New York State Teachers Retirement System Cuts Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

New York State Teachers Retirement System reduced its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.9% in the 4th quarter, Holdings Channel reports. The firm owned 468,483 shares of the utilities provider’s stock after selling 4,355 shares during the quarter. New York State Teachers Retirement System’s holdings in Public Service Enterprise Group were worth $39,582,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in PEG. Ashton Thomas Securities LLC acquired a new stake in Public Service Enterprise Group in the 3rd quarter valued at $35,000. Wingate Wealth Advisors Inc. acquired a new stake in Public Service Enterprise Group in the 4th quarter valued at $35,000. Northwest Investment Counselors LLC acquired a new stake in Public Service Enterprise Group in the 3rd quarter valued at $48,000. Stonebridge Financial Group LLC acquired a new stake in Public Service Enterprise Group in the 4th quarter valued at $54,000. Finally, Financial Life Planners acquired a new stake in Public Service Enterprise Group in the 4th quarter valued at $56,000. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PEG has been the subject of several recent research reports. Scotiabank increased their price target on Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a report on Thursday, December 12th. BMO Capital Markets raised their target price on Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Barclays downgraded Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $88.00 to $84.00 in a research note on Monday, January 27th. Guggenheim restated a “buy” rating on shares of Public Service Enterprise Group in a research note on Wednesday, December 11th. Finally, UBS Group raised their target price on Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Service Enterprise Group currently has an average rating of “Moderate Buy” and an average price target of $88.83.

Public Service Enterprise Group Stock Performance

Shares of NYSE PEG opened at $83.85 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. The firm’s 50-day moving average price is $85.31 and its two-hundred day moving average price is $85.64. Public Service Enterprise Group Incorporated has a 52-week low of $58.96 and a 52-week high of $95.22. The stock has a market capitalization of $41.78 billion, a P/E ratio of 20.60, a P/E/G ratio of 2.77 and a beta of 0.64.

Public Service Enterprise Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be issued a $0.63 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.52 dividend on an annualized basis and a yield of 3.01%. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.60. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 58.97%.

Insiders Place Their Bets

In other Public Service Enterprise Group news, COO Kim C. Hanemann sold 956 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total value of $86,126.04. Following the transaction, the chief operating officer now owns 70,011 shares of the company’s stock, valued at $6,307,290.99. This trade represents a 1.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $83.10, for a total value of $114,511.80. Following the sale, the chief executive officer now directly owns 126,791 shares in the company, valued at approximately $10,536,332.10. This trade represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,712 shares of company stock valued at $317,644 over the last quarter. Insiders own 0.57% of the company’s stock.

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.