Massachusetts Financial Services Co. MA Sells 39,722 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Massachusetts Financial Services Co. MA lowered its position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 1.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,672,041 shares of the utilities provider's stock after selling 39,722 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.74% of Public Service Enterprise Group worth $327,583,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Raymond James & Associates increased its holdings in shares of Public Service Enterprise Group by 30.1% in the third quarter. Raymond James & Associates now owns 2,869,113 shares of the utilities provider's stock worth $255,954,000 after purchasing an additional 663,012 shares during the period. Hamlin Capital Management LLC increased its holdings in shares of Public Service Enterprise Group by 7.2% in the third quarter. Hamlin Capital Management LLC now owns 2,427,336 shares of the utilities provider's stock worth $216,543,000 after purchasing an additional 162,731 shares during the period. Hsbc Holdings PLC increased its holdings in shares of Public Service Enterprise Group by 43.2% in the second quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider's stock worth $178,763,000 after purchasing an additional 732,443 shares during the period. abrdn plc increased its holdings in shares of Public Service Enterprise Group by 10.2% in the third quarter. abrdn plc now owns 1,792,186 shares of the utilities provider's stock worth $159,074,000 after purchasing an additional 165,995 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Public Service Enterprise Group by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,734,257 shares of the utilities provider's stock worth $127,809,000 after purchasing an additional 163,333 shares during the period. Institutional investors own 73.34% of the company's stock.

Analysts Set New Price Targets

PEG has been the subject of several research reports. LADENBURG THALM/SH SH upgraded shares of Public Service Enterprise Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 5th. Jefferies Financial Group initiated 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. Evercore ISI upped their target price on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 8th. 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. Finally, Wells Fargo & Company upped their target price on shares of 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. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $86.69.

Public Service Enterprise Group Trading Up 0.0 %

PEG stock traded up $0.04 during trading on Friday, reaching $92.39. The company had a trading volume of 1,784,914 shares, compared to its average volume of 2,764,073. Public Service Enterprise Group Incorporated has a 52 week low of $56.85 and a 52 week high of $93.00. The company has a market cap of $46.03 billion, a P/E ratio of 22.70, a PEG ratio of 3.31 and a beta of 0.61. The business has a 50 day moving average of $88.38 and a 200 day moving average of $80.61. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share (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 company had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.44 billion. During the same period in the prior year, the firm earned $0.85 earnings per share. Public Service Enterprise Group's revenue was up 7.6% on a year-over-year basis. As a group, sell-side analysts forecast that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 10th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date is Tuesday, December 10th. Public Service Enterprise Group's dividend payout ratio is 58.97%.

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 5,900 shares of the firm's stock in a transaction that occurred on 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Tamara Louise Linde sold 9,563 shares of the firm's stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $79.54, for a total transaction of $760,641.02. Following the sale, the executive vice president now directly owns 57,961 shares of the company's stock, valued at $4,610,217.94. This trade represents a 14.16 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,739 shares of company stock valued at $2,467,753. Corporate insiders own 0.57% of the company's stock.

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.