Korea Investment CORP decreased its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 34.3% during the second quarter, Holdings Channel reports. The institutional investor owned 116,896 shares of the utilities provider’s stock after selling 60,945 shares during the period. Korea Investment CORP’s holdings in Public Service Enterprise Group were worth $5,028,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Public Service Enterprise Group by 4,031.7% in the first quarter. BlackRock Inc. now owns 48,379,255 shares of the utilities provider’s stock valued at $2,145,620,000 after buying an additional 47,208,334 shares in the last quarter. 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 in the last quarter. State Street Corp raised its position in shares of Public Service Enterprise Group by 1.2% in the first quarter. State Street Corp now owns 27,076,299 shares of the utilities provider’s stock valued at $1,200,831,000 after buying an additional 319,134 shares in the last quarter. LSV Asset Management raised its position in shares of Public Service Enterprise Group by 1.5% in the first quarter. LSV Asset Management now owns 13,768,759 shares of the utilities provider’s stock valued at $610,644,000 after buying an additional 207,819 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Public Service Enterprise Group by 7.9% in the first quarter. Bank of New York Mellon Corp now owns 7,266,782 shares of the utilities provider’s stock valued at $322,282,000 after buying an additional 534,074 shares in the last quarter. 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 45.53 on Friday. Public Service Enterprise Group Incorporated has a one year low of $39.28 and a one year high of $46.14. The stock has a market cap of $23.03 billion, a P/E ratio of 51.16 and a beta of 0.38. The stock has a 50 day moving average of $43.92 and a 200 day moving average of $44.18.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Friday, July 28th. The utilities provider reported $0.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.05. The company had revenue of $2.13 billion for the quarter, compared to analysts’ expectations of $2.33 billion. Public Service Enterprise Group had a net margin of 4.88% and a return on equity of 11.46%. During the same quarter in the previous year, the business posted $0.57 EPS. On average, analysts forecast that Public Service Enterprise Group Incorporated will post $2.92 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 8th will be paid a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date is Thursday, September 7th. Public Service Enterprise Group’s payout ratio is 193.26%.

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Several research analysts recently issued reports on PEG shares. BidaskClub raised shares of Public Service Enterprise Group from a “strong sell” rating to a “sell” rating in a research note on Monday, July 24th. Zacks Investment Research upgraded shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a report on Tuesday, July 4th. Barclays PLC upped their price objective on shares of Public Service Enterprise Group from $43.00 to $45.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 25th. Goldman Sachs Group, Inc. (The) restated a “buy” rating on shares of Public Service Enterprise Group in a report on Tuesday, June 27th. Finally, Royal Bank Of Canada restated an “outperform” rating on shares of Public Service Enterprise Group in a report on Wednesday, May 10th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $48.21.

In related news, COO Ralph A. Larossa sold 24,021 shares of the company’s stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $43.55, for a total value of $1,046,114.55. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Ralph Izzo sold 23,400 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chairman now owns 748,474 shares in the company, valued at approximately $33,853,479.02. The disclosure for this sale can be found here. In the last quarter, insiders sold 77,421 shares of company stock worth $3,389,397. 0.61% of the stock is currently owned by company insiders.

About Public Service Enterprise Group

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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