Dai ichi Life Insurance Company Ltd Cuts Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Dai ichi Life Insurance Company Ltd reduced its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 25.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 128,556 shares of the utilities provider’s stock after selling 43,951 shares during the period. Dai ichi Life Insurance Company Ltd’s holdings in Public Service Enterprise Group were worth $11,468,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Old Port Advisors lifted its stake in shares of Public Service Enterprise Group by 0.5% in the 3rd quarter. Old Port Advisors now owns 23,527 shares of the utilities provider’s stock valued at $2,099,000 after purchasing an additional 113 shares during the period. Smallwood Wealth Investment Management LLC boosted its stake in shares of Public Service Enterprise Group by 1.3% in the third quarter. Smallwood Wealth Investment Management LLC now owns 9,267 shares of the utilities provider’s stock valued at $827,000 after purchasing an additional 115 shares during the period. Cigna Investments Inc. New raised its holdings in Public Service Enterprise Group by 2.5% in the third quarter. Cigna Investments Inc. New now owns 5,053 shares of the utilities provider’s stock valued at $451,000 after acquiring an additional 124 shares in the last quarter. Great Lakes Retirement Inc. lifted its stake in Public Service Enterprise Group by 0.4% during the third quarter. Great Lakes Retirement Inc. now owns 29,357 shares of the utilities provider’s stock worth $2,619,000 after purchasing an additional 127 shares during the last quarter. Finally, Brighton Jones LLC grew its stake in Public Service Enterprise Group by 1.8% during the 2nd quarter. Brighton Jones LLC now owns 7,430 shares of the utilities provider’s stock worth $548,000 after buying an additional 131 shares during the last quarter. 73.34% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on PEG shares. Scotiabank increased their price target on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 20th. Jefferies Financial Group started coverage on Public Service Enterprise Group in a report on Friday, September 13th. They issued a “hold” rating and a $85.00 price target for the company. Barclays decreased their price objective on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. LADENBURG THALM/SH SH upgraded shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 5th. Finally, Morgan Stanley boosted their price objective on Public Service Enterprise Group from $83.00 to $95.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Public Service Enterprise Group has a consensus rating of “Moderate Buy” and a consensus price target of $86.69.

Insider Activity at Public Service Enterprise Group

In related news, COO Kim C. Hanemann sold 956 shares of the 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 sale, the chief operating officer now owns 70,011 shares in the company, valued at approximately $6,307,290.99. This trade represents a 1.35 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Tamara Louise Linde sold 9,563 shares of Public Service Enterprise Group 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 sale, the executive vice president now directly owns 57,961 shares in the company, valued at $4,610,217.94. This trade represents a 14.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,739 shares of company stock valued at $2,467,753. 0.57% of the stock is owned by insiders.

Public Service Enterprise Group Price Performance

PEG opened at $93.01 on Tuesday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48. The company’s 50 day simple moving average is $88.54 and its 200-day simple moving average is $80.86. Public Service Enterprise Group Incorporated has a one year low of $56.85 and a one year high of $93.11. The stock has a market capitalization of $46.34 billion, a P/E ratio of 22.85, a price-to-earnings-growth ratio of 3.39 and a beta of 0.61.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same quarter last year, the business earned $0.85 earnings per share. The company’s revenue was up 7.6% compared to the same quarter last year. Sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors 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 2.58%. The ex-dividend date is Tuesday, December 10th. Public Service Enterprise Group’s payout ratio is 58.97%.

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.