Invesco Ltd. Decreases Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Invesco Ltd. reduced its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 22.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,065,190 shares of the utilities provider’s stock after selling 1,460,115 shares during the quarter. Invesco Ltd. owned about 1.02% of Public Service Enterprise Group worth $416,865,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of PEG. Frank Rimerman Advisors LLC increased its holdings in Public Service Enterprise Group by 2.5% in the 1st quarter. Frank Rimerman Advisors LLC now owns 6,685 shares of the utilities provider’s stock worth $550,000 after buying an additional 163 shares during the period. Townsquare Capital LLC increased its holdings in Public Service Enterprise Group by 32.4% in the 1st quarter. Townsquare Capital LLC now owns 12,688 shares of the utilities provider’s stock worth $1,044,000 after buying an additional 3,102 shares during the period. Zions Bancorporation National Association UT acquired a new position in Public Service Enterprise Group in the 1st quarter worth approximately $50,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Public Service Enterprise Group by 14.3% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 885,442 shares of the utilities provider’s stock worth $72,872,000 after buying an additional 110,489 shares during the period. Finally, Headlands Technologies LLC acquired a new position in Public Service Enterprise Group in the 1st quarter worth approximately $32,000. 73.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,387 shares of Public Service Enterprise Group stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $83.12, for a total transaction of $115,287.44. Following the sale, the chief executive officer owned 218,328 shares of the company’s stock, valued at $18,147,423.36. The trade was a 0.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.19% of the stock is currently owned by company insiders.

Public Service Enterprise Group Trading Up 0.3%

Shares of PEG opened at $87.70 on Monday. Public Service Enterprise Group Incorporated has a 52-week low of $74.67 and a 52-week high of $95.22. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 1.30. The firm’s fifty day moving average is $83.63 and its two-hundred day moving average is $82.16. The stock has a market cap of $43.77 billion, a PE ratio of 22.15, a price-to-earnings-growth ratio of 3.05 and a beta of 0.45.

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

Public Service Enterprise Group Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Evercore ISI cut their price target on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an “outperform” rating on the stock in a report on Thursday, May 1st. BMO Capital Markets raised their price objective on shares of Public Service Enterprise Group from $84.00 to $89.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 6th. Wall Street Zen cut shares of Public Service Enterprise Group from a “hold” rating to a “sell” rating in a research note on Sunday, July 20th. Barclays dropped their price objective on shares of Public Service Enterprise Group from $83.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 10th. Finally, Morgan Stanley dropped their price objective on Public Service Enterprise Group from $101.00 to $100.00 and set an “overweight” rating on the stock in a report on Wednesday, June 18th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $90.95.

About Public Service Enterprise Group

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.