Bank of America Corp DE Sells 357,719 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Bank of America Corp DE decreased its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEGGet Rating) by 8.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,733,168 shares of the utilities provider’s stock after selling 357,719 shares during the quarter. Bank of America Corp DE owned about 0.75% of Public Service Enterprise Group worth $261,322,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PEG. FinTrust Capital Advisors LLC grew its position in shares of Public Service Enterprise Group by 16.6% during the 1st quarter. FinTrust Capital Advisors LLC now owns 1,041 shares of the utilities provider’s stock worth $72,000 after buying an additional 148 shares during the period. Whittier Trust Co. grew its position in shares of Public Service Enterprise Group by 4.6% during the 1st quarter. Whittier Trust Co. now owns 4,098 shares of the utilities provider’s stock worth $287,000 after buying an additional 179 shares during the period. Huntington National Bank grew its position in shares of Public Service Enterprise Group by 2.4% during the 1st quarter. Huntington National Bank now owns 8,186 shares of the utilities provider’s stock worth $573,000 after buying an additional 193 shares during the period. Louisiana State Employees Retirement System grew its position in shares of Public Service Enterprise Group by 0.6% during the 1st quarter. Louisiana State Employees Retirement System now owns 31,900 shares of the utilities provider’s stock worth $2,384,000 after buying an additional 200 shares during the period. Finally, Los Angeles Capital Management LLC grew its position in shares of Public Service Enterprise Group by 3.8% during the 1st quarter. Los Angeles Capital Management LLC now owns 5,475 shares of the utilities provider’s stock worth $383,000 after buying an additional 202 shares during the period. Institutional investors own 71.01% of the company’s stock.

Insider Transactions at Public Service Enterprise Group

In other news, CEO Ralph Izzo sold 9,883 shares of Public Service Enterprise Group stock in a transaction on Monday, August 1st. The stock was sold at an average price of $65.58, for a total transaction of $648,127.14. Following the sale, the chief executive officer now directly owns 441,613 shares in the company, valued at approximately $28,960,980.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Ralph A. Larossa sold 1,054 shares of the business’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $65.76, for a total value of $69,311.04. Following the sale, the chief operating officer now directly owns 61,259 shares in the company, valued at approximately $4,028,391.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ralph Izzo sold 9,883 shares of the business’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $65.58, for a total value 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 in the last ninety days. Company insiders own 0.55% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Mizuho reduced their price objective on shares of Public Service Enterprise Group from $73.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, July 12th. StockNews.com raised shares of Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research report on Tuesday, September 13th. Credit Suisse Group lifted their price target on shares of Public Service Enterprise Group to $69.00 in a research report on Tuesday, August 9th. Morgan Stanley lifted their price target on shares of Public Service Enterprise Group from $75.00 to $81.00 and gave the company an “overweight” rating in a research report on Thursday, August 18th. Finally, Barclays reduced their price target on shares of Public Service Enterprise Group from $75.00 to $66.00 and set an “equal weight” rating for the company in a research report on Monday, July 18th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and a consensus target price of $69.64.

Public Service Enterprise Group Price Performance

Shares of NYSE:PEG opened at $66.62 on Tuesday. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 1.23. The stock’s fifty day simple moving average is $65.06 and its two-hundred day simple moving average is $66.66. Public Service Enterprise Group Incorporated has a 1-year low of $58.19 and a 1-year high of $75.61. The stock has a market cap of $33.23 billion, a PE ratio of -33.86, a price-to-earnings-growth ratio of 6.14 and a beta of 0.55.

Public Service Enterprise Group (NYSE:PEGGet Rating) last released its earnings results on Tuesday, August 2nd. The utilities provider reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.01). The business had revenue of $2.08 billion for the quarter, compared to the consensus estimate 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 revenue for the quarter was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.70 earnings per share. As a group, analysts forecast that Public Service Enterprise Group Incorporated will post 3.48 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 9th will be paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date is Thursday, September 8th. Public Service Enterprise Group’s payout ratio is -110.20%.

Public Service Enterprise Group Company 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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