Legacy Private Trust Co. Cuts Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Legacy Private Trust Co. trimmed its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 1.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,087 shares of the utilities provider’s stock after selling 648 shares during the quarter. Legacy Private Trust Co.’s holdings in Public Service Enterprise Group were worth $2,880,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Ashton Thomas Securities LLC purchased a new stake in Public Service Enterprise Group during the 3rd quarter worth approximately $35,000. Northwest Investment Counselors LLC acquired a new stake in shares of Public Service Enterprise Group in the third quarter valued at $48,000. Legacy Investment Solutions LLC acquired a new position in Public Service Enterprise Group during the 3rd quarter worth $59,000. Fortitude Family Office LLC increased its holdings in Public Service Enterprise Group by 325.0% during the 3rd quarter. Fortitude Family Office LLC now owns 799 shares of the utilities provider’s stock worth $71,000 after purchasing an additional 611 shares during the period. Finally, Kimelman & Baird LLC acquired a new stake in Public Service Enterprise Group in the 2nd quarter valued at about $66,000. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Public Service Enterprise Group

In related news, COO Kim C. Hanemann sold 956 shares of the stock in a transaction dated 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 directly owns 70,011 shares of the company’s stock, valued at approximately $6,307,290.99. This represents a 1.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Richard T. Thigpen sold 5,900 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $87.95, for a total transaction of $518,905.00. Following the transaction, the senior vice president now owns 25,829 shares of the company’s stock, valued at $2,271,660.55. This trade represents a 18.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 8,234 shares of company stock valued at $722,037 in the last quarter. 0.57% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

PEG has been the topic of several analyst reports. Barclays reduced their target price 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. Morgan Stanley boosted their target price on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Evercore ISI raised their price target on Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. BMO Capital Markets upped their price objective on Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. Finally, Jefferies Financial Group assumed coverage on Public Service Enterprise Group in a research report on Friday, September 13th. They set a “hold” rating and a $85.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $89.17.

Public Service Enterprise Group Stock Performance

NYSE PEG traded down $0.14 during trading hours on Wednesday, hitting $85.27. 2,128,177 shares of the stock were exchanged, compared to its average volume of 1,929,308. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. The company has a market cap of $42.48 billion, a price-to-earnings ratio of 20.95, a price-to-earnings-growth ratio of 3.18 and a beta of 0.65. Public Service Enterprise Group Incorporated has a 12-month low of $56.85 and a 12-month high of $95.22. The stock has a 50-day moving average of $87.65 and a 200 day moving average of $83.82.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data 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 return on equity of 10.70% and a net margin of 19.48%. The firm had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.44 billion. During the same quarter in the prior year, the business posted $0.85 earnings per share. Public Service Enterprise Group’s revenue was up 7.6% compared to the same quarter last year. As a group, equities research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 10th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Tuesday, December 10th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.81%. Public Service Enterprise Group’s 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.