Public Service Enterprise Group Incorporated (NYSE:PEG) Position Cut by Chesapeake Wealth Management

Chesapeake Wealth Management trimmed its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 4.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,792 shares of the utilities provider’s stock after selling 185 shares during the quarter. Chesapeake Wealth Management’s holdings in Public Service Enterprise Group were worth $338,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Family Firm Inc. bought a new position in Public Service Enterprise Group in the 2nd quarter worth approximately $33,000. OFI Invest Asset Management bought a new position in Public Service Enterprise Group during the 2nd quarter valued at $35,000. Ashton Thomas Securities LLC bought a new position in Public Service Enterprise Group during the 3rd quarter valued at $35,000. Northwest Investment Counselors LLC bought a new position in Public Service Enterprise Group during the 3rd quarter valued at $48,000. Finally, Country Trust Bank bought a new stake in shares of Public Service Enterprise Group during the 2nd quarter worth $52,000. 73.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. UBS Group increased their target price on Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Jefferies Financial Group assumed coverage on Public Service Enterprise Group in a report on Friday, September 13th. They issued a “hold” rating and a $85.00 target price for the company. Bank of America increased their target price 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. Evercore ISI increased 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. Finally, Wells Fargo & Company increased their price objective on 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 investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Public Service Enterprise Group presently has a consensus rating of “Moderate Buy” and an average target price of $86.69.

Public Service Enterprise Group Stock Up 0.5 %

Public Service Enterprise Group stock opened at $89.43 on Tuesday. The stock has a market cap of $44.56 billion, a P/E ratio of 21.97, a P/E/G ratio of 3.27 and a beta of 0.61. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. Public Service Enterprise Group Incorporated has a twelve month low of $56.85 and a twelve month high of $92.20. The company’s 50-day moving average price is $87.68 and its two-hundred day moving average price is $80.17.

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

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 5,900 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $87.95, for a total value of $518,905.00. Following the sale, the senior vice president now owns 25,829 shares in the company, valued at $2,271,660.55. This trade represents a 18.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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 stock was sold at an average price of $80.69, for a total transaction of $111,190.82. Following the transaction, the chief executive officer now owns 148,892 shares in the company, valued at approximately $12,014,095.48. This trade represents a 0.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,783 shares of company stock valued at $2,381,626 over the last three months. 0.18% of the stock is owned by insiders.

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.