Bank of America Corp DE trimmed its holdings in Public Service Enterprise Group Inc. (NYSE:PEG) by 16.9% in the 2nd quarter, HoldingsChannel reports. The fund owned 4,273,203 shares of the utilities provider’s stock after selling 867,137 shares during the quarter. Bank of America Corp DE’s holdings in Public Service Enterprise Group were worth $231,352,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. American Research & Management Co. bought a new stake in Public Service Enterprise Group in the second quarter worth approximately $108,000. NuWave Investment Management LLC bought a new stake in shares of Public Service Enterprise Group during the 2nd quarter worth $118,000. Squar Milner Financial Services LLC bought a new stake in shares of Public Service Enterprise Group during the 2nd quarter worth $149,000. Cordasco Financial Network boosted its holdings 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 worth $154,000 after buying an additional 1,100 shares during the period. Finally, Adviser Investments LLC boosted its holdings 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 worth $175,000 after buying an additional 1,602 shares during the period. 68.45% of the stock is owned by institutional investors.

Shares of Public Service Enterprise Group stock opened at $53.71 on Friday. The company has a quick ratio of 0.52, a current ratio of 0.71 and a debt-to-equity ratio of 0.88. Public Service Enterprise Group Inc. has a fifty-two week low of $45.05 and a fifty-two week high of $54.50. The firm has a market capitalization of $26.66 billion, a price-to-earnings ratio of 18.33, a P/E/G ratio of 2.86 and a beta of 0.32.

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

The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 7th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend is Thursday, September 6th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 61.43%.

In other Public Service Enterprise Group news, Chairman Ralph Izzo sold 20,833 shares of the stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $50.60, for a total value of $1,054,149.80. Following the completion of the sale, the chairman now directly owns 557,716 shares of the company’s stock, valued at approximately $28,220,429.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last three months, insiders sold 91,495 shares of company stock valued at $4,797,012. Insiders own 0.58% of the company’s stock.

PEG has been the subject of several recent analyst reports. ValuEngine raised shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating in a report on Tuesday, June 26th. Deutsche Bank downgraded shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating in a report on Tuesday, July 3rd. Mizuho reaffirmed a “hold” rating and set a $50.00 price objective on shares of Public Service Enterprise Group in a report on Monday, August 6th. Citigroup upped their price objective on shares of Public Service Enterprise Group from $53.00 to $54.00 and gave the stock a “neutral” rating in a report on Monday, July 9th. Finally, Goldman Sachs Group downgraded shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $55.00 to $53.00 in a report on Thursday, July 19th. Nine analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $52.83.

About Public Service Enterprise Group

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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