Mutual of America Capital Management LLC Cuts Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Mutual of America Capital Management LLC cut its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 2.0% during the second quarter, Holdings Channel reports. The firm owned 119,425 shares of the utilities provider’s stock after selling 2,484 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Public Service Enterprise Group were worth $8,802,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Family Firm Inc. purchased a new stake in Public Service Enterprise Group during the second quarter worth about $33,000. OFI Invest Asset Management purchased a new stake in Public Service Enterprise Group during the second quarter worth about $35,000. Northwest Investment Counselors LLC purchased a new stake in Public Service Enterprise Group during the first quarter worth about $36,000. Salomon & Ludwin LLC increased its stake in Public Service Enterprise Group by 1,866.7% during the first quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock worth $39,000 after purchasing an additional 560 shares during the period. Finally, Scarborough Advisors LLC purchased a new stake in Public Service Enterprise Group during the fourth quarter worth about $41,000. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PEG has been the topic of a number of recent research reports. Mizuho upped their target price on shares of 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. Guggenheim upgraded 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. Bank of America upped their target price on shares of 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. Scotiabank upped 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 note on Tuesday, August 20th. Finally, Barclays upped their target price on shares of Public Service Enterprise Group from $71.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $77.92.

Public Service Enterprise Group Price Performance

PEG stock opened at $84.24 on Thursday. The company has a market capitalization of $41.96 billion, a P/E ratio of 23.34, a PEG ratio of 3.03 and a beta of 0.60. Public Service Enterprise Group Incorporated has a twelve month low of $53.71 and a twelve month high of $85.31. The business has a 50 day simple moving average of $79.35 and a 200-day simple moving average of $73.31. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.16.

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 for the quarter, missing the consensus estimate of $0.64 by ($0.01). The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. Public Service Enterprise Group’s revenue was up .1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.70 earnings per share. As a group, equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.85%. The ex-dividend date is Monday, September 9th. Public Service Enterprise Group’s payout ratio is currently 66.48%.

Insider Buying and Selling

In related news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total transaction of $111,190.82. Following the completion of the sale, the chief executive officer now directly owns 148,892 shares of the company’s stock, valued at $12,014,095.48. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, EVP Tamara Louise Linde sold 9,563 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $79.54, for a total transaction of $760,641.02. Following the completion of the sale, the executive vice president now directly owns 57,961 shares of the company’s stock, valued at $4,610,217.94. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total value of $111,190.82. Following the completion of the transaction, the chief executive officer now owns 148,892 shares of the company’s stock, valued at approximately $12,014,095.48. The disclosure for this sale can be found here. Insiders sold a total of 30,068 shares of company stock valued at $2,406,965 over the last three months. 0.57% of the stock is currently owned by company 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.