Envestnet Asset Management Inc. lifted its stake in shares of Public Service Enterprise Group Inc. (NYSE:PEG) by 3.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 64,190 shares of the utilities provider’s stock after purchasing an additional 2,251 shares during the period. Envestnet Asset Management Inc.’s holdings in Public Service Enterprise Group were worth $3,475,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PEG. American Research & Management Co. purchased a new stake in shares of Public Service Enterprise Group during the 2nd quarter valued at approximately $108,000. NuWave Investment Management LLC purchased a new stake in shares of Public Service Enterprise Group during the 2nd quarter valued at approximately $118,000. Squar Milner Financial Services LLC purchased a new stake in shares of Public Service Enterprise Group during the 2nd quarter valued at approximately $149,000. Cordasco Financial Network raised its position in shares of Public Service Enterprise Group by 63.1% during the 2nd quarter. Cordasco Financial Network now owns 2,842 shares of the utilities provider’s stock valued at $154,000 after buying an additional 1,100 shares during the period. Finally, Adviser Investments LLC raised its position in shares of Public Service Enterprise Group by 98.8% during the 2nd quarter. Adviser Investments LLC now owns 3,224 shares of the utilities provider’s stock valued at $175,000 after buying an additional 1,602 shares during the period. Institutional investors and hedge funds own 68.45% of the company’s stock.

In other Public Service Enterprise Group news, Chairman Ralph Izzo sold 20,833 shares of the business’s stock in a transaction that occurred on Monday, July 2nd. The stock was sold at an average price of $53.85, for a total value of $1,121,857.05. Following the sale, the chairman now owns 574,131 shares of the company’s stock, valued at $30,916,954.35. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders sold 91,495 shares of company stock worth $4,797,012. 0.58% of the stock is owned by corporate insiders.

Shares of NYSE PEG opened at $53.32 on Thursday. The company has a market capitalization of $26.53 billion, a price-to-earnings ratio of 18.10, a PEG ratio of 2.84 and a beta of 0.32. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.52 and a current ratio of 0.71. Public Service Enterprise Group Inc. has a 52-week low of $45.05 and a 52-week high of $54.50.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Wednesday, August 1st. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.01. The company had revenue of $2.02 billion for the quarter, compared to analyst estimates of $2.37 billion. Public Service Enterprise Group had a return on equity of 11.03% and a net margin of 23.69%. During the same quarter in the previous year, the company earned $0.62 earnings per share. analysts predict that Public Service Enterprise Group Inc. will post 3.09 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 7th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend is Thursday, September 6th. Public Service Enterprise Group’s payout ratio is 61.43%.

PEG has been the topic of several analyst reports. Goldman Sachs Group lowered shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and reduced their price target for the company from $55.00 to $53.00 in a research report on Thursday, July 19th. Morgan Stanley lifted their price target on shares of Public Service Enterprise Group from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Friday, May 25th. JPMorgan Chase & Co. lifted their price target on shares of Public Service Enterprise Group from $54.00 to $55.00 and gave the company an “overweight” rating in a research report on Tuesday, May 29th. Mizuho reaffirmed a “hold” rating and set a $50.00 price target on shares of Public Service Enterprise Group in a research report on Monday, August 6th. Finally, Deutsche Bank lowered shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating in a research report on Tuesday, July 3rd. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $52.83.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid- Atlantic United States. It operates through two segments, PSE&G and Power. The PSE&G segment transmits electricity; and 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 to customers.

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

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