State of Alaska Department of Revenue Cuts Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

State of Alaska Department of Revenue decreased its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 6.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,066 shares of the utilities provider’s stock after selling 4,860 shares during the period. State of Alaska Department of Revenue’s holdings in Public Service Enterprise Group were worth $4,612,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Public Service Enterprise Group in the third quarter valued at about $2,030,000. Lido Advisors LLC lifted its stake in Public Service Enterprise Group by 4.1% in the 3rd quarter. Lido Advisors LLC now owns 4,622 shares of the utilities provider’s stock valued at $263,000 after buying an additional 183 shares in the last quarter. Schroder Investment Management Group lifted its stake in Public Service Enterprise Group by 22.4% in the 3rd quarter. Schroder Investment Management Group now owns 100,803 shares of the utilities provider’s stock valued at $5,737,000 after buying an additional 18,417 shares in the last quarter. Royal Bank of Canada boosted its holdings in Public Service Enterprise Group by 72.7% in the 3rd quarter. Royal Bank of Canada now owns 963,679 shares of the utilities provider’s stock worth $54,845,000 after buying an additional 405,533 shares during the last quarter. Finally, Crestwood Advisors Group LLC purchased a new stake in Public Service Enterprise Group during the 3rd quarter worth approximately $211,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Public Service Enterprise Group Price Performance

PEG stock opened at $73.99 on Friday. Public Service Enterprise Group Incorporated has a 52-week low of $53.71 and a 52-week high of $75.82. The company has a quick ratio of 0.62, a current ratio of 0.79 and a debt-to-equity ratio of 1.19. The stock has a market cap of $36.85 billion, a price-to-earnings ratio of 20.50, a price-to-earnings-growth ratio of 3.07 and a beta of 0.59. The business has a fifty day moving average of $73.11 and a two-hundred day moving average of $66.01.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data 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). Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.99 billion. During the same period in the previous year, the business posted $1.39 earnings per share. The firm’s revenue for the quarter was down 26.5% compared to the same quarter last year. As a group, research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a $0.60 dividend. The ex-dividend date was Friday, June 7th. This represents a $2.40 annualized dividend and a dividend yield of 3.24%. Public Service Enterprise Group’s dividend payout ratio is currently 66.48%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Scotiabank lowered their price target on Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating on the stock in a research note on Monday, April 22nd. Morgan Stanley decreased their price target on shares of Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating on the stock in a research note on Monday, June 24th. Royal Bank of Canada upped their price objective on shares of Public Service Enterprise Group from $70.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, March 7th. Guggenheim raised shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 target price on the stock in a research note on Monday, June 17th. Finally, Bank of America upped their price target on Public Service Enterprise Group from $73.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Public Service Enterprise Group presently has a consensus rating of “Moderate Buy” and an average price target of $72.42.

Insider Buying and Selling

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the business’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 value of $95,561.70. Following the sale, the chief executive officer now owns 150,973 shares of the company’s stock, valued at $10,500,172.15. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.18% of the stock is currently owned by corporate insiders.

Public Service Enterprise Group Company 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.