Magellan Asset Management Ltd Sells 88,264 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Magellan Asset Management Ltd trimmed its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 21.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 329,115 shares of the utilities provider's stock after selling 88,264 shares during the period. Magellan Asset Management Ltd owned about 0.07% of Public Service Enterprise Group worth $27,807,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of PEG. Arete Wealth Advisors LLC boosted its stake in shares of Public Service Enterprise Group by 9.8% during the 4th quarter. Arete Wealth Advisors LLC now owns 7,518 shares of the utilities provider's stock worth $634,000 after buying an additional 672 shares during the last quarter. World Investment Advisors lifted its holdings in Public Service Enterprise Group by 3.5% during the 4th quarter. World Investment Advisors now owns 51,088 shares of the utilities provider's stock valued at $4,316,000 after purchasing an additional 1,732 shares during the last quarter. Nicolet Advisory Services LLC increased its holdings in shares of Public Service Enterprise Group by 8.1% in the fourth quarter. Nicolet Advisory Services LLC now owns 2,381 shares of the utilities provider's stock valued at $201,000 after purchasing an additional 179 shares during the last quarter. OneAscent Financial Services LLC lifted its position in Public Service Enterprise Group by 11.4% during the fourth quarter. OneAscent Financial Services LLC now owns 3,657 shares of the utilities provider's stock worth $309,000 after acquiring an additional 374 shares during the last quarter. Finally, Cinctive Capital Management LP acquired a new position in shares of Public Service Enterprise Group in the fourth quarter valued at approximately $27,234,000. Institutional investors own 73.34% of the company's stock.

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Analysts Set New Price Targets

A number of research firms have issued reports on PEG. Scotiabank boosted their price objective on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the company a "sector perform" rating in a report on Thursday, December 12th. Guggenheim restated a "buy" rating and set a $98.00 price objective on shares of Public Service Enterprise Group in a research note on Wednesday, February 26th. StockNews.com upgraded Public Service Enterprise Group from a "sell" rating to a "hold" rating in a research report on Friday, March 14th. Morgan Stanley raised their price target on Public Service Enterprise Group from $96.00 to $100.00 and gave the stock an "overweight" rating in a research report on Thursday, March 20th. Finally, BMO Capital Markets upped their price objective on shares of Public Service Enterprise Group from $85.00 to $86.00 and gave the stock a "market perform" rating in a research report on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Public Service Enterprise Group currently has an average rating of "Moderate Buy" and an average target price of $89.65.

Public Service Enterprise Group Price Performance

Shares of PEG traded up $1.87 during midday trading on Tuesday, hitting $79.00. 1,436,883 shares of the company traded hands, compared to its average volume of 2,691,869. The firm has a market cap of $39.39 billion, a P/E ratio of 19.44, a PEG ratio of 2.78 and a beta of 0.52. Public Service Enterprise Group Incorporated has a one year low of $64.03 and a one year high of $95.22. The stock has a 50-day moving average of $82.24 and a 200-day moving average of $85.99. 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 issued its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the prior year, the firm earned $0.54 EPS. The business's revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, sell-side analysts predict 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 paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 3.19%. This is an increase from Public Service Enterprise Group's previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Monday, March 10th. Public Service Enterprise Group's dividend payout ratio is 71.19%.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $83.10, for a total transaction of $114,511.80. Following the sale, the chief executive officer now directly owns 126,791 shares in the company, valued at $10,536,332.10. The trade was a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.19% of the company's stock.

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.