Public Service Enterprise Group Inc. (NYSE:PEG) Shares Acquired by Westpac Banking Corp

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Westpac Banking Corp lifted its position in shares of Public Service Enterprise Group Inc. (NYSE:PEG) by 15.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 53,260 shares of the utilities provider’s stock after acquiring an additional 7,172 shares during the period. Westpac Banking Corp’s holdings in Public Service Enterprise Group were worth $3,133,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. CWM LLC lifted its position in shares of Public Service Enterprise Group by 76.6% during the 2nd quarter. CWM LLC now owns 2,380 shares of the utilities provider’s stock worth $140,000 after buying an additional 1,032 shares during the period. Cutter & CO Brokerage Inc. bought a new stake in shares of Public Service Enterprise Group in the 2nd quarter valued at about $430,000. Aperio Group LLC raised its holdings in shares of Public Service Enterprise Group by 1.0% in the 2nd quarter. Aperio Group LLC now owns 495,586 shares of the utilities provider’s stock valued at $29,151,000 after purchasing an additional 4,751 shares in the last quarter. Great Valley Advisor Group Inc. raised its holdings in shares of Public Service Enterprise Group by 12.2% in the 2nd quarter. Great Valley Advisor Group Inc. now owns 10,391 shares of the utilities provider’s stock valued at $611,000 after purchasing an additional 1,131 shares in the last quarter. Finally, BNP Paribas Arbitrage SA raised its holdings in shares of Public Service Enterprise Group by 44.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 348,674 shares of the utilities provider’s stock valued at $20,509,000 after purchasing an additional 107,830 shares in the last quarter. 68.78% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have recently commented on PEG. ValuEngine lowered shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. UBS Group set a $67.00 price objective on shares of Public Service Enterprise Group and gave the stock a “buy” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. lowered shares of Public Service Enterprise Group from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $64.00 to $62.00 in a research note on Tuesday, April 23rd. Bank of America lowered shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $65.00 price objective for the company. in a research note on Friday, July 19th. Finally, Citigroup lowered shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 price objective for the company. in a research note on Monday, July 29th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Public Service Enterprise Group has a consensus rating of “Buy” and an average price target of $62.46.

In other Public Service Enterprise Group news, VP Daniel J. Cregg sold 625 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $57.33, for a total transaction of $35,831.25. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Ralph Izzo sold 52,407 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $58.78, for a total transaction of $3,080,483.46. Following the sale, the chairman now directly owns 419,818 shares in the company, valued at approximately $24,676,902.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 164,046 shares of company stock worth $9,529,482. 0.51% of the stock is owned by insiders.

NYSE PEG opened at $58.10 on Friday. The firm has a market cap of $28.98 billion, a PE ratio of 18.62, a price-to-earnings-growth ratio of 7.79 and a beta of 0.33. Public Service Enterprise Group Inc. has a 52 week low of $49.22 and a 52 week high of $61.63. The company has a quick ratio of 0.59, a current ratio of 0.79 and a debt-to-equity ratio of 0.99. The company has a 50 day moving average price of $58.89 and a 200 day moving average price of $58.91.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Tuesday, July 30th. The utilities provider reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.04). The company had revenue of $2.32 billion for the quarter, compared to analysts’ expectations of $2.23 billion. Public Service Enterprise Group had a return on equity of 11.02% and a net margin of 14.41%. During the same period in the prior year, the firm posted $0.64 EPS. On average, equities research analysts anticipate that Public Service Enterprise Group Inc. will post 3.24 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.24%. The ex-dividend date is Friday, September 6th. Public Service Enterprise Group’s dividend payout ratio is presently 60.26%.

About Public Service Enterprise Group

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid- Atlantic United States. It operates through two segments, PSE&G and Power. The PSE&G segment transmits electricity; distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs to customers.

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

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