Sound Shore Management Inc CT Decreases Stock Holdings in Public Service Enterprise Group Incorporated $PEG

Sound Shore Management Inc CT reduced its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 20.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 817,347 shares of the utilities provider’s stock after selling 208,124 shares during the period. Sound Shore Management Inc CT owned 0.16% of Public Service Enterprise Group worth $68,216,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. JARISLOWSKY FRASER Ltd grew its holdings in shares of Public Service Enterprise Group by 107.1% in the third quarter. JARISLOWSKY FRASER Ltd now owns 1,025,305 shares of the utilities provider’s stock valued at $85,572,000 after purchasing an additional 530,248 shares during the period. Railway Pension Investments Ltd increased its holdings in shares of Public Service Enterprise Group by 97.5% during the 3rd quarter. Railway Pension Investments Ltd now owns 1,897,800 shares of the utilities provider’s stock worth $158,390,000 after buying an additional 937,100 shares during the last quarter. Voya Investment Management LLC raised its position in shares of Public Service Enterprise Group by 18.2% during the 3rd quarter. Voya Investment Management LLC now owns 1,645,407 shares of the utilities provider’s stock valued at $137,155,000 after buying an additional 253,810 shares during the period. Rakuten Investment Management Inc. acquired a new position in Public Service Enterprise Group in the third quarter valued at approximately $1,852,000. Finally, New York State Common Retirement Fund lifted its holdings in Public Service Enterprise Group by 13.0% in the third quarter. New York State Common Retirement Fund now owns 314,668 shares of the utilities provider’s stock valued at $26,262,000 after acquiring an additional 36,100 shares during the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. BTIG Research initiated coverage on Public Service Enterprise Group in a research note on Wednesday, October 22nd. They set a “buy” rating and a $98.00 target price for the company. Jefferies Financial Group raised Public Service Enterprise Group from a “hold” rating to a “buy” rating and raised their price objective for the stock from $89.00 to $90.00 in a research report on Thursday, November 6th. LADENBURG THALM/SH SH raised shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $87.50 target price on the stock in a research report on Wednesday, January 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Public Service Enterprise Group in a research note on Monday, December 29th. Finally, Argus raised shares of Public Service Enterprise Group to a “strong-buy” rating in a research note on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $90.96.

Public Service Enterprise Group Stock Performance

Shares of Public Service Enterprise Group stock opened at $84.17 on Thursday. The stock has a market capitalization of $42.01 billion, a price-to-earnings ratio of 20.23, a price-to-earnings-growth ratio of 2.69 and a beta of 0.59. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.93 and a quick ratio of 0.69. The business has a 50-day moving average of $80.02 and a 200 day moving average of $82.06. Public Service Enterprise Group Incorporated has a 12 month low of $74.67 and a 12 month high of $91.25.

Public Service Enterprise Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 10th were issued a dividend of $0.63 per share. The ex-dividend date was Wednesday, December 10th. This represents a $2.52 dividend on an annualized basis and a yield of 3.0%. Public Service Enterprise Group’s dividend payout ratio is 60.58%.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group (NYSE: PEG) is a diversified energy company that operates primarily in New Jersey. Its core businesses include a regulated utility that delivers electric and natural gas service to residential, commercial and industrial customers, as well as generation and energy services operations that participate in wholesale power markets. The company’s activities encompass transmission and distribution, power generation operations, and related energy infrastructure services.

The regulated utility arm, Public Service Electric and Gas Company (PSE&G), is responsible for owning and maintaining electric and gas networks, connecting customers, performing meter and billing services, and managing system reliability and storm response.