Sumitomo Life Insurance Co. Lowers Stock Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Sumitomo Life Insurance Co. reduced its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 4.6% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 17,323 shares of the utilities provider’s stock after selling 834 shares during the period. Sumitomo Life Insurance Co.’s holdings in Public Service Enterprise Group were worth $1,059,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Operose Advisors LLC boosted its position in shares of Public Service Enterprise Group by 435.0% during the third quarter. Operose Advisors LLC now owns 535 shares of the utilities provider’s stock worth $30,000 after buying an additional 435 shares during the period. ICA Group Wealth Management LLC purchased a new position in shares of Public Service Enterprise Group during the fourth quarter worth $31,000. Clear Street Markets LLC purchased a new position in shares of Public Service Enterprise Group during the fourth quarter worth $31,000. CNB Bank purchased a new position in shares of Public Service Enterprise Group during the third quarter worth $34,000. Finally, Bruce G. Allen Investments LLC purchased a new position in shares of Public Service Enterprise Group during the fourth quarter worth $36,000. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Public Service Enterprise Group Stock Down 1.0 %

Public Service Enterprise Group stock opened at $65.20 on Tuesday. Public Service Enterprise Group Incorporated has a fifty-two week low of $53.71 and a fifty-two week high of $67.51. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.46 and a current ratio of 0.67. The company has a market capitalization of $32.51 billion, a P/E ratio of 12.71, a PEG ratio of 2.88 and a beta of 0.58. The stock has a 50-day simple moving average of $63.33 and a 200-day simple moving average of $61.75.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Monday, February 26th. The utilities provider reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. Public Service Enterprise Group had a return on equity of 11.53% and a net margin of 22.81%. The business had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.45 billion. During the same period in the previous year, the business earned $0.64 EPS. The business’s quarterly revenue was down 17.0% on a year-over-year basis. Equities research analysts expect that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current year.

Public Service Enterprise Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were issued a $0.60 dividend. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.57. This represents a $2.40 annualized dividend and a dividend yield of 3.68%. The ex-dividend date of this dividend was Thursday, March 7th. Public Service Enterprise Group’s payout ratio is presently 46.78%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. TheStreet upgraded Public Service Enterprise Group from a “c+” rating to a “b-” rating in a report on Wednesday, March 6th. Wells Fargo & Company lifted their target price on Public Service Enterprise Group from $68.00 to $70.00 and gave the company an “overweight” rating in a report on Tuesday, March 19th. Barclays lifted their target price on Public Service Enterprise Group from $68.00 to $71.00 and gave the company an “overweight” rating in a report on Monday. Bank of America lifted their target price on Public Service Enterprise Group from $66.00 to $73.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Finally, Guggenheim lowered Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 target price for the company. in a report on Monday, January 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Public Service Enterprise Group currently has an average rating of “Moderate Buy” and a consensus price target of $67.58.

Insider Activity

In other news, CEO Ralph A. Larossa sold 1,374 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $66.37, for a total value of $91,192.38. Following the completion of the sale, the chief executive officer now directly owns 152,347 shares of the company’s stock, valued at approximately $10,111,270.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $66.37, for a total transaction of $91,192.38. Following the completion of the sale, the chief executive officer now directly owns 152,347 shares of the company’s stock, valued at approximately $10,111,270.39. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Richard T. Thigpen sold 4,800 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $64.18, for a total value of $308,064.00. Following the sale, the senior vice president now directly owns 31,122 shares of the company’s stock, valued at $1,997,409.96. The disclosure for this sale can be found here. In the last three months, insiders sold 7,948 shares of company stock valued at $510,300. Insiders own 0.18% of the company’s stock.

Public Service Enterprise Group Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.