QRG Capital Management Inc. Cuts Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

QRG Capital Management Inc. cut its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 13.5% in the 1st quarter, HoldingsChannel reports. The firm owned 55,422 shares of the utilities provider’s stock after selling 8,615 shares during the quarter. QRG Capital Management Inc.’s holdings in Public Service Enterprise Group were worth $3,701,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Addison Advisors LLC bought a new position in Public Service Enterprise Group during the fourth quarter valued at about $31,000. Northwest Investment Counselors LLC purchased a new position in Public Service Enterprise Group in the first quarter valued at about $36,000. Bruce G. Allen Investments LLC bought a new position in shares of Public Service Enterprise Group during the 4th quarter valued at approximately $36,000. Salomon & Ludwin LLC increased its stake in shares of Public Service Enterprise Group by 1,866.7% during the 1st quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock worth $39,000 after purchasing an additional 560 shares during the last quarter. Finally, Anchor Investment Management LLC bought a new stake in shares of Public Service Enterprise Group in the 4th quarter worth approximately $37,000. 73.34% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $69.55, for a total transaction of $95,561.70. Following the sale, the chief executive officer now owns 150,973 shares in the company, valued at approximately $10,500,172.15. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Stock Performance

Public Service Enterprise Group stock remained flat at $74.54 during midday trading on Tuesday. 2,487,605 shares of the company were exchanged, compared to its average volume of 2,828,111. Public Service Enterprise Group Incorporated has a twelve month low of $53.71 and a twelve month high of $77.46. The company has a current ratio of 0.79, a quick ratio of 0.62 and a debt-to-equity ratio of 1.19. The stock has a market cap of $37.13 billion, a price-to-earnings ratio of 20.69, a PEG ratio of 3.17 and a beta of 0.59. The firm has a 50 day simple moving average of $74.04 and a two-hundred day simple moving average of $66.85.

Public Service Enterprise Group (NYSE:PEG) last announced its 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). The business had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.99 billion. Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. Public Service Enterprise Group’s revenue was down 26.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.39 earnings per share. On average, sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.22%. Public Service Enterprise Group’s payout ratio is presently 66.48%.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Scotiabank reduced their price objective on Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating for the company in a report on Monday, April 22nd. Guggenheim raised Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price objective for the company in a report on Monday, June 17th. Barclays upped their price objective on shares of Public Service Enterprise Group from $71.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. Wells Fargo & Company increased their target price on shares of 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. Finally, Evercore ISI boosted their price target on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $74.17.

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.