Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by Magellan Asset Management Ltd

Magellan Asset Management Ltd lessened its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 21.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 329,115 shares of the utilities provider’s stock after selling 88,264 shares during the period. Magellan Asset Management Ltd owned 0.07% of Public Service Enterprise Group worth $27,807,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Townsquare Capital LLC grew its position in Public Service Enterprise Group by 15.6% in the 3rd quarter. Townsquare Capital LLC now owns 5,001 shares of the utilities provider’s stock valued at $446,000 after buying an additional 674 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in shares of Public Service Enterprise Group in the third quarter valued at about $372,000. Janus Henderson Group PLC boosted its holdings in shares of Public Service Enterprise Group by 12.5% in the third quarter. Janus Henderson Group PLC now owns 107,082 shares of the utilities provider’s stock valued at $9,553,000 after acquiring an additional 11,864 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in shares of Public Service Enterprise Group by 8,334.8% during the third quarter. Jacobs Levy Equity Management Inc. now owns 380,832 shares of the utilities provider’s stock worth $33,974,000 after acquiring an additional 376,317 shares during the period. Finally, Investment Management Corp of Ontario lifted its position in Public Service Enterprise Group by 13.1% in the third quarter. Investment Management Corp of Ontario now owns 47,421 shares of the utilities provider’s stock valued at $4,230,000 after purchasing an additional 5,500 shares during the period. 73.34% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on PEG. Scotiabank boosted their target price on Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a research report on Thursday, December 12th. Bank of America cut their price objective on Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Morgan Stanley boosted their target price on shares of Public Service Enterprise Group from $96.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, March 20th. Barclays downgraded shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $88.00 to $84.00 in a report on Monday, January 27th. Finally, StockNews.com raised shares of Public Service Enterprise Group from a “sell” rating to a “hold” rating in a report on Friday, March 14th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $89.65.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $82.88, for a total transaction of $114,208.64. Following the completion of the sale, the chief executive officer now owns 221,670 shares of the company’s stock, valued at approximately $18,372,009.60. The trade was a 0.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Stock Performance

NYSE:PEG opened at $83.85 on Thursday. Public Service Enterprise Group Incorporated has a 1-year low of $64.03 and a 1-year high of $95.22. The firm has a 50 day simple moving average of $82.68 and a 200-day simple moving average of $86.10. The firm has a market cap of $41.80 billion, a PE ratio of 20.60, a P/E/G ratio of 2.78 and a beta of 0.60. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. During the same period last year, the company earned $0.54 EPS. On average, equities analysts expect that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 10th were paid a dividend of $0.63 per share. The ex-dividend date was Monday, March 10th. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.60. This represents a $2.52 annualized dividend and a dividend yield of 3.01%. Public Service Enterprise Group’s payout ratio is currently 71.19%.

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.