Martin Capital Partners LLC Sells 1,407 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Martin Capital Partners LLC trimmed its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 1.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 91,573 shares of the utilities provider’s stock after selling 1,407 shares during the period. Public Service Enterprise Group comprises 2.3% of Martin Capital Partners LLC’s holdings, making the stock its 20th biggest holding. Martin Capital Partners LLC’s holdings in Public Service Enterprise Group were worth $6,115,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in PEG. Vanguard Group Inc. grew its stake in Public Service Enterprise Group by 13.0% in the 3rd quarter. Vanguard Group Inc. now owns 61,673,935 shares of the utilities provider’s stock worth $3,509,864,000 after acquiring an additional 7,103,657 shares in the last quarter. Norges Bank bought a new position in Public Service Enterprise Group in the 4th quarter worth about $215,074,000. Hsbc Holdings PLC grew its stake in Public Service Enterprise Group by 118.1% in the 3rd quarter. Hsbc Holdings PLC now owns 1,364,088 shares of the utilities provider’s stock worth $77,544,000 after acquiring an additional 738,684 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Public Service Enterprise Group by 2.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 33,020,997 shares of the utilities provider’s stock worth $1,879,225,000 after acquiring an additional 726,613 shares in the last quarter. Finally, Bank of Nova Scotia grew its stake in Public Service Enterprise Group by 1,350.4% in the 3rd quarter. Bank of Nova Scotia now owns 533,354 shares of the utilities provider’s stock worth $30,353,000 after acquiring an additional 496,581 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 traded up $0.22 during midday trading on Wednesday, hitting $73.29. The stock had a trading volume of 2,546,298 shares, compared to its average volume of 2,452,539. The company has a market capitalization of $36.50 billion, a PE ratio of 20.30, a P/E/G ratio of 3.04 and a beta of 0.59. The stock has a 50 day moving average price of $71.41 and a two-hundred day moving average price of $65.21. The company has a current ratio of 0.79, a quick ratio of 0.62 and a debt-to-equity ratio of 1.19. Public Service Enterprise Group Incorporated has a 1 year low of $53.71 and a 1 year high of $75.82.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.31 EPS for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). The company had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.99 billion. Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. The firm’s quarterly revenue was down 26.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.39 EPS. As a group, equities analysts predict that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date is Friday, June 7th. Public Service Enterprise Group’s payout ratio is currently 66.48%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PEG. BMO Capital Markets lowered their price target on shares of Public Service Enterprise Group from $64.00 to $63.00 and set a “market perform” rating for the company in a research report on Tuesday, February 27th. Bank of America increased their target price on shares of Public Service Enterprise Group from $73.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Mizuho increased their target price on shares of Public Service Enterprise Group from $65.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. Barclays increased their target price on shares of Public Service Enterprise Group from $68.00 to $71.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Finally, TheStreet raised shares of Public Service Enterprise Group from a “c+” rating to a “b-” rating in a report on Wednesday, March 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $71.67.

Insiders Place Their Bets

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of Public Service Enterprise Group stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $66.37, for a total transaction of $91,192.38. Following the completion of the transaction, the chief executive officer now owns 152,347 shares in the company, valued at $10,111,270.39. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders sold 3,148 shares of company stock worth $212,750. Insiders own 0.18% of the company’s stock.

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.