Cullen Capital Management LLC Lowers Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Cullen Capital Management LLC lowered its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEGFree Report) by 17.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,999 shares of the utilities provider’s stock after selling 1,949 shares during the quarter. Cullen Capital Management LLC’s holdings in Public Service Enterprise Group were worth $550,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in PEG. Addison Advisors LLC purchased a new position in Public Service Enterprise Group in the 4th quarter worth $31,000. Operose Advisors LLC raised its position in Public Service Enterprise Group by 435.0% in the 3rd quarter. Operose Advisors LLC now owns 535 shares of the utilities provider’s stock worth $30,000 after purchasing an additional 435 shares during the period. Bruce G. Allen Investments LLC purchased a new position in Public Service Enterprise Group in the 4th quarter worth $36,000. Anchor Investment Management LLC purchased a new position in Public Service Enterprise Group in the 4th quarter worth $37,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new position in shares of Public Service Enterprise Group in the fourth quarter valued at about $42,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Insiders Place Their Bets

In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 4,800 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $64.18, for a total transaction of $308,064.00. Following the transaction, the senior vice president now directly owns 31,122 shares in the company, valued at approximately $1,997,409.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, SVP Richard T. Thigpen sold 4,800 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $1,997,409.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were 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 owns 152,347 shares in the company, valued at $10,111,270.39. The disclosure for this sale can be found here. Insiders have sold a total of 7,948 shares of company stock worth $520,814 in the last three months. Corporate insiders own 0.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PEG shares. Evercore ISI lifted their target price on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Morgan Stanley lifted their target price on shares of Public Service Enterprise Group from $72.00 to $78.00 and gave the company an “overweight” rating in a research note on Tuesday, May 28th. Barclays lifted their target price on shares of Public Service Enterprise Group from $68.00 to $71.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Royal Bank of Canada lifted their target price on shares of Public Service Enterprise Group from $70.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, March 7th. Finally, Wells Fargo & Company boosted their price objective on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Public Service Enterprise Group has an average rating of “Moderate Buy” and a consensus target price of $69.92.

Get Our Latest Analysis on Public Service Enterprise Group

Public Service Enterprise Group Stock Up 0.8 %

Shares of Public Service Enterprise Group stock opened at $73.44 on Tuesday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.62 and a current ratio of 0.79. The company has a 50-day simple moving average of $70.63 and a two-hundred day simple moving average of $64.81. Public Service Enterprise Group Incorporated has a 52-week low of $53.71 and a 52-week high of $75.82. The stock has a market capitalization of $36.58 billion, a PE ratio of 20.34, a price-to-earnings-growth ratio of 3.03 and a beta of 0.59.

Public Service Enterprise Group (NYSE:PEGGet Free Report) last issued its earnings results on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. The company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.99 billion. During the same quarter in the prior year, the company posted $1.39 EPS. Public Service Enterprise Group’s revenue was down 26.5% compared to the same quarter last year. On average, analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.27%. The ex-dividend date of this dividend is Friday, June 7th. Public Service Enterprise Group’s payout ratio is 66.48%.

About Public Service Enterprise Group

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

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