CRA Financial Services LLC Sells 448 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

CRA Financial Services LLC trimmed its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 9.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,063 shares of the utilities provider’s stock after selling 448 shares during the period. CRA Financial Services LLC’s holdings in Public Service Enterprise Group were worth $271,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Public Service Enterprise Group by 13.0% during the third quarter. Vanguard Group Inc. now owns 61,673,935 shares of the utilities provider’s stock valued at $3,509,864,000 after purchasing an additional 7,103,657 shares during the period. JPMorgan Chase & Co. grew its holdings in Public Service Enterprise Group by 2.2% during the third quarter. JPMorgan Chase & Co. now owns 33,020,997 shares of the utilities provider’s stock valued at $1,879,225,000 after purchasing an additional 726,613 shares during the period. Legal & General Group Plc grew its holdings in Public Service Enterprise Group by 1.3% during the third quarter. Legal & General Group Plc now owns 7,049,245 shares of the utilities provider’s stock valued at $401,173,000 after purchasing an additional 87,974 shares during the period. Morgan Stanley lifted its position in shares of Public Service Enterprise Group by 4.1% during the third quarter. Morgan Stanley now owns 5,612,490 shares of the utilities provider’s stock worth $319,407,000 after acquiring an additional 221,071 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Public Service Enterprise Group during the fourth quarter worth $215,074,000. 73.34% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $69.55, for a total transaction of $95,561.70. Following the transaction, the chief executive officer now directly owns 150,973 shares of the company’s stock, valued at $10,500,172.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders have sold 2,948 shares of company stock valued at $199,910. 0.57% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on PEG. Scotiabank dropped their target price on Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating on the stock in a research report on Monday, April 22nd. Wells Fargo & Company increased their target price on Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 19th. Evercore ISI increased their target price on Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Barclays increased their target price on Public Service Enterprise Group from $68.00 to $71.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Finally, TheStreet upgraded Public Service Enterprise Group from a “c+” rating to a “b-” rating in a research 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.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $71.50.

Public Service Enterprise Group Price Performance

NYSE PEG traded up $0.58 during trading hours on Friday, reaching $73.70. 5,941,282 shares of the stock traded hands, compared to its average volume of 2,773,985. The stock has a 50 day simple moving average of $72.69 and a two-hundred day simple moving average of $65.79. Public Service Enterprise Group Incorporated has a 1 year low of $53.71 and a 1 year high of $75.82. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.79 and a quick ratio of 0.62. The company has a market cap of $36.71 billion, a price-to-earnings ratio of 20.42, a price-to-earnings-growth ratio of 3.04 and a beta of 0.59.

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

Public Service Enterprise Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $2.40 dividend on an annualized basis and a yield of 3.26%. Public Service Enterprise Group’s payout ratio is 66.48%.

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.