Natixis reduced its stake in Public Service Enterprise Group Inc. (NYSE:PEG) by 61.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 215,161 shares of the utilities provider’s stock after selling 345,195 shares during the period. Natixis’ holdings in Public Service Enterprise Group were worth $12,656,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Ceredex Value Advisors LLC purchased a new stake in shares of Public Service Enterprise Group in the 1st quarter valued at approximately $147,966,000. Nordea Investment Management AB increased its holdings in Public Service Enterprise Group by 42.7% in the first quarter. Nordea Investment Management AB now owns 6,496,557 shares of the utilities provider’s stock valued at $385,966,000 after buying an additional 1,942,914 shares during the last quarter. AQR Capital Management LLC raised its stake in Public Service Enterprise Group by 16.0% in the first quarter. AQR Capital Management LLC now owns 5,443,816 shares of the utilities provider’s stock valued at $321,130,000 after buying an additional 752,831 shares in the last quarter. Pictet Asset Management Ltd. raised its stake in Public Service Enterprise Group by 14.8% in the second quarter. Pictet Asset Management Ltd. now owns 4,348,826 shares of the utilities provider’s stock valued at $255,798,000 after buying an additional 562,238 shares in the last quarter. Finally, Jennison Associates LLC raised its stake in Public Service Enterprise Group by 94.8% in the first quarter. Jennison Associates LLC now owns 1,107,621 shares of the utilities provider’s stock valued at $65,804,000 after buying an additional 539,167 shares in the last quarter. Institutional investors and hedge funds own 69.38% of the company’s stock.

Several research analysts have recently issued reports on PEG shares. UBS Group upped their price objective on Public Service Enterprise Group from $67.00 to $71.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. ValuEngine lowered Public Service Enterprise Group from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Bank of America cut Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $65.00 target price for the company. in a research note on Friday, July 19th. KeyCorp began coverage on Public Service Enterprise Group in a report on Tuesday, June 4th. They issued a “sector weight” rating and a $59.40 price target for the company. Finally, Morgan Stanley upped their price target on Public Service Enterprise Group from $67.00 to $69.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $62.61.

Shares of PEG stock traded up $0.44 during mid-day trading on Wednesday, hitting $61.59. 754,216 shares of the stock were exchanged, compared to its average volume of 1,865,360. The stock’s fifty day simple moving average is $58.82 and its two-hundred day simple moving average is $59.36. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.59 and a current ratio of 0.79. Public Service Enterprise Group Inc. has a 12-month low of $49.22 and a 12-month high of $61.63. The stock has a market capitalization of $30.53 billion, a price-to-earnings ratio of 19.74, a P/E/G ratio of 8.25 and a beta of 0.29.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Tuesday, July 30th. The utilities provider reported $0.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.04). The firm had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.23 billion. Public Service Enterprise Group had a net margin of 14.41% and a return on equity of 11.02%. During the same period in the previous year, the firm posted $0.64 earnings per share. On average, research analysts expect that Public Service Enterprise Group Inc. will post 3.23 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend is Friday, September 6th. Public Service Enterprise Group’s payout ratio is currently 60.26%.

In related news, VP Daniel J. Cregg sold 625 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $60.92, for a total transaction of $38,075.00. Following the completion of the sale, the vice president now directly owns 60,833 shares of the company’s stock, valued at $3,705,946.36. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Ralph A. Larossa sold 1,650 shares of Public Service Enterprise Group stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $60.82, for a total transaction of $100,353.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,815 shares of company stock worth $6,583,065. 0.51% of the stock is currently owned by company insiders.

Public Service Enterprise Group 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; 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.

See Also: Net Income

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

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