Public Service Enterprise Group Inc. (PEG) Shares Sold by Forsta AP Fonden

Forsta AP Fonden lessened its stake in Public Service Enterprise Group Inc. (NYSE:PEG) by 14.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 314,201 shares of the utilities provider’s stock after selling 53,900 shares during the period. Forsta AP Fonden owned about 0.06% of Public Service Enterprise Group worth $17,011,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Trust Co raised its position in Public Service Enterprise Group by 18.6% in the first quarter. Trust Co now owns 6,129 shares of the utilities provider’s stock worth $308,000 after acquiring an additional 961 shares in the last quarter. Pinnacle Associates Ltd. raised its position in Public Service Enterprise Group by 3.3% in the second quarter. Pinnacle Associates Ltd. now owns 30,718 shares of the utilities provider’s stock worth $1,663,000 after acquiring an additional 993 shares in the last quarter. Hudson Capital Management LLC raised its position in Public Service Enterprise Group by 20.5% in the second quarter. Hudson Capital Management LLC now owns 5,886 shares of the utilities provider’s stock worth $319,000 after acquiring an additional 1,000 shares in the last quarter. State Treasurer State of Michigan raised its position in Public Service Enterprise Group by 0.7% in the second quarter. State Treasurer State of Michigan now owns 149,622 shares of the utilities provider’s stock worth $8,101,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Hartford Financial Management Inc. raised its position in Public Service Enterprise Group by 40.0% in the second quarter. Hartford Financial Management Inc. now owns 3,500 shares of the utilities provider’s stock worth $189,000 after acquiring an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 68.45% of the company’s stock.

Public Service Enterprise Group stock traded up $0.41 during trading hours on Friday, reaching $52.71. 3,485,169 shares of the company were exchanged, compared to its average volume of 3,052,637. The stock has a market capitalization of $26.68 billion, a P/E ratio of 17.99, a PEG ratio of 2.86 and a beta of 0.32. 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 12 month low of $46.19 and a 12 month high of $54.50.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Wednesday, August 1st. The utilities provider reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.01. The company had revenue of $2.02 billion during the quarter, compared to analysts’ expectations 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 period in the prior year, the business earned $0.62 earnings per share. Sell-side analysts anticipate that Public Service Enterprise Group Inc. will post 3.09 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Friday, September 7th were paid a $0.45 dividend. The ex-dividend date of this dividend was Thursday, September 6th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.41%. Public Service Enterprise Group’s payout ratio is 61.43%.

In related news, Chairman Ralph Izzo sold 20,833 shares of the company’s stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $50.60, for a total value of $1,054,149.80. Following the completion of the transaction, the chairman now directly owns 557,716 shares in the company, valued at $28,220,429.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 123,069 shares of company stock valued at $6,430,191 over the last 90 days. 0.58% of the stock is currently owned by corporate insiders.

Several analysts have issued reports on PEG shares. Morgan Stanley set a $58.00 price objective on Public Service Enterprise Group and gave the stock a “buy” rating in a report on Thursday, September 27th. Macquarie boosted their price objective on Public Service Enterprise Group from $55.50 to $57.00 and gave the stock an “outperform” rating in a report on Monday, September 24th. Wells Fargo & Co cut their price objective on Public Service Enterprise Group from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Monday, September 17th. Mizuho restated a “hold” rating and set a $50.00 price objective on shares of Public Service Enterprise Group in a report on Monday, August 6th. Finally, Goldman Sachs Group downgraded Public Service Enterprise Group from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $55.00 to $53.00 in a report on Thursday, July 19th. Nine equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $53.61.

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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