Westpac Banking Corp lowered its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG – Free Report) by 73.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,542 shares of the utilities provider’s stock after selling 39,981 shares during the period. Westpac Banking Corp’s holdings in Public Service Enterprise Group were worth $910,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Aspire Private Capital LLC purchased a new position in shares of Public Service Enterprise Group in the first quarter worth about $15,721,538,000. Impact Partnership Wealth LLC purchased a new position in shares of Public Service Enterprise Group in the second quarter worth about $25,000. Northwest Investment Counselors LLC purchased a new position in shares of Public Service Enterprise Group in the second quarter worth about $30,000. ICA Group Wealth Management LLC purchased a new position in shares of Public Service Enterprise Group in the fourth quarter worth about $31,000. Finally, Clear Street Markets LLC purchased a new position in shares of Public Service Enterprise Group in the fourth quarter worth about $31,000. Institutional investors own 72.28% of the company’s stock.
Public Service Enterprise Group Stock Performance
Shares of PEG opened at $63.74 on Friday. The company has a quick ratio of 0.45, a current ratio of 0.63 and a debt-to-equity ratio of 1.12. The business’s 50 day moving average price is $60.33 and its 200-day moving average price is $61.38. Public Service Enterprise Group Incorporated has a 52 week low of $53.71 and a 52 week high of $65.46. The stock has a market cap of $31.76 billion, a P/E ratio of 11.36, a P/E/G ratio of 3.72 and a beta of 0.60.
Insider Transactions at Public Service Enterprise Group
In other news, CEO Ralph A. Larossa sold 4,122 shares of the business’s stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $63.00, for a total value of $259,686.00. Following the sale, the chief executive officer now directly owns 112,076 shares of the company’s stock, valued at approximately $7,060,788. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders have sold a total of 4,722 shares of company stock valued at $295,652 in the last ninety days. 0.57% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
Several research analysts have recently commented on the company. JPMorgan Chase & Co. lifted their price objective on Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, August 17th. Barclays boosted their price target on Public Service Enterprise Group from $62.00 to $64.00 and gave the company an “overweight” rating in a report on Thursday, November 2nd. Guggenheim reduced their price target on Public Service Enterprise Group from $70.00 to $64.00 in a report on Monday, October 9th. UBS Group reduced their price target on Public Service Enterprise Group from $65.00 to $60.00 and set a “neutral” rating on the stock in a report on Wednesday, October 4th. Finally, Mizuho boosted their price target on Public Service Enterprise Group from $60.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, August 29th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Public Service Enterprise Group currently has a consensus rating of “Hold” and a consensus price target of $64.05.
About Public Service Enterprise Group
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.
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