Welch & Forbes LLC reduced its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.3% during the second quarter, Holdings Channel reports. The firm owned 5,436 shares of the utilities provider’s stock after selling 15 shares during the period. Welch & Forbes LLC’s holdings in Public Service Enterprise Group were worth $234,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC raised its position in shares of Public Service Enterprise Group by 1.9% in the first quarter. FMR LLC now owns 2,166,576 shares of the utilities provider’s stock valued at $96,088,000 after buying an additional 40,125 shares during the period. Vanguard Group Inc. raised its position in shares of Public Service Enterprise Group by 3.4% in the first quarter. Vanguard Group Inc. now owns 35,042,083 shares of the utilities provider’s stock valued at $1,554,116,000 after buying an additional 1,144,077 shares during the period. Bank of Montreal Can raised its position in shares of Public Service Enterprise Group by 47.8% in the first quarter. Bank of Montreal Can now owns 1,004,699 shares of the utilities provider’s stock valued at $44,559,000 after buying an additional 325,079 shares during the period. DT Investment Partners LLC raised its position in shares of Public Service Enterprise Group by 15.9% in the first quarter. DT Investment Partners LLC now owns 22,646 shares of the utilities provider’s stock valued at $1,004,000 after buying an additional 3,115 shares during the period. Finally, Peapack Gladstone Financial Corp raised its position in shares of Public Service Enterprise Group by 6.6% in the first quarter. Peapack Gladstone Financial Corp now owns 151,656 shares of the utilities provider’s stock valued at $6,726,000 after buying an additional 9,338 shares during the period. 65.76% of the stock is currently owned by institutional investors and hedge funds.

Shares of Public Service Enterprise Group Incorporated (NYSE:PEG) opened at 45.69 on Tuesday. The stock’s 50 day moving average price is $43.59 and its 200 day moving average price is $44.08. The firm has a market capitalization of $23.11 billion, a P/E ratio of 51.34 and a beta of 0.38. Public Service Enterprise Group Incorporated has a 52 week low of $39.28 and a 52 week high of $46.14.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Friday, July 28th. The utilities provider reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.05. Public Service Enterprise Group had a net margin of 4.88% and a return on equity of 11.46%. The business had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.33 billion. During the same quarter in the previous year, the business earned $0.57 EPS. On average, analysts predict that Public Service Enterprise Group Incorporated will post $2.92 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 8th will be given a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date of this dividend is Thursday, September 7th. Public Service Enterprise Group’s dividend payout ratio is 193.26%.

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Several research analysts recently weighed in on PEG shares. Zacks Investment Research raised Public Service Enterprise Group from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Tuesday, August 1st. Royal Bank Of Canada reiterated an “outperform” rating on shares of Public Service Enterprise Group in a report on Wednesday, May 10th. BidaskClub upgraded Public Service Enterprise Group from a “strong sell” rating to a “sell” rating in a report on Monday, July 24th. Deutsche Bank AG lowered their price target on Public Service Enterprise Group from $49.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, April 11th. Finally, Goldman Sachs Group, Inc. (The) reiterated a “buy” rating on shares of Public Service Enterprise Group in a report on Tuesday, June 27th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $47.30.

In other Public Service Enterprise Group news, COO Ralph A. Larossa sold 24,021 shares of the business’s stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $43.55, for a total transaction of $1,046,114.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Ralph Izzo sold 23,400 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $45.23, for a total transaction of $1,058,382.00. Following the transaction, the chairman now directly owns 748,474 shares of the company’s stock, valued at approximately $33,853,479.02. The disclosure for this sale can be found here. In the last three months, insiders have sold 77,421 shares of company stock valued at $3,389,397. Company insiders own 0.61% of the company’s stock.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated (PSEG) is a holding company. The Company is an energy company with operations located primarily in the Northeastern and Mid-Atlantic United States. The Company’s segments include Public Service Electric and Gas Company (PSE&G), PSEG Power LLC (Power) and Other.

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

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