Prudential PLC Trims Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Prudential PLC trimmed its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 15.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 205,671 shares of the utilities provider's stock after selling 37,979 shares during the quarter. Prudential PLC's holdings in Public Service Enterprise Group were worth $17,377,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Public Service Enterprise Group in the 4th quarter worth about $445,005,000. Raymond James Financial Inc. purchased a new stake in shares of Public Service Enterprise Group in the fourth quarter worth approximately $376,209,000. Jennison Associates LLC lifted its holdings in shares of Public Service Enterprise Group by 125.3% in the fourth quarter. Jennison Associates LLC now owns 3,384,803 shares of the utilities provider's stock valued at $285,982,000 after purchasing an additional 1,882,667 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Public Service Enterprise Group by 604.5% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,004,100 shares of the utilities provider's stock valued at $169,404,000 after purchasing an additional 1,719,614 shares in the last quarter. Finally, Schroder Investment Management Group boosted its position in shares of Public Service Enterprise Group by 234.1% during the fourth quarter. Schroder Investment Management Group now owns 2,117,411 shares of the utilities provider's stock valued at $178,900,000 after buying an additional 1,483,662 shares during the last quarter. 73.34% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Morgan Stanley raised their price objective on Public Service Enterprise Group from $96.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, March 20th. Barclays decreased their price objective on shares of Public Service Enterprise Group from $84.00 to $83.00 and set an "equal weight" rating for the company in a research note on Tuesday. Wells Fargo & Company cut their target price on Public Service Enterprise Group from $100.00 to $95.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 26th. Scotiabank lifted their price target on Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a "sector perform" rating in a report on Thursday, December 12th. Finally, BMO Capital Markets increased their price target on shares of Public Service Enterprise Group from $85.00 to $86.00 and gave the company a "market perform" rating in a research report on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $89.58.

Public Service Enterprise Group Price Performance

Shares of NYSE PEG traded down $0.76 during midday trading on Wednesday, hitting $76.94. 1,258,765 shares of the company's stock were exchanged, compared to its average volume of 2,700,682. 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 business's fifty day moving average price is $82.07 and its two-hundred day moving average price is $85.87. The company has a market cap of $38.36 billion, a price-to-earnings ratio of 18.90, a PEG ratio of 2.78 and a beta of 0.52. Public Service Enterprise Group Incorporated has a 12-month low of $64.03 and a 12-month high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its quarterly earnings data on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.03 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm's revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.54 EPS. As a group, research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 10th were given a dividend of $0.63 per share. The ex-dividend date was Monday, March 10th. This is a positive change from Public Service Enterprise Group's previous quarterly dividend of $0.60. This represents a $2.52 annualized dividend and a dividend yield of 3.28%. Public Service Enterprise Group's dividend payout ratio is 71.19%.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the firm's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $82.88, for a total value of $114,208.64. Following the sale, the chief executive officer now owns 221,670 shares of the company's stock, valued at $18,372,009.60. This trade represents a 0.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.19% of the stock is currently owned by insiders.

Public Service Enterprise Group 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.