Clearbridge Investments LLC Reduces Stock Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Clearbridge Investments LLC reduced its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 10.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,632 shares of the utilities provider’s stock after selling 1,364 shares during the quarter. Clearbridge Investments LLC’s holdings in Public Service Enterprise Group were worth $777,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Addison Advisors LLC purchased a new stake in Public Service Enterprise Group during the fourth quarter valued at about $31,000. Northwest Investment Counselors LLC bought a new position in Public Service Enterprise Group in the 1st quarter worth approximately $36,000. Salomon & Ludwin LLC grew its stake in Public Service Enterprise Group by 1,866.7% in the 1st quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock valued at $39,000 after buying an additional 560 shares in the last quarter. Scarborough Advisors LLC bought a new stake in Public Service Enterprise Group during the 4th quarter valued at $41,000. Finally, Blue Bell Private Wealth Management LLC lifted its position in shares of Public Service Enterprise Group by 39.0% during the fourth quarter. Blue Bell Private Wealth Management LLC now owns 695 shares of the utilities provider’s stock worth $42,000 after acquiring an additional 195 shares in the last quarter. 73.34% of the stock is currently owned by institutional investors.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $69.55, for a total transaction of $95,561.70. Following the completion of the transaction, the chief executive officer now owns 150,973 shares of the company’s stock, valued at $10,500,172.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.57% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on PEG shares. Evercore ISI increased their price objective on Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Bank of America boosted their price target on shares of Public Service Enterprise Group from $73.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Guggenheim raised Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price objective for the company in a research note on Monday, June 17th. Royal Bank of Canada raised their price target on Public Service Enterprise Group from $80.00 to $84.00 and gave the company an “outperform” rating in a report on Monday, July 15th. Finally, Scotiabank dropped their target price on shares of Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating for the company in a research report on Monday, April 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $74.17.

Public Service Enterprise Group Trading Down 0.0 %

PEG stock traded down $0.02 during trading on Thursday, hitting $75.93. 68,219 shares of the company traded hands, compared to its average volume of 2,796,583. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.62 and a current ratio of 0.79. The company has a 50-day moving average of $74.28 and a 200-day moving average of $67.48. The firm has a market capitalization of $37.82 billion, a PE ratio of 21.04, a P/E/G ratio of 2.98 and a beta of 0.59. Public Service Enterprise Group Incorporated has a 1 year low of $53.71 and a 1 year high of $77.46.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.31 EPS for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). Public Service Enterprise Group had a net margin of 17.65% and a return on equity of 11.10%. The firm had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.99 billion. During the same quarter in the prior year, the company earned $1.39 earnings per share. The company’s quarterly revenue was down 26.5% compared to the same quarter last year. Analysts predict that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $2.40 annualized dividend and a dividend yield of 3.16%. Public Service Enterprise Group’s dividend payout ratio is presently 66.48%.

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.