New Mexico Educational Retirement Board Sells 600 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

New Mexico Educational Retirement Board cut its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 2.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,799 shares of the utilities provider’s stock after selling 600 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Public Service Enterprise Group were worth $2,011,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PEG. Jennison Associates LLC raised its holdings in Public Service Enterprise Group by 125.3% in the 4th quarter. Jennison Associates LLC now owns 3,384,803 shares of the utilities provider’s stock worth $285,982,000 after purchasing an additional 1,882,667 shares in the last quarter. FMR LLC increased its stake in shares of Public Service Enterprise Group by 19.4% in the 3rd quarter. FMR LLC now owns 5,401,024 shares of the utilities provider’s stock worth $481,825,000 after acquiring an additional 877,345 shares in the last quarter. National Bank of Canada FI increased its stake in shares of Public Service Enterprise Group by 376.3% in the 3rd quarter. National Bank of Canada FI now owns 810,694 shares of the utilities provider’s stock worth $72,321,000 after acquiring an additional 640,485 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Public Service Enterprise Group by 103.6% in the 4th quarter. Van ECK Associates Corp now owns 950,556 shares of the utilities provider’s stock worth $80,313,000 after acquiring an additional 483,795 shares in the last quarter. Finally, Verition Fund Management LLC increased its stake in shares of Public Service Enterprise Group by 179.5% in the 3rd quarter. Verition Fund Management LLC now owns 706,884 shares of the utilities provider’s stock worth $63,061,000 after acquiring an additional 453,985 shares in the last quarter. 73.34% of the stock is currently owned by institutional investors.

Public Service Enterprise Group Stock Performance

Shares of NYSE PEG opened at $83.85 on Monday. The firm’s 50-day moving average price is $85.18 and its 200-day moving average price is $85.74. 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 $41.78 billion, a PE ratio of 20.60, a PEG ratio of 2.77 and a beta of 0.64. Public Service Enterprise Group Incorporated has a 52-week low of $58.96 and a 52-week high of $95.22.

Public Service Enterprise Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date of this dividend is Monday, March 10th. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.60. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 58.97%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on PEG shares. BMO Capital Markets increased their price target on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a research note on Monday, October 21st. 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 research note on Wednesday, October 30th. Scotiabank increased their price objective on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a research report on Thursday, December 12th. Guggenheim reissued a “buy” rating on shares of Public Service Enterprise Group in a research report on Wednesday, December 11th. Finally, Barclays downgraded shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $88.00 to $84.00 in a research report on Monday, January 27th. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.83.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $83.10, for a total value of $114,511.80. Following the transaction, the chief executive officer now owns 126,791 shares of the company’s stock, valued at approximately $10,536,332.10. This trade represents a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Kim C. Hanemann sold 956 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.09, for a total transaction of $86,126.04. Following the completion of the transaction, the chief operating officer now directly owns 70,011 shares in the company, valued at approximately $6,307,290.99. The trade was a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,712 shares of company stock valued at $317,644 in the last 90 days. 0.57% of the stock is currently 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.