BNP Paribas Financial Markets Sells 202,558 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

BNP Paribas Financial Markets lowered its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 20.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 769,012 shares of the utilities provider’s stock after selling 202,558 shares during the period. BNP Paribas Financial Markets owned approximately 0.15% of Public Service Enterprise Group worth $68,604,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Brooklyn Investment Group acquired a new stake in shares of Public Service Enterprise Group during the third quarter worth about $210,000. FMR LLC raised its position in shares of Public Service Enterprise Group by 19.4% during the third quarter. FMR LLC now owns 5,401,024 shares of the utilities provider’s stock worth $481,825,000 after purchasing an additional 877,345 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Public Service Enterprise Group by 0.4% during the third quarter. The Manufacturers Life Insurance Company now owns 826,074 shares of the utilities provider’s stock worth $73,694,000 after purchasing an additional 3,430 shares during the period. Bank of Montreal Can raised its position in shares of Public Service Enterprise Group by 13.1% during the third quarter. Bank of Montreal Can now owns 699,819 shares of the utilities provider’s stock worth $61,759,000 after purchasing an additional 81,066 shares during the period. Finally, Brown Brothers Harriman & Co. raised its position in shares of Public Service Enterprise Group by 3.1% during the third quarter. Brown Brothers Harriman & Co. now owns 7,423 shares of the utilities provider’s stock worth $662,000 after purchasing an additional 226 shares during the period. Institutional investors own 73.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PEG. UBS Group raised their price target on Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Morgan Stanley lifted their target price on Public Service Enterprise Group from $83.00 to $95.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Jefferies Financial Group started coverage on Public Service Enterprise Group in a research report on Friday, September 13th. They issued a “hold” rating and a $85.00 target price on the stock. Scotiabank lifted their target price on Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 20th. Finally, 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. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $86.69.

Insider Transactions at Public Service Enterprise Group

In related news, EVP Tamara Louise Linde sold 9,563 shares of the business’s stock in a transaction 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 sale, the executive vice president now directly owns 57,961 shares in the company, valued at $4,610,217.94. The trade was a 14.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the completion of the sale, the chief executive officer now owns 148,892 shares of the company’s stock, valued at $12,014,095.48. This trade represents a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 28,739 shares of company stock worth $2,467,753. 0.18% of the stock is owned by company insiders.

Public Service Enterprise Group Stock Down 0.3 %

PEG stock opened at $94.20 on Thursday. 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 business has a 50 day moving average price of $88.94 and a two-hundred day moving average price of $81.10. The company has a market cap of $46.93 billion, a price-to-earnings ratio of 23.15, a P/E/G ratio of 3.41 and a beta of 0.61. Public Service Enterprise Group Incorporated has a twelve month low of $56.85 and a twelve month high of $95.22.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.87 by $0.03. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.44 billion. During the same period in the previous year, the company posted $0.85 EPS. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. Analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders 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 annualized dividend and a dividend yield of 2.55%. Public Service Enterprise Group’s dividend payout ratio is currently 58.97%.

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.