Eventide Asset Management LLC Decreases Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Eventide Asset Management LLC lessened its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 3.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 276,734 shares of the utilities provider’s stock after selling 9,562 shares during the quarter. Eventide Asset Management LLC owned about 0.06% of Public Service Enterprise Group worth $24,687,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. FMR LLC boosted its position in Public Service Enterprise Group by 19.4% during the third quarter. FMR LLC now owns 5,401,024 shares of the utilities provider’s stock worth $481,825,000 after purchasing an additional 877,345 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Public Service Enterprise Group by 0.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,951,631 shares of the utilities provider’s stock worth $263,315,000 after purchasing an additional 19,650 shares during the period. Raymond James & Associates boosted 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 worth $255,954,000 after purchasing an additional 663,012 shares during the period. Hamlin Capital Management LLC boosted its position in Public Service Enterprise Group by 7.2% during the third quarter. Hamlin Capital Management LLC now owns 2,427,336 shares of the utilities provider’s stock worth $216,543,000 after purchasing an additional 162,731 shares during the period. Finally, Hsbc Holdings PLC boosted its position in Public Service Enterprise Group by 43.2% during the second quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock worth $178,763,000 after purchasing an additional 732,443 shares during the period. Institutional investors own 73.34% of the company’s stock.

Analysts Set New Price Targets

PEG has been the topic of a number of recent analyst reports. Bank of America increased their price target on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Evercore ISI increased their price target on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Barclays lowered their price target on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. UBS Group increased their price target on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Finally, Jefferies Financial Group initiated coverage on shares of Public Service Enterprise Group in a report on Friday, September 13th. They issued a “hold” rating and a $85.00 price target on the stock. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $86.69.

Insider Transactions at Public Service Enterprise Group

In related news, COO Kim C. Hanemann sold 956 shares of Public Service Enterprise Group stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total value of $86,126.04. Following the sale, the chief operating officer now owns 70,011 shares in the company, valued at $6,307,290.99. The trade was a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Tamara Louise Linde sold 9,563 shares of Public Service Enterprise Group stock in a transaction 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 sale, the executive vice president now owns 57,961 shares in the company, valued at approximately $4,610,217.94. This trade represents a 14.16 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,739 shares of company stock worth $2,467,753. Insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Stock Down 0.3 %

Shares of Public Service Enterprise Group stock opened at $94.20 on Friday. 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 Incorporated has a 52-week low of $56.85 and a 52-week high of $95.22. The stock has a market capitalization of $46.93 billion, a price-to-earnings ratio of 23.15, a P/E/G ratio of 3.46 and a beta of 0.61. The company’s 50 day moving average price is $89.15 and its 200-day moving average price is $81.19.

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 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 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 business’s revenue was up 7.6% on a year-over-year basis. Equities research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Announces Dividend

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

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.