Private Asset Management Inc. Sells 1,800 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Private Asset Management Inc. lessened its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 21.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,538 shares of the utilities provider’s stock after selling 1,800 shares during the period. Private Asset Management Inc.’s holdings in Public Service Enterprise Group were worth $409,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PEG. Cranbrook Wealth Management LLC bought a new stake in shares of Public Service Enterprise Group in the 1st quarter valued at about $25,000. Ahrens Investment Partners LLC bought a new stake in Public Service Enterprise Group during the 1st quarter valued at $31,000. ICA Group Wealth Management LLC bought a new stake in Public Service Enterprise Group during the 4th quarter valued at $31,000. Clear Street Markets LLC purchased a new position in shares of Public Service Enterprise Group in the 4th quarter valued at $31,000. Finally, New Hampshire Trust bought a new position in shares of Public Service Enterprise Group in the 4th quarter worth $37,000. Institutional investors own 72.28% of the company’s stock.

Analyst Ratings Changes

PEG has been the subject of a number of recent research reports. Royal Bank of Canada reduced their target price on shares of Public Service Enterprise Group from $70.00 to $69.00 and set an “outperform” rating for the company in a report on Wednesday, September 6th. JPMorgan Chase & Co. boosted their price target on Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, August 17th. Mizuho increased their price objective on shares of Public Service Enterprise Group from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, August 29th. StockNews.com initiated coverage on shares of Public Service Enterprise Group in a report on Thursday, August 17th. They issued a “hold” rating for the company. Finally, Morgan Stanley dropped their price objective on shares of Public Service Enterprise Group from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Wednesday, August 23rd. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $65.38.

Insider Transactions at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 8,074 shares of the stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $64.45, for a total transaction of $520,369.30. Following the completion of the transaction, the chief executive officer now owns 115,306 shares of the company’s stock, valued at approximately $7,431,471.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 4,168 shares of Public Service Enterprise Group stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $63.01, for a total value of $262,625.68. Following the completion of the transaction, the chief executive officer now directly owns 122,572 shares of the company’s stock, valued at approximately $7,723,261.72. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Ralph A. Larossa sold 8,074 shares of the stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $64.45, for a total transaction of $520,369.30. Following the sale, the chief executive officer now directly owns 115,306 shares in the company, valued at approximately $7,431,471.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 12,442 shares of company stock worth $795,147. 0.57% of the stock is currently owned by company insiders.

Public Service Enterprise Group Price Performance

NYSE PEG traded up $0.49 during trading hours on Thursday, hitting $61.38. 179,278 shares of the company’s stock traded hands, compared to its average volume of 2,388,812. The company has a market capitalization of $30.64 billion, a PE ratio of 10.95, a PEG ratio of 3.20 and a beta of 0.58. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.67 and a quick ratio of 0.52. Public Service Enterprise Group Incorporated has a 52-week low of $52.51 and a 52-week high of $66.97. The firm’s 50-day moving average is $61.76 and its 200-day moving average is $61.63.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Tuesday, August 1st. The utilities provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.61 by $0.09. Public Service Enterprise Group had a return on equity of 12.64% and a net margin of 23.99%. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $1.95 billion. During the same quarter in the previous year, the firm earned $0.64 EPS. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. Equities analysts forecast that Public Service Enterprise Group Incorporated will post 3.45 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 8th will be paid a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 3.71%. The ex-dividend date is Thursday, September 7th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 41.01%.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in Mid-Atlantic United States. The company operates through 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.