Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama trimmed its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 79.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 109,667 shares of the utilities provider’s stock after selling 425,196 shares during the period. Retirement Systems of Alabama’s holdings in Public Service Enterprise Group were worth $9,783,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Inspire Trust Co. N.A. boosted its holdings in shares of Public Service Enterprise Group by 11.8% in the third quarter. Inspire Trust Co. N.A. now owns 14,000 shares of the utilities provider’s stock valued at $1,249,000 after acquiring an additional 1,476 shares in the last quarter. Franklin Resources Inc. lifted its position in Public Service Enterprise Group by 5.9% in the third quarter. Franklin Resources Inc. now owns 2,637,882 shares of the utilities provider’s stock valued at $235,194,000 after purchasing an additional 147,903 shares during the period. Tidal Investments LLC boosted its holdings in Public Service Enterprise Group by 26.9% in the 3rd quarter. Tidal Investments LLC now owns 16,306 shares of the utilities provider’s stock valued at $1,455,000 after purchasing an additional 3,461 shares in the last quarter. Wilmington Savings Fund Society FSB increased its position in Public Service Enterprise Group by 30.5% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 10,189 shares of the utilities provider’s stock worth $909,000 after purchasing an additional 2,384 shares during the period. Finally, Arvest Bank Trust Division purchased a new position in shares of Public Service Enterprise Group during the 3rd quarter worth approximately $2,860,000. 73.34% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $90.20, for a total transaction of $124,295.60. Following the transaction, the chief executive officer now directly owns 147,514 shares in the company, valued at approximately $13,305,762.80. This represents a 0.93 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Tamara Louise Linde sold 9,564 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $90.61, for a total value of $866,594.04. Following the completion of the sale, the executive vice president now directly owns 48,397 shares in the company, valued at approximately $4,385,252.17. The trade was a 16.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,798 shares of company stock valued at $1,595,921 in the last quarter. 0.57% of the stock is currently owned by company insiders.

Public Service Enterprise Group Stock Down 0.9 %

PEG opened at $86.05 on Tuesday. The firm has a market cap of $42.87 billion, a P/E ratio of 21.14, a PEG ratio of 3.18 and a beta of 0.62. The business’s fifty day simple moving average is $89.13 and its 200 day simple moving average is $82.55. Public Service Enterprise Group Incorporated has a 52 week low of $56.85 and a 52 week high of $95.22. 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 (NYSE:PEG) last released its quarterly 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. The company had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.44 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the company earned $0.85 EPS. As a group, equities research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 10th will be issued a $0.60 dividend. The ex-dividend date is Tuesday, December 10th. This represents a $2.40 annualized dividend and a yield of 2.79%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 58.97%.

Wall Street Analysts Forecast Growth

PEG has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price target on Public Service Enterprise Group from $85.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Jefferies Financial Group started coverage on shares of Public Service Enterprise Group in a research note on Friday, September 13th. They set a “hold” rating and a $85.00 price target on the stock. Guggenheim reiterated a “buy” rating on shares of Public Service Enterprise Group in a research note on Wednesday, December 11th. Scotiabank boosted their price objective on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a report on Thursday, December 12th. Finally, Bank of America increased their target price on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $89.17.

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.