BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 12,368 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 13.0% in the third quarter, HoldingsChannel.com reports. The fund owned 83,120 shares of the utilities provider’s stock after selling 12,368 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Public Service Enterprise Group were worth $7,415,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Family Firm Inc. purchased a new stake in Public Service Enterprise Group in the second quarter valued at approximately $33,000. OFI Invest Asset Management purchased a new stake in shares of Public Service Enterprise Group during the 2nd quarter valued at $35,000. Ashton Thomas Securities LLC purchased a new stake in shares of Public Service Enterprise Group during the 3rd quarter valued at $35,000. Northwest Investment Counselors LLC bought a new stake in shares of Public Service Enterprise Group during the 3rd quarter worth $48,000. Finally, Country Trust Bank purchased a new position in Public Service Enterprise Group in the second quarter worth $52,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Insider Activity at Public Service Enterprise Group

In related news, COO Kim C. Hanemann sold 956 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.09, for a total value of $86,126.04. Following the sale, the chief operating officer now directly owns 70,011 shares of the company’s stock, valued at $6,307,290.99. This represents a 1.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ralph A. Larossa sold 1,378 shares of the firm’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 transaction, the chief executive officer now directly owns 148,892 shares of the company’s stock, valued at $12,014,095.48. This represents a 0.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,739 shares of company stock worth $2,467,753 over the last 90 days. 0.57% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Bank of America raised their price target on Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Scotiabank boosted their target price on Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. LADENBURG THALM/SH SH upgraded shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 5th. Barclays lowered their price objective on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Finally, Wells Fargo & Company increased their target price on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $88.08.

Public Service Enterprise Group Stock Up 0.1 %

NYSE PEG opened at $94.30 on Monday. Public Service Enterprise Group Incorporated has a 1 year low of $56.85 and a 1 year high of $95.22. The stock has a market capitalization of $46.98 billion, a PE ratio of 23.17, a PEG ratio of 3.46 and a beta of 0.61. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48. The business’s 50-day moving average is $89.31 and its 200 day moving average is $81.44.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. The company 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 firm’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.85 earnings per share. Sell-side analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The business 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. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date is Tuesday, December 10th. Public Service Enterprise Group’s payout ratio is 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.