Valley Wealth Managers Inc. Sells 1,141 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Valley Wealth Managers Inc. reduced its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 2.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,828 shares of the utilities provider’s stock after selling 1,141 shares during the period. Valley Wealth Managers Inc.’s holdings in Public Service Enterprise Group were worth $4,802,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of PEG. Raymond James & Associates lifted its position in Public Service Enterprise Group by 30.1% during the 3rd quarter. Raymond James & Associates now owns 2,869,113 shares of the utilities provider’s stock valued at $255,954,000 after acquiring an additional 663,012 shares during the period. Hamlin Capital Management LLC raised its stake in Public Service Enterprise Group by 7.2% during the 3rd quarter. Hamlin Capital Management LLC now owns 2,427,336 shares of the utilities provider’s stock valued at $216,543,000 after buying an additional 162,731 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in Public Service Enterprise Group by 43.2% in the second quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock valued at $178,763,000 after acquiring an additional 732,443 shares during the period. abrdn plc boosted its holdings in shares of Public Service Enterprise Group by 10.2% in the third quarter. abrdn plc now owns 1,792,186 shares of the utilities provider’s stock worth $159,074,000 after buying an additional 165,995 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Public Service Enterprise Group by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,734,257 shares of the utilities provider’s stock valued at $127,809,000 after acquiring an additional 163,333 shares during the period. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Tamara Louise Linde sold 9,564 shares of Public Service Enterprise Group stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $90.61, for a total transaction of $866,594.04. Following the sale, the executive vice president now owns 48,397 shares of the company’s stock, valued at $4,385,252.17. The trade was a 16.50 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total transaction of $111,190.82. Following the completion of the sale, the chief executive officer now directly owns 148,892 shares of the company’s stock, valued at $12,014,095.48. The trade was a 0.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,783 shares of company stock worth $2,381,626 in the last 90 days. 0.57% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PEG has been the topic of a number of recent analyst reports. Wells Fargo & Company raised their target price on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Evercore ISI upped their price target on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Barclays lowered their price objective on Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. BMO Capital Markets increased their price objective on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. Finally, Morgan Stanley boosted their target price on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $86.69.

Public Service Enterprise Group Stock Up 0.6 %

PEG traded up $0.49 on Friday, hitting $87.49. 237,884 shares of the company were exchanged, compared to its average volume of 2,769,279. Public Service Enterprise Group Incorporated has a twelve month low of $56.85 and a twelve month high of $92.20. The firm has a 50-day moving average price of $87.32 and a two-hundred day moving average price of $79.74. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. The company has a market cap of $43.59 billion, a price-to-earnings ratio of 21.55, a price-to-earnings-growth ratio of 3.20 and a beta of 0.61.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.44 billion. During the same period in the previous year, the company earned $0.85 earnings per share. Public Service Enterprise Group’s quarterly revenue was up 7.6% compared to the same quarter last year. On average, equities analysts predict that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current year.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.