Motco Cuts Position in Public Service Enterprise Group Inc. (PEG)

Motco cut its stake in Public Service Enterprise Group Inc. (NYSE:PEG) by 1.1% in the 1st quarter, HoldingsChannel reports. The fund owned 111,593 shares of the utilities provider’s stock after selling 1,280 shares during the quarter. Motco’s holdings in Public Service Enterprise Group were worth $6,630,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Vanguard Group Inc grew its position in Public Service Enterprise Group by 1.4% in the third quarter. Vanguard Group Inc now owns 40,281,314 shares of the utilities provider’s stock worth $2,126,450,000 after acquiring an additional 545,315 shares in the last quarter. Geode Capital Management LLC grew its position in Public Service Enterprise Group by 8.1% in the fourth quarter. Geode Capital Management LLC now owns 6,527,327 shares of the utilities provider’s stock worth $339,147,000 after acquiring an additional 489,501 shares in the last quarter. Northern Trust Corp grew its position in Public Service Enterprise Group by 4.8% in the fourth quarter. Northern Trust Corp now owns 5,974,966 shares of the utilities provider’s stock worth $310,998,000 after acquiring an additional 271,105 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Public Service Enterprise Group by 3.8% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 4,493,619 shares of the utilities provider’s stock worth $233,893,000 after purchasing an additional 164,667 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in Public Service Enterprise Group by 7.8% in the fourth quarter. Legal & General Group Plc now owns 3,643,132 shares of the utilities provider’s stock worth $189,555,000 after purchasing an additional 264,946 shares during the last quarter. Institutional investors own 69.02% of the company’s stock.

In other news, CEO Ralph Izzo sold 52,406 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $59.08, for a total transaction of $3,096,146.48. Following the completion of the transaction, the chief executive officer now directly owns 487,843 shares of the company’s stock, valued at $28,821,764.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Stuart J. Black sold 6,000 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $59.07, for a total transaction of $354,420.00. Following the transaction, the vice president now directly owns 24,981 shares of the company’s stock, valued at $1,475,627.67. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 180,054 shares of company stock valued at $10,620,958. Insiders own 0.51% of the company’s stock.

Shares of NYSE:PEG traded down $0.07 during midday trading on Tuesday, hitting $58.85. 290,521 shares of the stock traded hands, compared to its average volume of 2,441,310. The company has a market cap of $29.92 billion, a price-to-earnings ratio of 18.86, a price-to-earnings-growth ratio of 2.99 and a beta of 0.40. The company has a current ratio of 0.68, a quick ratio of 0.52 and a debt-to-equity ratio of 0.91. Public Service Enterprise Group Inc. has a one year low of $49.22 and a one year high of $60.36.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $1.08 EPS for the quarter, beating the consensus estimate of $1.00 by $0.08. The firm had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $2.78 billion. Public Service Enterprise Group had a net margin of 16.03% and a return on equity of 11.35%. During the same period in the prior year, the firm posted $0.97 earnings per share. As a group, research analysts forecast that Public Service Enterprise Group Inc. will post 3.27 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend is Thursday, June 6th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 60.26%.

PEG has been the subject of several recent research reports. Mizuho raised shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $52.50 price target for the company in a research note on Thursday, January 17th. Deutsche Bank downgraded shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating and set a $58.56 price target for the company. in a research note on Thursday, February 28th. Wolfe Research raised shares of Public Service Enterprise Group from a “market perform” rating to an “outperform” rating in a research note on Tuesday, January 22nd. Wells Fargo & Co boosted their price target on shares of Public Service Enterprise Group from $60.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, February 28th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a research note on Tuesday, January 15th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $59.73.

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About Public Service Enterprise Group

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid- Atlantic United States. It operates through two segments, PSE&G and Power. The PSE&G segment transmits electricity; distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs to customers.

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Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

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