Sumitomo Life Insurance Co. Reduces Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Sumitomo Life Insurance Co. lowered its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 56.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,590 shares of the utilities provider's stock after selling 8,562 shares during the period. Sumitomo Life Insurance Co.'s holdings in Public Service Enterprise Group were worth $557,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Ashton Thomas Securities LLC bought a new position in Public Service Enterprise Group during the 3rd quarter worth $35,000. Northwest Investment Counselors LLC acquired a new stake in shares of Public Service Enterprise Group during the 3rd quarter valued at $48,000. Legacy Investment Solutions LLC acquired a new stake in shares of Public Service Enterprise Group during the 3rd quarter valued at $59,000. Fortitude Family Office LLC boosted its holdings in shares of Public Service Enterprise Group by 325.0% during the 3rd quarter. Fortitude Family Office LLC now owns 799 shares of the utilities provider's stock valued at $71,000 after acquiring an additional 611 shares in the last quarter. Finally, GHP Investment Advisors Inc. lifted its holdings in Public Service Enterprise Group by 30.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 1,107 shares of the utilities provider's stock worth $99,000 after buying an additional 257 shares during the period. Institutional investors own 73.34% of the company's stock.

Insider Transactions at Public Service Enterprise Group

In related news, SVP Richard T. Thigpen sold 5,900 shares of the company's stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $87.95, for a total value of $518,905.00. Following the transaction, the senior vice president now owns 25,829 shares in the company, valued at approximately $2,271,660.55. This represents a 18.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ralph A. Larossa sold 1,378 shares of the company's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $84.91, for a total value of $117,005.98. Following the completion of the transaction, the chief executive officer now owns 144,212 shares in the company, valued at approximately $12,245,040.92. The trade was a 0.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 8,234 shares of company stock worth $722,037 in the last 90 days. Insiders own 0.18% of the company's stock.

Public Service Enterprise Group Stock Down 0.1 %

PEG traded down $0.04 during midday trading on Monday, reaching $83.50. 2,065,509 shares of the company were exchanged, compared to its average volume of 2,356,248. Public Service Enterprise Group Incorporated has a one year low of $57.24 and a one year high of $95.22. The company's fifty day moving average price is $86.97 and its 200 day moving average price is $85.24. The company has a market cap of $41.60 billion, a price-to-earnings ratio of 20.52, a price-to-earnings-growth ratio of 2.67 and a beta of 0.64. 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 (NYSE:PEG - Get Free Report) last announced 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 return on equity of 10.70% and a net margin of 19.48%. The firm had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter in the previous year, the business earned $0.85 EPS. The company'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 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 10th were paid a $0.60 dividend. The ex-dividend date was Tuesday, December 10th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.87%. Public Service Enterprise Group's payout ratio is presently 58.97%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PEG. Wells Fargo & Company lifted their target price on Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an "overweight" rating in a report on Wednesday, October 16th. 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 research report on Wednesday, October 30th. Evercore ISI lifted their price objective on 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 boosted their target price on Public Service Enterprise Group from $86.00 to $89.00 and gave the company a "market perform" rating in a research report on Monday, October 21st. Finally, Barclays lowered Public Service Enterprise Group from an "overweight" rating to an "equal weight" rating and decreased their target price for the company from $88.00 to $84.00 in a research report on Monday, January 27th. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $88.83.

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.