Public Service Enterprise Group Incorporated (NYSE:PEG) Position Trimmed by Spire Wealth Management

Spire Wealth Management lowered its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 10.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,944 shares of the utilities provider’s stock after selling 597 shares during the period. Spire Wealth Management’s holdings in Public Service Enterprise Group were worth $364,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of PEG. TD Asset Management Inc lifted its holdings in shares of Public Service Enterprise Group by 16.6% during the fourth quarter. TD Asset Management Inc now owns 376,900 shares of the utilities provider’s stock valued at $23,047,000 after purchasing an additional 53,577 shares during the last quarter. Reaves W H & Co. Inc. lifted its stake in Public Service Enterprise Group by 4.2% during the fourth quarter. Reaves W H & Co. Inc. now owns 904,228 shares of the utilities provider’s stock valued at $55,294,000 after buying an additional 36,745 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in shares of Public Service Enterprise Group by 28.0% in the second quarter. QRG Capital Management Inc. now owns 70,927 shares of the utilities provider’s stock worth $5,227,000 after buying an additional 15,505 shares during the period. CWM LLC increased its position in shares of Public Service Enterprise Group by 72.3% in the second quarter. CWM LLC now owns 20,786 shares of the utilities provider’s stock worth $1,532,000 after acquiring an additional 8,723 shares in the last quarter. Finally, Czech National Bank raised its holdings in shares of Public Service Enterprise Group by 8.3% during the second quarter. Czech National Bank now owns 94,913 shares of the utilities provider’s stock valued at $6,995,000 after acquiring an additional 7,235 shares during the period. Institutional investors and hedge funds own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Up 0.4 %

PEG opened at $80.75 on Tuesday. The firm has a market cap of $40.22 billion, a P/E ratio of 22.37, a price-to-earnings-growth ratio of 3.00 and a beta of 0.59. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.46 and a current ratio of 0.65. The business has a 50 day moving average price of $77.41 and a 200 day moving average price of $71.60. Public Service Enterprise Group Incorporated has a twelve month low of $53.71 and a twelve month high of $81.89.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the previous year, the firm posted $0.70 earnings per share. Public Service Enterprise Group’s quarterly revenue was up .1% compared to the same quarter last year. Research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.97%. Public Service Enterprise Group’s payout ratio is presently 66.48%.

Insider Activity at Public Service Enterprise Group

In other news, EVP Tamara Louise Linde sold 19,127 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $80.26, for a total value of $1,535,133.02. Following the sale, the executive vice president now owns 67,524 shares in the company, valued at $5,419,476.24. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.57% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PEG shares. Morgan Stanley raised their price objective on shares of Public Service Enterprise Group from $78.00 to $83.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. 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, June 17th. Bank of America increased their price objective on Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. LADENBURG THALM/SH SH upgraded Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 5th. Finally, Mizuho raised their price target on shares of Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $77.33.

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.