Retirement Systems of Alabama Sells 425,196 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Retirement Systems of Alabama lowered its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 79.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 109,667 shares of the utilities provider's stock after selling 425,196 shares during the quarter. Retirement Systems of Alabama's holdings in Public Service Enterprise Group were worth $9,783,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Family Firm Inc. acquired a new stake in shares of Public Service Enterprise Group in the second quarter valued at about $33,000. Ashton Thomas Securities LLC bought a new position in Public Service Enterprise Group in the 3rd quarter worth approximately $35,000. Northwest Investment Counselors LLC acquired a new position in shares of Public Service Enterprise Group during the third quarter worth approximately $48,000. Rothschild Investment LLC bought a new stake in shares of Public Service Enterprise Group in the second quarter valued at approximately $58,000. Finally, Legacy Investment Solutions LLC acquired a new stake in shares of Public Service Enterprise Group in the third quarter worth $59,000. 73.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Public Service Enterprise Group

In related news, COO Kim C. Hanemann sold 956 shares of Public Service Enterprise Group stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.09, for a total value of $86,126.04. Following the completion of the sale, the chief operating officer now owns 70,011 shares of the company's stock, valued at $6,307,290.99. The trade was a 1.35 % 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, CEO Ralph A. Larossa sold 1,378 shares of the company's stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $90.20, for a total transaction of $124,295.60. Following the sale, the chief executive officer now directly owns 147,514 shares of the company's stock, valued at approximately $13,305,762.80. This represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,798 shares of company stock valued at $1,595,921 over the last 90 days. Corporate insiders own 0.57% of the company's stock.

Public Service Enterprise Group Trading Down 0.7 %

Shares of PEG stock traded down $0.58 on Tuesday, hitting $85.47. 1,810,779 shares of the company's stock traded hands, compared to its average volume of 2,742,713. The company's fifty day simple moving average is $89.13 and its 200 day simple moving average is $82.55. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. Public Service Enterprise Group Incorporated has a one year low of $56.85 and a one year high of $95.22. The stock has a market capitalization of $42.58 billion, a price-to-earnings ratio of 21.14, a P/E/G ratio of 3.18 and a beta of 0.62.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its earnings results 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 company had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same period in the prior year, the business posted $0.85 earnings per share. Public Service Enterprise Group's revenue for the quarter was up 7.6% on a year-over-year basis. Equities analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 10th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.81%. The ex-dividend date is Tuesday, December 10th. Public Service Enterprise Group's dividend payout ratio (DPR) is currently 58.97%.

Analyst Ratings Changes

A number of brokerages have weighed in on PEG. Bank of America increased their price target on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the company a "buy" rating in a report on Thursday, August 29th. Scotiabank lifted their target price on Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a "sector perform" rating in a research report on Thursday, December 12th. UBS Group lifted their price objective on Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. Morgan Stanley raised their target price on Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an "overweight" rating in a research report on Monday, September 23rd. Finally, Jefferies Financial Group assumed coverage on shares of Public Service Enterprise Group in a research report on Friday, September 13th. They set a "hold" rating and a $85.00 target price on the stock. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $89.17.

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.