Citigroup Inc. Decreases Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Citigroup Inc. lessened its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 56.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 263,873 shares of the utilities provider’s stock after selling 339,630 shares during the quarter. Citigroup Inc.’s holdings in Public Service Enterprise Group were worth $23,540,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Public Service Enterprise Group by 0.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,951,631 shares of the utilities provider’s stock valued at $263,315,000 after purchasing an additional 19,650 shares in the last quarter. Raymond James & Associates lifted its position in Public Service Enterprise Group by 30.1% during the third quarter. Raymond James & Associates now owns 2,869,113 shares of the utilities provider’s stock valued at $255,954,000 after purchasing an additional 663,012 shares during the last quarter. Hamlin Capital Management LLC grew its stake in shares of Public Service Enterprise Group by 7.2% in the 3rd quarter. Hamlin Capital Management LLC now owns 2,427,336 shares of the utilities provider’s stock worth $216,543,000 after buying an additional 162,731 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of Public Service Enterprise Group by 43.2% in the 2nd quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock worth $178,763,000 after buying an additional 732,443 shares during the last quarter. Finally, abrdn plc raised its position in shares of Public Service Enterprise Group by 10.2% during the 3rd quarter. abrdn plc now owns 1,792,186 shares of the utilities provider’s stock valued at $159,074,000 after buying an additional 165,995 shares in the last quarter. Institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Performance

Public Service Enterprise Group stock opened at $94.51 on Wednesday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. The company has a market capitalization of $47.09 billion, a PE ratio of 23.22, a P/E/G ratio of 3.39 and a beta of 0.61. The company has a 50 day moving average price of $88.74 and a 200-day moving average price of $81.01. Public Service Enterprise Group Incorporated has a fifty-two week low of $56.85 and a fifty-two week high of $94.67.

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

Public Service Enterprise Group Dividend Announcement

The firm also recently announced 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. This represents a $2.40 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend is Tuesday, December 10th. Public Service Enterprise Group’s payout ratio is 58.97%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. 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. Evercore ISI boosted their target price on Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Jefferies Financial Group initiated coverage on Public Service Enterprise Group in a report on Friday, September 13th. They set a “hold” rating and a $85.00 price target on the stock. Morgan Stanley boosted their price objective on shares of 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. Finally, Wells Fargo & Company raised their target price on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $86.69.

Insider Buying and Selling at Public Service Enterprise Group

In other news, EVP Tamara Louise Linde sold 9,564 shares of Public Service Enterprise Group stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $90.61, for a total value 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 trade represents a 16.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $90.20, for a total value of $124,295.60. Following the sale, the chief executive officer now owns 147,514 shares of the company’s stock, valued at $13,305,762.80. This trade represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,739 shares of company stock valued at $2,467,753. Company insiders own 0.57% of the company’s stock.

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.