Point72 Asset Management L.P. Sells 2,375,254 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Point72 Asset Management L.P. lowered its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 62.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,452,746 shares of the utilities provider’s stock after selling 2,375,254 shares during the period. Point72 Asset Management L.P. owned 0.29% of Public Service Enterprise Group worth $107,067,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PEG. Gilbert & Cook Inc. raised its stake in shares of Public Service Enterprise Group by 5.4% in the fourth quarter. Gilbert & Cook Inc. now owns 7,327 shares of the utilities provider’s stock worth $448,000 after purchasing an additional 373 shares during the last quarter. TD Asset Management Inc raised its stake in shares of Public Service Enterprise Group by 16.6% in the fourth quarter. TD Asset Management Inc now owns 376,900 shares of the utilities provider’s stock worth $23,047,000 after purchasing an additional 53,577 shares during the last quarter. Stifel Financial Corp raised its stake in shares of Public Service Enterprise Group by 1.4% in the fourth quarter. Stifel Financial Corp now owns 149,711 shares of the utilities provider’s stock worth $9,155,000 after purchasing an additional 2,055 shares during the last quarter. TFO Wealth Partners LLC raised its stake in shares of Public Service Enterprise Group by 169,500.0% in the fourth quarter. TFO Wealth Partners LLC now owns 5,088 shares of the utilities provider’s stock worth $311,000 after purchasing an additional 5,085 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC purchased a new stake in shares of Public Service Enterprise Group in the fourth quarter worth approximately $224,000. Institutional investors own 73.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PEG shares. LADENBURG THALM/SH SH raised Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 5th. UBS Group increased their price target on Public Service Enterprise Group from $87.00 to $94.00 and gave the company a “neutral” rating in a research report on Tuesday, September 24th. Morgan Stanley increased their price target 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. Guggenheim raised Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price target for the company in a research report on Monday, June 17th. Finally, Barclays increased their price target on 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $81.46.

Insider Transactions at Public Service Enterprise Group

In other news, EVP Tamara Louise Linde sold 9,563 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $79.54, for a total value of $760,641.02. Following the completion of the transaction, the executive vice president now directly owns 57,961 shares of the company’s stock, valued at $4,610,217.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Tamara Louise Linde sold 9,563 shares of Public Service Enterprise Group 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 owns 57,961 shares of the company’s stock, valued at $4,610,217.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the sale, the chief executive officer now directly 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 30,068 shares of company stock valued at $2,406,965 over the last three months. Company insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Price Performance

Shares of NYSE PEG opened at $88.25 on Monday. The stock has a fifty day simple moving average of $81.04 and a two-hundred day simple moving average of $74.49. Public Service Enterprise Group Incorporated has a 1-year low of $53.71 and a 1-year high of $88.86. The firm has a market cap of $43.96 billion, a price-to-earnings ratio of 24.45, a price-to-earnings-growth ratio of 3.20 and a beta of 0.60. 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 EPS 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 company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the previous year, the business earned $0.70 earnings per share. Public Service Enterprise Group’s revenue was up .1% on a year-over-year basis. Analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date is Monday, September 9th. Public Service Enterprise Group’s payout ratio is currently 66.48%.

About Public Service Enterprise Group

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.