Westpac Banking Corp Sells 39,981 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Westpac Banking Corp lowered its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) 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.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, October 31st. The utilities provider reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.75 by $0.10. Public Service Enterprise Group had a return on equity of 12.20% and a net margin of 23.83%. The firm had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.42 billion. Equities research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.45 earnings per share for the current fiscal year.

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.