Dana Investment Advisors Inc. Reduces Stock Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Dana Investment Advisors Inc. reduced its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 2.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,061 shares of the utilities provider’s stock after selling 808 shares during the period. Dana Investment Advisors Inc.’s holdings in Public Service Enterprise Group were worth $2,289,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Cetera Investment Advisers raised its position in shares of Public Service Enterprise Group by 4.0% in the 2nd quarter. Cetera Investment Advisers now owns 125,717 shares of the utilities provider’s stock valued at $9,265,000 after purchasing an additional 4,837 shares during the last quarter. SPC Financial Inc. increased its stake in Public Service Enterprise Group by 27.5% during the 2nd quarter. SPC Financial Inc. now owns 10,011 shares of the utilities provider’s stock valued at $738,000 after purchasing an additional 2,158 shares in the last quarter. Advisory Alpha LLC purchased a new position in shares of Public Service Enterprise Group in the second quarter worth $212,000. Truist Financial Corp increased its position in shares of Public Service Enterprise Group by 1.0% in the 2nd quarter. Truist Financial Corp now owns 168,545 shares of the utilities provider’s stock valued at $12,422,000 after acquiring an additional 1,740 shares during the period. Finally, Kimelman & Baird LLC acquired a new stake in Public Service Enterprise Group during the 2nd quarter worth about $66,000. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 148,892 shares in the company, valued at $12,014,095.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Tamara Louise Linde sold 9,563 shares of the firm’s stock in a transaction dated 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 approximately $4,610,217.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total transaction of $111,190.82. Following the completion of the transaction, the chief executive officer now directly owns 148,892 shares in the company, valued at approximately $12,014,095.48. The disclosure for this sale can be found here. Insiders sold 31,446 shares of company stock worth $2,531,260 in the last 90 days. Insiders own 0.57% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on PEG shares. LADENBURG THALM/SH SH upgraded Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 5th. Morgan Stanley increased their price objective on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Barclays boosted their target price on shares of Public Service Enterprise Group from $71.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Royal Bank of Canada upped their price target on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the company an “outperform” rating in a report on Monday, July 15th. Finally, Jefferies Financial Group assumed coverage on Public Service Enterprise Group in a research note on Friday, September 13th. They set a “hold” rating and a $85.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $81.46.

Public Service Enterprise Group Trading Up 0.3 %

Shares of Public Service Enterprise Group stock opened at $91.03 on Thursday. Public Service Enterprise Group Incorporated has a 1-year low of $53.71 and a 1-year high of $91.20. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.65 and a quick ratio of 0.46. The stock has a market cap of $45.35 billion, a P/E ratio of 25.22, a P/E/G ratio of 3.22 and a beta of 0.60. The stock’s 50 day simple moving average is $81.91 and its 200-day simple moving average is $74.97.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.01). The company had revenue of $2.42 billion during 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 firm’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.70 earnings per share. Analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 9th were paid a $0.60 dividend. The ex-dividend date was Monday, September 9th. This represents a $2.40 annualized dividend and a dividend yield of 2.64%. Public Service Enterprise Group’s dividend payout ratio (DPR) is 66.48%.

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.