MAI Capital Management Sells 214 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

MAI Capital Management lessened its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 3.4% during the 3rd quarter, Holdings Channel.com reports. The fund owned 6,005 shares of the utilities provider’s stock after selling 214 shares during the period. MAI Capital Management’s holdings in Public Service Enterprise Group were worth $536,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Family Firm Inc. acquired a new position in Public Service Enterprise Group during the second quarter valued at approximately $33,000. OFI Invest Asset Management acquired a new position in Public Service Enterprise Group during the second quarter valued at approximately $35,000. Ashton Thomas Securities LLC acquired a new position in Public Service Enterprise Group during the third quarter valued at approximately $35,000. Northwest Investment Counselors LLC acquired a new position in Public Service Enterprise Group during the third quarter valued at approximately $48,000. Finally, Country Trust Bank acquired a new position in Public Service Enterprise Group during the second quarter valued at approximately $52,000. Institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Up 0.0 %

Shares of NYSE PEG opened at $92.39 on Friday. The stock has a market cap of $46.03 billion, a PE ratio of 22.70, a PEG ratio of 3.31 and a beta of 0.61. The business has a fifty day moving average of $88.38 and a two-hundred day moving average of $80.61. Public Service Enterprise Group Incorporated has a 52-week low of $56.85 and a 52-week high of $93.00. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. The company had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.44 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The business’s revenue was up 7.6% on a year-over-year basis. During the same period last year, the business earned $0.85 earnings per share. As a group, equities research analysts expect that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 10th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.60%. Public Service Enterprise Group’s payout ratio is presently 58.97%.

Insider Buying and Selling at Public Service Enterprise Group

In related news, EVP Tamara Louise Linde sold 9,564 shares of Public Service Enterprise Group stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $90.61, for a total value of $866,594.04. Following the completion of the transaction, the executive vice president now directly owns 48,397 shares of the company’s stock, valued at $4,385,252.17. The trade was a 16.50 % decrease in their ownership of the stock. The transaction 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 Public Service Enterprise Group stock in a transaction dated Tuesday, September 3rd. The shares were 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 directly owns 148,892 shares of the company’s stock, valued at $12,014,095.48. This represents a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,739 shares of company stock valued at $2,467,753. 0.57% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have commented on PEG. Bank of America increased their price target on Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Morgan Stanley raised 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 lowered their price objective on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Scotiabank raised their price objective 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, UBS Group raised their price objective on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $86.69.

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.