TIAA Trust National Association Reduces Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

TIAA Trust National Association lowered its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 11.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,038 shares of the utilities provider’s stock after selling 4,218 shares during the period. TIAA Trust National Association’s holdings in Public Service Enterprise Group were worth $2,361,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Rockline Wealth Management LLC raised its position in shares of Public Service Enterprise Group by 10.4% during the 2nd quarter. Rockline Wealth Management LLC now owns 22,458 shares of the utilities provider’s stock worth $1,655,000 after purchasing an additional 2,112 shares during the last quarter. Flaharty Asset Management LLC boosted its position in Public Service Enterprise Group by 31.1% during the second quarter. Flaharty Asset Management LLC now owns 4,978 shares of the utilities provider’s stock worth $367,000 after acquiring an additional 1,180 shares during the last quarter. Crestwood Advisors Group LLC grew its stake in Public Service Enterprise Group by 4.1% in the 2nd quarter. Crestwood Advisors Group LLC now owns 3,853 shares of the utilities provider’s stock worth $284,000 after acquiring an additional 153 shares during the period. Elevated Capital Advisors LLC acquired a new position in Public Service Enterprise Group in the 2nd quarter valued at $880,000. Finally, Financial Counselors Inc. boosted its holdings in shares of Public Service Enterprise Group by 17.3% during the second quarter. Financial Counselors Inc. now owns 5,365 shares of the utilities provider’s stock worth $395,000 after purchasing an additional 793 shares during the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Price Performance

PEG stock opened at $81.00 on Thursday. The stock has a 50-day simple moving average of $77.70 and a 200-day simple moving average of $71.81. The firm has a market cap of $40.35 billion, a P/E ratio of 22.44, a price-to-earnings-growth ratio of 2.94 and a beta of 0.60. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.46 and a current ratio of 0.65. Public Service Enterprise Group Incorporated has a 1 year low of $53.71 and a 1 year high of $81.89.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.03 billion. Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The company’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.70 EPS. On average, equities analysts predict 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 company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be given a $0.60 dividend. The ex-dividend date is Monday, September 9th. This represents a $2.40 dividend on an annualized basis and a yield of 2.96%. Public Service Enterprise Group’s payout ratio is currently 66.48%.

Insider Activity

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

Wall Street Analysts Forecast Growth

PEG has been the subject of several analyst reports. BMO Capital Markets upped their target price on Public Service Enterprise Group from $78.00 to $86.00 and gave the company a “market perform” rating in a research note on Friday, August 2nd. Mizuho upped their price objective on shares of Public Service Enterprise Group from $65.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, May 23rd. Scotiabank raised their target price on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. Bank of America upped their price target on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Finally, Morgan Stanley increased their price target 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. One analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Public Service Enterprise Group presently 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.