PNC Financial Services Group Inc. Lowers Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

PNC Financial Services Group Inc. lessened its stake in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 1.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 652,612 shares of the utilities provider's stock after selling 11,498 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.13% of Public Service Enterprise Group worth $58,220,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of PEG. Old Port Advisors boosted its stake in Public Service Enterprise Group by 0.5% during the third quarter. Old Port Advisors now owns 23,527 shares of the utilities provider's stock valued at $2,099,000 after buying an additional 113 shares during the period. Smallwood Wealth Investment Management LLC increased its position in shares of Public Service Enterprise Group by 1.3% in the third quarter. Smallwood Wealth Investment Management LLC now owns 9,267 shares of the utilities provider's stock worth $827,000 after purchasing an additional 115 shares during the last quarter. Cigna Investments Inc. New raised its stake in Public Service Enterprise Group by 2.5% in the third quarter. Cigna Investments Inc. New now owns 5,053 shares of the utilities provider's stock valued at $451,000 after purchasing an additional 124 shares in the last quarter. Great Lakes Retirement Inc. lifted its position in Public Service Enterprise Group by 0.4% during the third quarter. Great Lakes Retirement Inc. now owns 29,357 shares of the utilities provider's stock valued at $2,619,000 after purchasing an additional 127 shares during the last quarter. Finally, Brighton Jones LLC lifted its position in Public Service Enterprise Group by 1.8% during the second quarter. Brighton Jones LLC now owns 7,430 shares of the utilities provider's stock valued at $548,000 after purchasing an additional 131 shares during the last quarter. Hedge funds and other institutional investors own 73.34% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PEG. Barclays lowered their price target on 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. Morgan Stanley increased their price target on shares of 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. LADENBURG THALM/SH SH upgraded shares of Public Service Enterprise Group from a "hold" rating to a "strong-buy" rating in a report on Monday, August 5th. 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 note on Thursday, August 29th. Finally, Jefferies Financial Group initiated coverage on Public Service Enterprise Group in a research note on Friday, September 13th. They issued a "hold" rating and a $85.00 target price for the company. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $86.69.

Public Service Enterprise Group Stock Up 2.1 %

PEG traded up $1.86 during trading on Thursday, reaching $92.35. The stock had a trading volume of 2,145,395 shares, compared to its average volume of 2,768,405. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $46.01 billion, a price-to-earnings ratio of 22.23, a P/E/G ratio of 3.31 and a beta of 0.61. The stock's 50 day moving average is $88.03 and its two-hundred day moving average is $80.38. Public Service Enterprise Group Incorporated has a one year low of $56.85 and a one year high of $92.41.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 earnings per share 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 business had revenue of $2.64 billion for the quarter, compared to analysts' expectations of $2.44 billion. During the same quarter in the prior year, the company earned $0.85 earnings per share. The business's revenue was up 7.6% compared to the same quarter last year. As a group, analysts expect that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

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

Insider Transactions at Public Service Enterprise Group

In related news, EVP Tamara Louise Linde sold 9,563 shares of Public Service Enterprise Group stock in a transaction on Monday, September 9th. The stock was sold at an average price of $79.54, for a total value of $760,641.02. Following the completion of the sale, the executive vice president now owns 57,961 shares of the company's stock, valued at $4,610,217.94. The trade was a 14.16 % 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, COO Kim C. Hanemann sold 956 shares of the company's stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total transaction of $86,126.04. Following the sale, the chief operating officer now directly owns 70,011 shares of the company's stock, valued at $6,307,290.99. The trade was a 1.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,739 shares of company stock worth $2,467,753. Corporate insiders own 0.57% of the company's stock.

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.