New England Asset Management Inc. Reduces Position in Public Service Enterprise Group Inc. (NYSE:PEG)

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New England Asset Management Inc. decreased its stake in shares of Public Service Enterprise Group Inc. (NYSE:PEG) by 1.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 62,900 shares of the utilities provider’s stock after selling 900 shares during the period. New England Asset Management Inc.’s holdings in Public Service Enterprise Group were worth $3,700,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in PEG. D. E. Shaw & Co. Inc. boosted its holdings in Public Service Enterprise Group by 87.0% in the second quarter. D. E. Shaw & Co. Inc. now owns 155,225 shares of the utilities provider’s stock valued at $9,131,000 after acquiring an additional 72,235 shares during the last quarter. Point72 Hong Kong Ltd lifted its stake in shares of Public Service Enterprise Group by 37.0% during the second quarter. Point72 Hong Kong Ltd now owns 2,666 shares of the utilities provider’s stock worth $157,000 after purchasing an additional 720 shares in the last quarter. Cubist Systematic Strategies LLC lifted its stake in shares of Public Service Enterprise Group by 324.4% during the second quarter. Cubist Systematic Strategies LLC now owns 253,331 shares of the utilities provider’s stock worth $14,901,000 after purchasing an additional 193,645 shares in the last quarter. Point72 Asset Management L.P. lifted its stake in shares of Public Service Enterprise Group by 674.4% during the second quarter. Point72 Asset Management L.P. now owns 115,386 shares of the utilities provider’s stock worth $6,787,000 after purchasing an additional 100,486 shares in the last quarter. Finally, California State Teachers Retirement System lifted its stake in shares of Public Service Enterprise Group by 0.5% during the second quarter. California State Teachers Retirement System now owns 890,426 shares of the utilities provider’s stock worth $52,375,000 after purchasing an additional 4,623 shares in the last quarter. 69.39% of the stock is owned by institutional investors.

A number of brokerages have commented on PEG. Morgan Stanley boosted their price objective on Public Service Enterprise Group from $67.00 to $69.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Bank of America cut Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $65.00 price objective on the stock. in a research note on Friday, July 19th. Mizuho boosted their price objective on Public Service Enterprise Group from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. KeyCorp initiated coverage on Public Service Enterprise Group in a research note on Tuesday, June 4th. They set a “sector weight” rating and a $59.40 price objective on the stock. Finally, Barclays initiated coverage on Public Service Enterprise Group in a research note on Tuesday, August 13th. They issued an “overweight” rating and a $63.00 price target on the stock. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $62.61.

In other news, CFO Daniel J. Cregg sold 625 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.45, for a total transaction of $37,781.25. Following the completion of the transaction, the chief financial officer now directly owns 60,208 shares of the company’s stock, valued at $3,639,573.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Ralph Izzo sold 52,407 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $58.26, for a total value of $3,053,231.82. Following the transaction, the chairman now directly owns 396,403 shares of the company’s stock, valued at $23,094,438.78. The disclosure for this sale can be found here. Over the last three months, insiders sold 113,815 shares of company stock valued at $6,583,003. 0.51% of the stock is owned by corporate insiders.

Public Service Enterprise Group stock traded up $0.08 during midday trading on Friday, hitting $61.80. The stock had a trading volume of 2,903,083 shares, compared to its average volume of 1,920,506. The company has a current ratio of 0.79, a quick ratio of 0.59 and a debt-to-equity ratio of 0.99. The stock has a market cap of $31.11 billion, a P/E ratio of 19.81, a P/E/G ratio of 6.09 and a beta of 0.29. Public Service Enterprise Group Inc. has a 12 month low of $49.22 and a 12 month high of $62.22. The business has a fifty day moving average price of $59.22 and a 200 day moving average price of $59.50.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.04). The firm had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.23 billion. Public Service Enterprise Group had a net margin of 14.41% and a return on equity of 11.02%. During the same period in the prior year, the firm earned $0.64 earnings per share. On average, equities analysts anticipate that Public Service Enterprise Group Inc. will post 3.23 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 3.04%. The ex-dividend date is Friday, September 6th. Public Service Enterprise Group’s dividend payout ratio is currently 60.26%.

Public Service Enterprise Group Company Profile

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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