Lord Abbett & CO. LLC Sells 23,075 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Lord Abbett & CO. LLC lessened its position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 7.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 276,925 shares of the utilities provider's stock after selling 23,075 shares during the period. Lord Abbett & CO. LLC owned approximately 0.06% of Public Service Enterprise Group worth $24,704,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Heritage Wealth Management Inc. bought a new stake in shares of Public Service Enterprise Group during the second quarter valued at approximately $422,000. DRW Securities LLC acquired a new stake in Public Service Enterprise Group in the 3rd quarter valued at approximately $8,244,000. Cerity Partners LLC raised its stake in Public Service Enterprise Group by 36.1% during the 3rd quarter. Cerity Partners LLC now owns 96,118 shares of the utilities provider's stock valued at $8,575,000 after acquiring an additional 25,503 shares in the last quarter. Meridian Wealth Management LLC acquired a new position in Public Service Enterprise Group during the 3rd quarter worth $2,965,000. Finally, Arvest Bank Trust Division bought a new position in shares of Public Service Enterprise Group in the third quarter worth $2,860,000. 73.34% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on PEG. Evercore ISI upped their price objective on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an "outperform" rating in a report on Tuesday, October 8th. Wells Fargo & Company increased their price objective on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the company an "overweight" rating in a report on Wednesday, October 16th. Bank of America boosted their target price on Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a "buy" rating in a report on Thursday, August 29th. UBS Group increased their price target 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. Finally, BMO Capital Markets upped their price objective on Public Service Enterprise Group from $86.00 to $89.00 and gave the company a "market perform" rating in a report on Monday, October 21st. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Public Service Enterprise Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $89.17.

Insiders Place Their Bets

In related news, EVP Tamara Louise Linde sold 9,564 shares of the stock in a transaction on Wednesday, October 9th. The stock was 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. This trade represents a 16.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Kim C. Hanemann sold 956 shares of the business'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 completion of the transaction, the chief operating officer now owns 70,011 shares in the company, valued at $6,307,290.99. This trade represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,798 shares of company stock worth $1,595,921. 0.57% of the stock is currently owned by company insiders.

Public Service Enterprise Group Trading Down 0.9 %

Shares of PEG traded down $0.76 during midday trading on Monday, hitting $86.05. The stock had a trading volume of 1,984,828 shares, compared to its average volume of 2,746,675. The business has a 50-day simple moving average of $89.21 and a two-hundred day simple moving average of $82.46. The firm has a market cap of $42.87 billion, a P/E ratio of 21.33, a price-to-earnings-growth ratio of 3.18 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 fifty-two week low of $56.85 and a fifty-two week high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its quarterly earnings data 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 net margin of 19.48% and a return on equity of 10.70%. The firm had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same quarter last year, the business posted $0.85 EPS. The company's revenue was up 7.6% on a year-over-year basis. As a group, equities analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 10th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.79%. The ex-dividend date is Tuesday, December 10th. Public Service Enterprise Group's dividend payout ratio is currently 58.97%.

Public Service Enterprise Group Company 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.