Prudential PLC Has $16.63 Million Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Prudential PLC decreased its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 1.7% in the 1st quarter, HoldingsChannel reports. The firm owned 202,099 shares of the utilities provider’s stock after selling 3,572 shares during the quarter. Prudential PLC’s holdings in Public Service Enterprise Group were worth $16,633,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in PEG. Robeco Institutional Asset Management B.V. grew its stake in 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 valued at $3,922,000 after acquiring an additional 2,803 shares during the period. Sowell Financial Services LLC acquired a new stake in shares of Public Service Enterprise Group in the first quarter valued at approximately $298,000. Exchange Traded Concepts LLC lifted its position in shares of Public Service Enterprise Group by 12.7% in the first quarter. Exchange Traded Concepts LLC now owns 3,977 shares of the utilities provider’s stock valued at $327,000 after buying an additional 447 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Public Service Enterprise Group by 4.2% in 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 buying an additional 3,601 shares during the last quarter. Finally, Vontobel Holding Ltd. acquired a new stake in shares of Public Service Enterprise Group in the first quarter valued at approximately $329,000. Institutional investors own 73.34% of the company’s stock.

Insider Activity at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,387 shares of the company’s stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $83.12, for a total transaction of $115,287.44. Following the transaction, the chief executive officer directly owned 218,328 shares of the company’s stock, valued at approximately $18,147,423.36. This represents a 0.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.19% of the stock is currently owned by company insiders.

Public Service Enterprise Group Stock Down 1.3%

Shares of Public Service Enterprise Group stock opened at $86.54 on Tuesday. Public Service Enterprise Group Incorporated has a one year low of $74.67 and a one year high of $95.22. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.00 and a quick ratio of 0.76. The stock’s 50-day moving average is $83.73 and its 200 day moving average is $82.15. The firm has a market cap of $43.19 billion, a price-to-earnings ratio of 21.85, a PEG ratio of 3.05 and a beta of 0.45.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Tuesday, August 5th. The utilities provider reported $0.77 EPS for the quarter, topping the consensus estimate of $0.70 by $0.07. The company had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.49 billion. Public Service Enterprise Group had a net margin of 17.78% and a return on equity of 12.08%. The company’s quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.63 EPS. Equities research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $2.52 annualized dividend and a dividend yield of 2.9%. Public Service Enterprise Group’s dividend payout ratio (DPR) is 63.64%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PEG shares. Evercore ISI cut their price objective on Public Service Enterprise Group from $99.00 to $92.00 and set an “outperform” rating for the company in a research report on Thursday, May 1st. Barclays dropped their price objective on Public Service Enterprise Group from $83.00 to $82.00 and set an “equal weight” rating for the company in a report on Thursday, July 10th. BMO Capital Markets lifted their price objective on Public Service Enterprise Group from $84.00 to $89.00 and gave the company a “market perform” rating in a report on Wednesday, August 6th. UBS Group lifted their price objective on Public Service Enterprise Group from $97.00 to $103.00 and gave the company a “buy” rating in a report on Friday, July 25th. Finally, Guggenheim lowered their price target on Public Service Enterprise Group from $98.00 to $94.00 and set a “buy” rating for the company in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $90.95.

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.