Sumitomo Life Insurance Co. Has $557,000 Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Sumitomo Life Insurance Co. lessened its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 56.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,590 shares of the utilities provider’s stock after selling 8,562 shares during the period. Sumitomo Life Insurance Co.’s holdings in Public Service Enterprise Group were worth $557,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of PEG. Geode Capital Management LLC grew its position in shares of Public Service Enterprise Group by 0.4% in the 3rd quarter. Geode Capital Management LLC now owns 11,829,634 shares of the utilities provider’s stock valued at $1,051,744,000 after buying an additional 49,285 shares during the last quarter. FMR LLC increased its position in Public Service Enterprise Group by 19.4% during the 3rd quarter. FMR LLC now owns 5,401,024 shares of the utilities provider’s stock valued at $481,825,000 after purchasing an additional 877,345 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Public Service Enterprise Group by 0.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,951,631 shares of the utilities provider’s stock worth $263,315,000 after purchasing an additional 19,650 shares during the last quarter. Raymond James & Associates lifted its position in shares of Public Service Enterprise Group by 30.1% in the 3rd quarter. Raymond James & Associates now owns 2,869,113 shares of the utilities provider’s stock worth $255,954,000 after purchasing an additional 663,012 shares during the period. Finally, Franklin Resources Inc. boosted its stake in shares of Public Service Enterprise Group by 5.9% in the 3rd quarter. Franklin Resources Inc. now owns 2,637,882 shares of the utilities provider’s stock valued at $235,194,000 after purchasing an additional 147,903 shares during the last quarter. Institutional investors own 73.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PEG. Wells Fargo & Company lifted their target price on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Guggenheim reissued a “buy” rating on shares of Public Service Enterprise Group in a research note on Wednesday, December 11th. UBS Group raised their target price on Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Evercore ISI boosted their price target on Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Finally, BMO Capital Markets raised their price objective on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $88.83.

Public Service Enterprise Group Stock Up 2.6 %

Public Service Enterprise Group stock opened at $83.82 on Friday. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. The firm’s fifty day moving average price is $87.32 and its two-hundred day moving average price is $85.04. The firm has a market capitalization of $41.76 billion, a price-to-earnings ratio of 20.60, a price-to-earnings-growth ratio of 2.82 and a beta of 0.65. Public Service Enterprise Group Incorporated has a 1-year low of $57.24 and a 1-year high of $95.22.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. The business had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.44 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.85 EPS. On average, equities research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 10th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.86%. The ex-dividend date was Tuesday, December 10th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 58.97%.

Insiders Place Their Bets

In related news, SVP Richard T. Thigpen sold 5,900 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $87.95, for a total transaction of $518,905.00. Following the transaction, the senior vice president now directly owns 25,829 shares in the company, valued at approximately $2,271,660.55. The trade was a 18.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $84.91, for a total transaction of $117,005.98. Following the completion of the sale, the chief executive officer now owns 144,212 shares of the company’s stock, valued at approximately $12,245,040.92. This trade represents a 0.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 8,234 shares of company stock valued at $722,037 in the last three months. 0.57% of the stock is currently owned by insiders.

About Public Service Enterprise Group

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.