JPMorgan Chase & Co. Lowers Stock Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

JPMorgan Chase & Co. lowered its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 28.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,483,668 shares of the utilities provider's stock after selling 6,951,959 shares during the period. JPMorgan Chase & Co. owned 3.51% of Public Service Enterprise Group worth $1,559,718,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of PEG. Cambridge Investment Research Advisors Inc. grew its stake in Public Service Enterprise Group by 2.1% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 53,702 shares of the utilities provider's stock worth $3,958,000 after buying an additional 1,128 shares in the last quarter. HB Wealth Management LLC increased its stake in shares of Public Service Enterprise Group by 65.4% during the second quarter. HB Wealth Management LLC now owns 6,894 shares of the utilities provider's stock valued at $508,000 after buying an additional 2,726 shares during the period. Whittier Trust Co. boosted its holdings in Public Service Enterprise Group by 5.3% in the second quarter. Whittier Trust Co. now owns 4,303 shares of the utilities provider's stock valued at $317,000 after acquiring an additional 218 shares in the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in Public Service Enterprise Group by 12.1% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,799 shares of the utilities provider's stock valued at $133,000 after purchasing an additional 194 shares during the period. Finally, Arkadios Wealth Advisors raised its holdings in Public Service Enterprise Group by 41.4% in the 2nd quarter. Arkadios Wealth Advisors now owns 5,537 shares of the utilities provider's stock worth $408,000 after purchasing an additional 1,621 shares in the last quarter. Institutional investors own 73.34% of the company's stock.

Insider Activity

In other Public Service Enterprise Group news, COO Kim C. Hanemann sold 956 shares of the stock in a transaction that occurred on 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 directly owns 70,011 shares in the company, valued at approximately $6,307,290.99. This trade represents a 1.35 % 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. Also, CEO Ralph A. Larossa sold 1,378 shares of the business's stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $90.20, for a total transaction of $124,295.60. Following the sale, the chief executive officer now directly owns 147,514 shares of the company's stock, valued at approximately $13,305,762.80. The trade was a 0.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,798 shares of company stock valued at $1,595,921 in the last ninety days. 0.57% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Barclays reduced their price target on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an "overweight" rating on the stock in a research report on Tuesday, November 5th. Wells Fargo & Company increased their target price on Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 16th. Morgan Stanley lifted their price target on Public Service Enterprise Group from $83.00 to $95.00 and gave the company an "overweight" rating in a research report on Monday, September 23rd. Bank of America raised their price objective on Public Service Enterprise Group from $84.00 to $88.00 and gave the company a "buy" rating in a research report on Thursday, August 29th. Finally, BMO Capital Markets upped their target price 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. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $89.17.

Public Service Enterprise Group Stock Down 0.6 %

PEG stock traded down $0.47 during midday trading on Friday, hitting $84.93. The company's stock had a trading volume of 1,356,038 shares, compared to its average volume of 2,732,003. The company has a market cap of $42.31 billion, a PE ratio of 20.87, a P/E/G ratio of 3.18 and a beta of 0.62. The firm's 50-day moving average is $88.32 and its 200-day moving average is $83.09. 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 current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.87 by $0.03. The company 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%. Public Service Enterprise Group's revenue for the quarter was up 7.6% on a year-over-year basis. During the same period last year, the company earned $0.85 EPS. On average, equities research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 10th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date is Tuesday, December 10th. Public Service Enterprise Group's dividend payout ratio (DPR) is presently 58.97%.

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.