 1.6% in the second quarter. First National Bank & Trust Co. of Newtown now owns 9,686 shares of the utilities provider’s stock valued at $417,000 after buying an additional 150 shares during the period. Sei Investments Co. increased its stake in Public Service Enterprise Group by 46.8% in the second quarter. Sei Investments Co. now owns 109,614 shares of the utilities provider’s stock valued at $4,715,000 after buying an additional 34,962 shares during the period. Kanawha Capital Management LLC increased its stake in Public Service Enterprise Group by 9.6% in the second quarter. Kanawha Capital Management LLC now owns 26,956 shares of the utilities provider’s stock valued at $1,159,000 after buying an additional 2,365 shares during the period. Finally, Cadence Bank NA increased its stake in Public Service Enterprise Group by 1.2% in the second quarter. Cadence Bank NA now owns 51,765 shares of the utilities provider’s stock valued at $2,227,000 after buying an additional 597 shares during the period. Institutional investors own 65.76% of the company’s stock.

Shares of Public Service Enterprise Group Incorporated (NYSE:PEG) opened at 45.61 on Friday. The company has a market cap of $23.07 billion, a P/E ratio of 51.25 and a beta of 0.38. The company’s 50-day moving average price is $43.86 and its 200 day moving average price is $44.16. Public Service Enterprise Group Incorporated has a 52 week low of $39.28 and a 52 week high of $46.14.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Friday, July 28th. The utilities provider reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.05. The firm had revenue of $2.13 billion for 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 previous year, the business earned $0.57 earnings per share. On average, equities analysts forecast that Public Service Enterprise Group Incorporated will post $2.92 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 8th will be given a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date of this dividend is Thursday, September 7th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 193.26%.

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Several research firms have recently issued reports on PEG. Morgan Stanley upped their price target on Public Service Enterprise Group from $50.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Thursday. Citigroup Inc. reiterated a “neutral” rating and set a $49.00 price target (up previously from $44.00) on shares of Public Service Enterprise Group in a research note on Thursday. Zacks Investment Research downgraded Public Service Enterprise Group from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. BidaskClub upgraded Public Service Enterprise Group from a “strong sell” rating to a “sell” rating in a research note on Monday, July 24th. Finally, Wolfe Research upgraded Public Service Enterprise Group from an “underperform” rating to a “market perform” rating in a research note on Monday, July 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $47.75.

In other Public Service Enterprise Group news, Chairman Ralph Izzo sold 23,400 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $45.23, for a total transaction of $1,058,382.00. Following the transaction, the chairman now owns 748,474 shares of the company’s stock, valued at $33,853,479.02. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, COO Ralph A. Larossa sold 24,021 shares of the business’s stock in a transaction that occurred 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 disclosure for this sale can be found here. In the last three months, insiders have sold 77,421 shares of company stock worth $3,389,397. Company insiders own 0.61% of the company’s stock.

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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