Panagora Asset Management Inc. Sells 453 Shares of Public Service Enterprise Group Inc. (NYSE:PEG)

Panagora Asset Management Inc. cut its stake in Public Service Enterprise Group Inc. (NYSE:PEG) by 0.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 77,330 shares of the utilities provider’s stock after selling 453 shares during the period. Panagora Asset Management Inc.’s holdings in Public Service Enterprise Group were worth $4,548,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Ceredex Value Advisors LLC acquired a new position in Public Service Enterprise Group during the first quarter valued at approximately $147,966,000. Nordea Investment Management AB grew its holdings in Public Service Enterprise Group by 42.7% during the first quarter. Nordea Investment Management AB now owns 6,496,557 shares of the utilities provider’s stock valued at $385,966,000 after purchasing an additional 1,942,914 shares during the period. AQR Capital Management LLC grew its holdings in Public Service Enterprise Group by 16.0% during the first quarter. AQR Capital Management LLC now owns 5,443,816 shares of the utilities provider’s stock valued at $321,130,000 after purchasing an additional 752,831 shares during the period. Jennison Associates LLC grew its holdings in Public Service Enterprise Group by 94.8% during the first quarter. Jennison Associates LLC now owns 1,107,621 shares of the utilities provider’s stock valued at $65,804,000 after purchasing an additional 539,167 shares during the period. Finally, California Public Employees Retirement System grew its holdings in Public Service Enterprise Group by 18.2% during the first quarter. California Public Employees Retirement System now owns 3,258,390 shares of the utilities provider’s stock valued at $193,581,000 after purchasing an additional 501,333 shares during the period. 68.74% of the stock is owned by institutional investors.

Shares of Public Service Enterprise Group stock traded down $0.15 on Friday, hitting $60.72. The company had a trading volume of 44,671 shares, compared to its average volume of 1,908,997. The firm has a market capitalization of $30.70 billion, a P/E ratio of 19.46, a P/E/G ratio of 8.37 and a beta of 0.29. Public Service Enterprise Group Inc. has a twelve month low of $49.22 and a twelve month high of $61.63. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.79 and a quick ratio of 0.59. The stock has a 50-day moving average of $58.80 and a 200-day moving average of $59.26.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.04). The company had revenue of $2.32 billion during the quarter, compared to analyst estimates of $2.23 billion. Public Service Enterprise Group had a net margin of 14.41% and a return on equity of 11.02%. During the same quarter last year, the company earned $0.64 EPS. Equities analysts predict that Public Service Enterprise Group Inc. will post 3.23 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date is Friday, September 6th. Public Service Enterprise Group’s dividend payout ratio is presently 60.26%.

A number of research analysts recently issued reports on PEG shares. ValuEngine cut shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Morgan Stanley upped their price target on shares of Public Service Enterprise Group from $67.00 to $69.00 and gave the company an “overweight” rating in a report on Friday, June 14th. KeyCorp began coverage on shares of Public Service Enterprise Group in a report on Tuesday, June 4th. They issued a “sector weight” rating and a $59.40 price target for the company. Citigroup cut shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 price target for the company. in a report on Monday, July 29th. Finally, UBS Group set a $67.00 price target on shares of Public Service Enterprise Group and gave the company a “buy” rating in a report on Wednesday, July 31st. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $62.30.

In other news, VP Daniel J. Cregg sold 625 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $60.92, for a total value of $38,075.00. Following the sale, the vice president now owns 60,833 shares of the company’s stock, valued at $3,705,946.36. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Ralph A. Larossa sold 1,650 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $60.82, for a total transaction of $100,353.00. The disclosure for this sale can be found here. In the last three months, insiders sold 113,815 shares of company stock worth $6,583,065. 0.51% of the stock is currently owned by insiders.

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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