Duff & Phelps Investment Management Co. trimmed its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 30.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,006,370 shares of the utilities provider's stock after selling 437,210 shares during the period. Duff & Phelps Investment Management Co. owned 0.20% of Public Service Enterprise Group worth $89,778,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Family Firm Inc. acquired a new position in shares of Public Service Enterprise Group during the 2nd quarter valued at $33,000. OFI Invest Asset Management purchased a new stake in shares of Public Service Enterprise Group during the second quarter valued at $35,000. Ashton Thomas Securities LLC acquired a new position in shares of Public Service Enterprise Group in the 3rd quarter valued at $35,000. Northwest Investment Counselors LLC purchased a new position in Public Service Enterprise Group in the 3rd quarter worth about $48,000. Finally, Friedenthal Financial acquired a new stake in Public Service Enterprise Group during the 2nd quarter worth about $52,000. 73.34% of the stock is owned by institutional investors.
Insider Activity
In other news, SVP Richard T. Thigpen sold 5,900 shares of the firm'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 completion of the transaction, the senior vice president now directly owns 25,829 shares of the company's stock, valued at approximately $2,271,660.55. This trade represents a 18.59 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Tamara Louise Linde sold 9,564 shares of the company's 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 completion of the sale, the executive vice president now directly owns 48,397 shares in the company, valued at approximately $4,385,252.17. The trade was a 16.50 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,798 shares of company stock worth $1,595,921. Company insiders own 0.18% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on PEG shares. Evercore ISI boosted their price target on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the company an "outperform" rating in a report on Tuesday, October 8th. Jefferies Financial Group assumed coverage on shares of Public Service Enterprise Group in a research report on Friday, September 13th. They issued a "hold" rating and a $85.00 target price for the company. BMO Capital Markets upped their price target on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a "market perform" rating in a research note on Monday, October 21st. 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 research report on Tuesday, August 20th. Finally, Bank of America upped their target price on Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a "buy" rating in a research report on Thursday, August 29th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Public Service Enterprise Group presently has an average rating of "Moderate Buy" and a consensus target price of $88.08.
Get Our Latest Stock Report on Public Service Enterprise Group
Public Service Enterprise Group Stock Performance
PEG traded down $2.11 during trading on Monday, hitting $87.89. The stock had a trading volume of 2,638,558 shares, compared to its average volume of 2,749,938. The firm has a market cap of $43.79 billion, a PE ratio of 22.11, a P/E/G ratio of 3.30 and a beta of 0.62. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. Public Service Enterprise Group Incorporated has a 12 month low of $56.85 and a 12 month high of $95.22. The company has a 50 day simple moving average of $89.65 and a 200-day simple moving average of $82.03.
Public Service Enterprise Group (NYSE:PEG - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.87 by $0.03. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same period in the previous year, the company earned $0.85 earnings per share. The company's quarterly revenue was up 7.6% compared to the same quarter last year. Analysts expect that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.
Public Service Enterprise Group Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 10th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.73%. The ex-dividend date of this dividend is Tuesday, December 10th. Public Service Enterprise Group's payout ratio is presently 58.97%.
Public Service Enterprise Group Company Profile
(
Free Report)
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.
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