NorthCrest Asset Manangement LLC Reduces Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

NorthCrest Asset Manangement LLC decreased its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 4.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,014 shares of the utilities provider’s stock after selling 386 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Public Service Enterprise Group were worth $804,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Public Service Enterprise Group by 2.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 73,833 shares of the utilities provider’s stock valued at $4,931,000 after buying an additional 1,555 shares in the last quarter. SteelPeak Wealth LLC boosted its stake in Public Service Enterprise Group by 15.2% in the first quarter. SteelPeak Wealth LLC now owns 7,564 shares of the utilities provider’s stock valued at $505,000 after acquiring an additional 1,000 shares in the last quarter. LVW Advisors LLC boosted its stake in Public Service Enterprise Group by 27.6% in the first quarter. LVW Advisors LLC now owns 8,049 shares of the utilities provider’s stock valued at $538,000 after acquiring an additional 1,739 shares in the last quarter. Norden Group LLC purchased a new position in shares of Public Service Enterprise Group during the first quarter worth about $510,000. Finally, First Trust Direct Indexing L.P. increased its position in shares of Public Service Enterprise Group by 1.1% during the first quarter. First Trust Direct Indexing L.P. now owns 17,483 shares of the utilities provider’s stock worth $1,167,000 after purchasing an additional 183 shares in the last quarter. 73.34% of the stock is owned by institutional investors and hedge funds.

Public Service Enterprise Group Price Performance

Shares of PEG opened at $89.63 on Monday. The firm has a market capitalization of $44.64 billion, a PE ratio of 24.83, a P/E/G ratio of 2.71 and a beta of 0.61. The stock’s 50 day moving average is $85.69 and its two-hundred day moving average is $77.92. Public Service Enterprise Group Incorporated has a twelve month low of $56.85 and a twelve month high of $92.20. 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 results 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). The business 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 last year, the firm earned $0.70 earnings per share. Research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PEG. Morgan Stanley upped their target price on Public Service Enterprise Group from $83.00 to $95.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. BMO Capital Markets raised their target price on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. Barclays lifted their target price on shares of Public Service Enterprise Group from $80.00 to $98.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Royal Bank of Canada increased their price target on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a research note on Monday, July 15th. Finally, Wells Fargo & Company lifted their price objective on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $87.15.

Insider Transactions at Public Service Enterprise Group

In related news, EVP Tamara Louise Linde sold 9,564 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $90.61, for a total value of $866,594.04. Following the completion of the sale, the executive vice president now owns 48,397 shares in the company, valued at $4,385,252.17. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 9,564 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $90.61, for a total transaction of $866,594.04. Following the transaction, the executive vice president now directly owns 48,397 shares in the company, valued at approximately $4,385,252.17. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $90.20, for a total transaction of $124,295.60. Following the completion of the transaction, the chief executive officer now directly owns 147,514 shares of the company’s stock, valued at approximately $13,305,762.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 41,010 shares of company stock valued at $3,397,855 in the last ninety days. 0.57% of the stock is currently owned by company insiders.

Public Service Enterprise Group 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.