Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by Kentucky Retirement Systems

Kentucky Retirement Systems lessened its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 5.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 37,843 shares of the utilities provider’s stock after selling 2,027 shares during the period. Kentucky Retirement Systems’ holdings in Public Service Enterprise Group were worth $2,527,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of PEG. Norges Bank acquired a new stake in shares of Public Service Enterprise Group during the 4th quarter valued at $215,074,000. Reaves W H & Co. Inc. lifted its position in shares of Public Service Enterprise Group by 73.9% during the 1st quarter. Reaves W H & Co. Inc. now owns 1,572,001 shares of the utilities provider’s stock valued at $104,978,000 after acquiring an additional 667,773 shares during the last quarter. Cohen & Steers Inc. lifted its holdings in shares of Public Service Enterprise Group by 23.6% in the fourth quarter. Cohen & Steers Inc. now owns 2,389,722 shares of the utilities provider’s stock valued at $146,132,000 after purchasing an additional 455,693 shares in the last quarter. Jennison Associates LLC lifted its holdings in shares of Public Service Enterprise Group by 79.9% in the fourth quarter. Jennison Associates LLC now owns 895,450 shares of the utilities provider’s stock valued at $54,757,000 after purchasing an additional 397,606 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Public Service Enterprise Group by 131.1% in the first quarter. BNP Paribas Financial Markets now owns 693,566 shares of the utilities provider’s stock valued at $46,316,000 after purchasing an additional 393,420 shares in the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Up 0.6 %

Public Service Enterprise Group stock traded up $0.45 during mid-day trading on Monday, hitting $76.46. 525,517 shares of the company’s stock were exchanged, compared to its average volume of 2,802,148. The company has a current ratio of 0.79, a quick ratio of 0.62 and a debt-to-equity ratio of 1.19. The stock has a market cap of $38.08 billion, a P/E ratio of 21.06, a P/E/G ratio of 3.00 and a beta of 0.59. Public Service Enterprise Group Incorporated has a 1-year low of $53.71 and a 1-year high of $77.46. The stock has a 50 day moving average of $74.31 and a two-hundred day moving average of $67.70.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.01). The business had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.99 billion. Public Service Enterprise Group had a net margin of 17.65% and a return on equity of 11.10%. The company’s revenue for the quarter was down 26.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.39 earnings per share. As a group, analysts anticipate that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend is Monday, September 9th. Public Service Enterprise Group’s dividend payout ratio is currently 66.48%.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $69.55, for a total value of $95,561.70. Following the completion of the sale, the chief executive officer now owns 150,973 shares in the company, valued at $10,500,172.15. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.57% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PEG. BMO Capital Markets increased their target price on Public Service Enterprise Group from $69.00 to $74.00 and gave the company a “market perform” rating in a report on Wednesday, July 3rd. Mizuho increased their target price on Public Service Enterprise Group from $65.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. Bank of America increased their target price on Public Service Enterprise Group from $73.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Evercore ISI upped their price target on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. Finally, Barclays upped their price target on shares of Public Service Enterprise Group from $71.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. One analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $74.17.

Public Service Enterprise Group 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.