Essex Financial Services Inc. Trims Holdings in Public Service Enterprise Group Inc. (NYSE:PEG)

Essex Financial Services Inc. cut its stake in Public Service Enterprise Group Inc. (NYSE:PEG) by 15.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,859 shares of the utilities provider’s stock after selling 701 shares during the quarter. Essex Financial Services Inc.’s holdings in Public Service Enterprise Group were worth $240,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Berman Capital Advisors LLC grew its position in shares of Public Service Enterprise Group by 79.0% in the second quarter. Berman Capital Advisors LLC now owns 460 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 203 shares in the last quarter. Stonebridge Capital Advisors LLC purchased a new position in shares of Public Service Enterprise Group in the second quarter valued at $29,000. Capital Investment Advisory Services LLC grew its position in shares of Public Service Enterprise Group by 123.0% in the third quarter. Capital Investment Advisory Services LLC now owns 475 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 262 shares in the last quarter. Executive Wealth Management LLC grew its position in shares of Public Service Enterprise Group by 137.4% in the second quarter. Executive Wealth Management LLC now owns 781 shares of the utilities provider’s stock valued at $46,000 after purchasing an additional 452 shares in the last quarter. Finally, Bridger Capital Management LLC purchased a new position in shares of Public Service Enterprise Group in the third quarter valued at $50,000. Institutional investors own 69.28% of the company’s stock.

Public Service Enterprise Group stock opened at $61.43 on Friday. Public Service Enterprise Group Inc. has a 52 week low of $49.22 and a 52 week high of $63.88. The business has a 50-day simple moving average of $62.17 and a 200 day simple moving average of $60.20. The company has a quick ratio of 0.52, a current ratio of 0.75 and a debt-to-equity ratio of 0.99. The stock has a market cap of $31.31 billion, a price-to-earnings ratio of 19.69, a PEG ratio of 5.16 and a beta of 0.28.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Thursday, October 31st. The utilities provider reported $0.98 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.03. Public Service Enterprise Group had a return on equity of 11.01% and a net margin of 14.45%. The business had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same period in the previous year, the business earned $0.95 earnings per share. On average, research analysts anticipate that Public Service Enterprise Group Inc. will post 3.25 earnings per share for the current year.

In related news, VP Daniel J. Cregg sold 625 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $57.33, for a total transaction of $35,831.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Ralph A. Larossa sold 1,650 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $63.05, for a total value of $104,032.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,201 shares of company stock valued at $561,770. 0.51% of the stock is owned by company insiders.

PEG has been the subject of several recent research reports. UBS Group lifted their price target on Public Service Enterprise Group from $67.00 to $71.00 and gave the company a “buy” rating in a research report on Friday, September 6th. ValuEngine cut Public Service Enterprise Group from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Bank of America cut Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $65.00 price target for the company. in a research report on Friday, July 19th. Citigroup cut Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 price target for the company. in a research report on Monday, July 29th. Finally, Mizuho boosted their target price on Public Service Enterprise Group from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Public Service Enterprise Group has an average rating of “Hold” and a consensus target price of $63.16.

Public Service Enterprise Group Company Profile

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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