Valley National Advisers Inc. Lowers Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Valley National Advisers Inc. lessened its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 7.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,811 shares of the utilities provider’s stock after selling 136 shares during the quarter. Valley National Advisers Inc.’s holdings in Public Service Enterprise Group were worth $161,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raymond James & Associates grew its position in shares of Public Service Enterprise Group by 30.1% during the 3rd quarter. Raymond James & Associates now owns 2,869,113 shares of the utilities provider’s stock valued at $255,954,000 after acquiring an additional 663,012 shares during the period. Hamlin Capital Management LLC boosted its position in Public Service Enterprise Group by 7.2% during the third quarter. Hamlin Capital Management LLC now owns 2,427,336 shares of the utilities provider’s stock worth $216,543,000 after purchasing an additional 162,731 shares in the last quarter. Hsbc Holdings PLC grew its holdings in Public Service Enterprise Group by 43.2% in the second quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock valued at $178,763,000 after purchasing an additional 732,443 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Public Service Enterprise Group by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,734,257 shares of the utilities provider’s stock valued at $127,809,000 after buying an additional 163,333 shares in the last quarter. Finally, Reaves W H & Co. Inc. raised its stake in shares of Public Service Enterprise Group by 73.9% during the 1st quarter. Reaves W H & Co. Inc. now owns 1,572,001 shares of the utilities provider’s stock worth $104,978,000 after buying an additional 667,773 shares during the period. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Price Performance

Public Service Enterprise Group stock opened at $89.63 on Monday. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.16. The company has a 50-day moving average price of $85.69 and a 200 day moving average price of $77.92. Public Service Enterprise Group Incorporated has a 12-month low of $56.85 and a 12-month high of $92.20. The stock has a market cap of $44.64 billion, a P/E ratio of 24.83, a PEG ratio of 2.71 and a beta of 0.61.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. The firm had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the prior year, the business earned $0.70 EPS. The firm’s quarterly revenue was up .1% on a year-over-year basis. Sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PEG. Jefferies Financial Group began coverage on shares of Public Service Enterprise Group in a research note on Friday, September 13th. They issued a “hold” rating and a $85.00 price target on the stock. Morgan Stanley lifted their target price on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Scotiabank upped their price target on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. Barclays lifted their price objective on Public Service Enterprise Group from $80.00 to $98.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Finally, Bank of America increased their target price on Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.15.

Insider Transactions at Public Service Enterprise Group

In related news, EVP Tamara Louise Linde sold 9,564 shares of the business’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $90.61, for a total value of $866,594.04. Following the sale, the executive vice president now directly owns 48,397 shares in the company, valued at approximately $4,385,252.17. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $90.20, for a total value of $124,295.60. Following the completion of the sale, the chief executive officer now directly owns 147,514 shares of the company’s stock, valued at approximately $13,305,762.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Tamara Louise Linde sold 9,564 shares of the business’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $90.61, for a total value of $866,594.04. Following the completion of the sale, the executive vice president now owns 48,397 shares in the company, valued at $4,385,252.17. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 41,010 shares of company stock worth $3,397,855. 0.57% of the stock is currently owned by company insiders.

Public Service Enterprise Group Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.