Argyle Capital Management Inc. Sells 1,200 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Argyle Capital Management Inc. trimmed its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 23.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,025 shares of the utilities provider’s stock after selling 1,200 shares during the quarter. Argyle Capital Management Inc.’s holdings in Public Service Enterprise Group were worth $359,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Integrated Advisors Network LLC lifted its position in Public Service Enterprise Group by 4.0% during the 3rd quarter. Integrated Advisors Network LLC now owns 7,407 shares of the utilities provider’s stock valued at $661,000 after purchasing an additional 283 shares during the period. Fortitude Family Office LLC raised its position in shares of Public Service Enterprise Group by 325.0% during the 3rd quarter. Fortitude Family Office LLC now owns 799 shares of the utilities provider’s stock valued at $71,000 after acquiring an additional 611 shares during the last quarter. abrdn plc boosted its position in shares of Public Service Enterprise Group by 10.2% in the 3rd quarter. abrdn plc now owns 1,792,186 shares of the utilities provider’s stock worth $159,074,000 after purchasing an additional 165,995 shares during the last quarter. Old Port Advisors grew its stake in shares of Public Service Enterprise Group by 0.5% during the third quarter. Old Port Advisors now owns 23,527 shares of the utilities provider’s stock worth $2,099,000 after purchasing an additional 113 shares during the period. Finally, Arbor Investment Advisors LLC acquired a new position in Public Service Enterprise Group in the third quarter valued at about $535,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 9,564 shares of the stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $90.61, for a total transaction of $866,594.04. Following the sale, the executive vice president now directly owns 48,397 shares in the company, valued at $4,385,252.17. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Tamara Louise Linde sold 9,564 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The stock was 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 of the company’s stock, valued at $4,385,252.17. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $90.20, for a total value of $124,295.60. Following the transaction, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 41,010 shares of company stock valued at $3,397,855 over the last quarter. 0.18% of the stock is owned by corporate insiders.

Public Service Enterprise Group Stock Performance

NYSE PEG traded down $1.54 during trading on Tuesday, reaching $88.88. The company’s stock had a trading volume of 596,011 shares, compared to its average volume of 2,771,320. Public Service Enterprise Group Incorporated has a 12 month low of $56.85 and a 12 month high of $92.20. The firm has a 50 day moving average price of $85.88 and a 200 day moving average price of $78.09. The firm has a market capitalization of $44.28 billion, a price-to-earnings ratio of 27.40, a price-to-earnings-growth ratio of 2.73 and a beta of 0.61. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.16.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.63 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 company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter last year, the business earned $0.70 EPS. Public Service Enterprise Group’s revenue was up .1% on a year-over-year basis. As a group, equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. UBS Group increased their target price on shares of Public Service Enterprise Group from $87.00 to $94.00 and gave the stock a “neutral” rating in a report on Tuesday, September 24th. Wells Fargo & Company lifted their target price on Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Jefferies Financial Group assumed coverage on Public Service Enterprise Group in a report on Friday, September 13th. They issued a “hold” rating and a $85.00 price target for the company. Scotiabank lifted their price objective on Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a report on Tuesday, August 20th. Finally, Bank of America increased their target price on Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a research note 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 issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $87.15.

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.