American International Group Inc. Has $7.99 Million Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

American International Group Inc. lessened its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 1.1% in the fourth quarter, Holdings Channel reports. The firm owned 130,663 shares of the utilities provider’s stock after selling 1,390 shares during the quarter. American International Group Inc.’s holdings in Public Service Enterprise Group were worth $7,990,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in Public Service Enterprise Group by 13.0% during the third quarter. Vanguard Group Inc. now owns 61,673,935 shares of the utilities provider’s stock worth $3,509,864,000 after acquiring an additional 7,103,657 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Public Service Enterprise Group by 2.2% during the third quarter. JPMorgan Chase & Co. now owns 33,020,997 shares of the utilities provider’s stock worth $1,879,225,000 after acquiring an additional 726,613 shares in the last quarter. Legal & General Group Plc raised its stake in Public Service Enterprise Group by 1.3% during the third quarter. Legal & General Group Plc now owns 7,049,245 shares of the utilities provider’s stock worth $401,173,000 after acquiring an additional 87,974 shares in the last quarter. Northern Trust Corp raised its stake in Public Service Enterprise Group by 2.8% during the third quarter. Northern Trust Corp now owns 6,156,996 shares of the utilities provider’s stock worth $350,395,000 after acquiring an additional 170,586 shares in the last quarter. Finally, Morgan Stanley raised its stake in Public Service Enterprise Group by 4.1% during the third quarter. Morgan Stanley now owns 5,612,490 shares of the utilities provider’s stock worth $319,407,000 after acquiring an additional 221,071 shares in the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Performance

Shares of PEG stock opened at $73.29 on Thursday. The business’s 50 day simple moving average is $71.55 and its 200 day simple moving average is $65.26. Public Service Enterprise Group Incorporated has a one year low of $53.71 and a one year high of $75.82. The stock has a market capitalization of $36.50 billion, a PE ratio of 20.30, a PEG ratio of 3.04 and a beta of 0.59. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.79 and a quick ratio of 0.62.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). The business had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.99 billion. Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. Public Service Enterprise Group’s quarterly revenue was down 26.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.39 earnings per share. As a group, research analysts forecast that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend is Friday, June 7th. Public Service Enterprise Group’s payout ratio is 66.48%.

Insiders Place Their Bets

In other news, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $69.55, for a total transaction of $95,561.70. Following the transaction, the chief executive officer now directly owns 150,973 shares of the company’s stock, valued at $10,500,172.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders have sold 2,948 shares of company stock worth $199,910. Corporate insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on PEG shares. Mizuho boosted their target price on Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Bank of America boosted their price target on Public Service Enterprise Group from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Morgan Stanley boosted their price target on Public Service Enterprise Group from $72.00 to $78.00 and gave the stock an “overweight” rating in a report on Tuesday, May 28th. TheStreet upgraded Public Service Enterprise Group from a “c+” rating to a “b-” rating in a report on Wednesday, March 6th. Finally, Guggenheim upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price target on the stock in a report on Monday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $71.67.

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.