State Street Corp Purchases 2,264,629 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

State Street Corp boosted its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEGGet Rating) by 8.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,643,671 shares of the utilities provider’s stock after acquiring an additional 2,264,629 shares during the quarter. State Street Corp owned 0.06% of Public Service Enterprise Group worth $2,145,057,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bromfield Sneider Wealth Advisors bought a new stake in Public Service Enterprise Group during the first quarter worth $27,000. Tcwp LLC bought a new position in shares of Public Service Enterprise Group in the first quarter valued at about $28,000. Covestor Ltd bought a new position in shares of Public Service Enterprise Group in the fourth quarter valued at about $32,000. Capital Analysts LLC bought a new position in shares of Public Service Enterprise Group in the first quarter valued at about $35,000. Finally, MCF Advisors LLC bought a new position in shares of Public Service Enterprise Group in the first quarter valued at about $42,000. 71.01% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, COO Ralph A. Larossa sold 1,054 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $65.75, for a total value of $69,300.50. Following the sale, the chief operating officer now directly owns 62,313 shares in the company, valued at approximately $4,097,079.75. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, COO Ralph A. Larossa sold 1,054 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $65.75, for a total value of $69,300.50. Following the sale, the chief operating officer now directly owns 62,313 shares in the company, valued at approximately $4,097,079.75. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ralph Izzo sold 9,883 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $65.58, for a total transaction of $648,127.14. Following the completion of the sale, the chief executive officer now owns 441,613 shares in the company, valued at $28,960,980.54. The disclosure for this sale can be found here. Insiders have sold 22,274 shares of company stock worth $1,446,725 over the last ninety days. Corporate insiders own 0.55% of the company’s stock.

Public Service Enterprise Group Stock Up 0.2 %

Shares of Public Service Enterprise Group stock opened at $68.00 on Monday. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 1.23. Public Service Enterprise Group Incorporated has a 12-month low of $58.19 and a 12-month high of $75.61. The firm’s 50-day moving average price is $64.64 and its two-hundred day moving average price is $66.59.

Public Service Enterprise Group (NYSE:PEGGet Rating) last announced its quarterly earnings data on Tuesday, August 2nd. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.01). The firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $1.78 billion. Public Service Enterprise Group had a positive return on equity of 13.25% and a negative net margin of 10.59%. The company’s quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.70 earnings per share. As a group, sell-side analysts predict that Public Service Enterprise Group Incorporated will post 3.48 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 9th will be paid a dividend of $0.54 per share. The ex-dividend date is Thursday, September 8th. This represents a $2.16 dividend on an annualized basis and a yield of 3.18%. Public Service Enterprise Group’s payout ratio is -110.20%.

Analyst Ratings Changes

PEG has been the topic of several research analyst reports. Credit Suisse Group increased their price objective on shares of Public Service Enterprise Group to $69.00 in a research report on Tuesday, August 9th. Wells Fargo & Company dropped their price objective on shares of Public Service Enterprise Group from $65.00 to $64.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 3rd. TheStreet lowered shares of Public Service Enterprise Group from a “b” rating to a “c” rating in a research report on Monday, June 13th. Barclays dropped their price objective on shares of Public Service Enterprise Group from $75.00 to $66.00 and set an “equal weight” rating on the stock in a research report on Monday, July 18th. Finally, Morgan Stanley raised their price target on shares of Public Service Enterprise Group from $75.00 to $81.00 and gave the stock an “overweight” rating in a research report on Thursday, August 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $69.64.

Public Service Enterprise Group Profile

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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 PSEG 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.

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

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