Connor Clark & Lunn Investment Management Ltd. Lowers Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Connor Clark & Lunn Investment Management Ltd. decreased its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 14.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,601 shares of the utilities provider’s stock after selling 1,286 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Public Service Enterprise Group were worth $678,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of PEG. Howe & Rusling Inc. purchased a new position in shares of Public Service Enterprise Group in the 3rd quarter valued at about $488,000. Jennison Associates LLC grew its holdings in Public Service Enterprise Group by 79.5% in the third quarter. Jennison Associates LLC now owns 1,502,136 shares of the utilities provider’s stock valued at $134,006,000 after purchasing an additional 665,105 shares during the period. Commerce Bank increased its position in shares of Public Service Enterprise Group by 2.9% in the third quarter. Commerce Bank now owns 44,879 shares of the utilities provider’s stock valued at $4,004,000 after buying an additional 1,261 shares in the last quarter. Segall Bryant & Hamill LLC acquired a new position in shares of Public Service Enterprise Group during the 3rd quarter worth approximately $2,498,000. Finally, Premier Fund Managers Ltd lifted its position in shares of Public Service Enterprise Group by 8.3% during the 3rd quarter. Premier Fund Managers Ltd now owns 32,500 shares of the utilities provider’s stock valued at $2,868,000 after buying an additional 2,500 shares in the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.

Insider Buying and Selling

In related news, EVP Tamara Louise Linde sold 9,563 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $79.54, for a total transaction of $760,641.02. Following the completion of the transaction, the executive vice president now owns 57,961 shares of the company’s stock, valued at approximately $4,610,217.94. This trade represents a 14.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Kim C. Hanemann sold 956 shares of Public Service Enterprise Group stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total transaction of $86,126.04. Following the completion of the sale, the chief operating officer now owns 70,011 shares of the company’s stock, valued at $6,307,290.99. This trade represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,739 shares of company stock valued at $2,467,753. 0.18% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PEG has been the subject of several recent analyst reports. Morgan Stanley boosted their price target on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. LADENBURG THALM/SH SH upgraded shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 5th. Evercore ISI lifted their price objective on Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. BMO Capital Markets increased their target price on Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a report on Monday, October 21st. Finally, UBS Group raised their target price on Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Four investment 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 company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $86.69.

Public Service Enterprise Group Trading Down 0.3 %

Shares of PEG opened at $94.20 on Friday. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. The firm has a 50-day moving average price of $89.15 and a 200 day moving average price of $81.19. Public Service Enterprise Group Incorporated has a 12-month low of $56.85 and a 12-month high of $95.22. The firm has a market capitalization of $46.93 billion, a P/E ratio of 23.15, a P/E/G ratio of 3.41 and a beta of 0.61.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.87 by $0.03. The firm had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.44 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.85 EPS. Sell-side analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 10th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date is Tuesday, December 10th. Public Service Enterprise Group’s dividend payout ratio is presently 58.97%.

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.