Amalgamated Bank Increases Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Amalgamated Bank raised its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 102,299 shares of the utilities provider’s stock after buying an additional 155 shares during the period. Amalgamated Bank’s holdings in Public Service Enterprise Group were worth $8,419,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in PEG. Robeco Institutional Asset Management B.V. raised its stake in shares of Public Service Enterprise Group by 6.2% in the first quarter. Robeco Institutional Asset Management B.V. now owns 47,659 shares of the utilities provider’s stock worth $3,922,000 after buying an additional 2,803 shares during the period. Sowell Financial Services LLC purchased a new stake in Public Service Enterprise Group in the 1st quarter worth approximately $298,000. Exchange Traded Concepts LLC raised its stake in Public Service Enterprise Group by 12.7% during the 1st quarter. Exchange Traded Concepts LLC now owns 3,977 shares of the utilities provider’s stock worth $327,000 after acquiring an additional 447 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in Public Service Enterprise Group by 4.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 90,126 shares of the utilities provider’s stock valued at $7,417,000 after purchasing an additional 3,601 shares in the last quarter. Finally, Spire Wealth Management boosted its position in shares of Public Service Enterprise Group by 8.6% in the first quarter. Spire Wealth Management now owns 5,653 shares of the utilities provider’s stock worth $465,000 after purchasing an additional 446 shares during the period. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Public Service Enterprise Group Stock Performance

NYSE:PEG opened at $82.88 on Wednesday. The company has a market cap of $41.36 billion, a price-to-earnings ratio of 22.64, a PEG ratio of 3.02 and a beta of 0.48. Public Service Enterprise Group Incorporated has a 1 year low of $73.11 and a 1 year high of $95.22. The stock’s 50 day simple moving average is $80.43 and its two-hundred day simple moving average is $82.31. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.82 and a quick ratio of 0.65.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Wednesday, April 30th. The utilities provider reported $1.43 EPS for the quarter, meeting analysts’ consensus estimates of $1.43. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.15 billion. Public Service Enterprise Group had a return on equity of 11.80% and a net margin of 17.01%. The company’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.31 EPS. As a group, equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 9th were given a dividend of $0.63 per share. The ex-dividend date of this dividend was Monday, June 9th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.04%. Public Service Enterprise Group’s dividend payout ratio is currently 68.85%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Barclays decreased their price objective on shares of Public Service Enterprise Group from $84.00 to $83.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 8th. Wall Street Zen downgraded Public Service Enterprise Group from a “hold” rating to a “sell” rating in a research report on Thursday, May 1st. Guggenheim cut their target price on Public Service Enterprise Group from $98.00 to $94.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Evercore ISI decreased their target price on Public Service Enterprise Group from $99.00 to $92.00 and set an “outperform” rating on the stock in a research note on Thursday, May 1st. Finally, BMO Capital Markets dropped their price target on Public Service Enterprise Group from $86.00 to $83.00 and set a “market perform” rating for the company in a research note on Thursday, April 10th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $89.54.

Insider Activity at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $79.26, for a total transaction of $109,220.28. Following the completion of the transaction, the chief executive officer directly owned 221,093 shares in the company, valued at approximately $17,523,831.18. This represents a 0.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.19% of the company’s stock.

Public Service Enterprise Group 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.