Eventide Asset Management LLC Lowers Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Eventide Asset Management LLC lowered its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 3.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 276,734 shares of the utilities provider’s stock after selling 9,562 shares during the period. Eventide Asset Management LLC’s holdings in Public Service Enterprise Group were worth $24,687,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Heritage Wealth Management Inc. purchased a new position in Public Service Enterprise Group during the second quarter valued at $422,000. DRW Securities LLC purchased a new position in Public Service Enterprise Group during the third quarter valued at $8,244,000. QRG Capital Management Inc. lifted its position in Public Service Enterprise Group by 28.0% during the second quarter. QRG Capital Management Inc. now owns 70,927 shares of the utilities provider’s stock valued at $5,227,000 after buying an additional 15,505 shares during the period. CWM LLC lifted its position in Public Service Enterprise Group by 72.3% during the second quarter. CWM LLC now owns 20,786 shares of the utilities provider’s stock valued at $1,532,000 after buying an additional 8,723 shares during the period. Finally, Czech National Bank raised its position in shares of Public Service Enterprise Group by 8.3% in the 2nd quarter. Czech National Bank now owns 94,913 shares of the utilities provider’s stock worth $6,995,000 after purchasing an additional 7,235 shares during the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Trading Down 0.3 %

Public Service Enterprise Group stock opened at $94.20 on Friday. The business has a 50-day simple moving average of $89.15 and a two-hundred day simple moving average of $81.19. The company has a market cap of $46.93 billion, a P/E ratio of 23.15, a P/E/G ratio of 3.46 and a beta of 0.61. 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, beating analysts’ consensus estimates of $0.87 by $0.03. The business had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.44 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.85 EPS. Analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

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

Insider Buying and Selling at Public Service Enterprise Group

In other news, SVP Richard T. Thigpen sold 5,900 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $87.95, for a total value of $518,905.00. Following the transaction, the senior vice president now directly owns 25,829 shares in the company, valued at $2,271,660.55. The trade was a 18.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Tamara Louise Linde sold 9,563 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $79.54, for a total value of $760,641.02. Following the completion of the transaction, the executive vice president now owns 57,961 shares of the company’s stock, valued at $4,610,217.94. The trade was a 14.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,739 shares of company stock worth $2,467,753 in the last three months. 0.57% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on PEG. Evercore ISI lifted their price target on Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. LADENBURG THALM/SH SH raised Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 5th. BMO Capital Markets lifted their price target 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. Jefferies Financial Group began coverage on Public Service Enterprise Group in a research report on Friday, September 13th. They issued a “hold” rating and a $85.00 price target for the company. Finally, Bank of America lifted their price target on Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Four research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Public Service Enterprise Group currently has a consensus rating of “Moderate Buy” and an average target price of $86.69.

About Public Service Enterprise Group

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.