Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC lowered its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 7.7% during the third quarter, Holdings Channel reports. The fund owned 276,925 shares of the utilities provider’s stock after selling 23,075 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Public Service Enterprise Group were worth $24,704,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PEG. Family Firm Inc. acquired a new stake in shares of Public Service Enterprise Group during the second quarter worth $33,000. Ashton Thomas Securities LLC acquired a new stake in Public Service Enterprise Group in the 3rd quarter worth about $35,000. Northwest Investment Counselors LLC acquired a new stake in Public Service Enterprise Group in the 3rd quarter worth about $48,000. Rothschild Investment LLC purchased a new stake in Public Service Enterprise Group in the 2nd quarter valued at about $58,000. Finally, Legacy Investment Solutions LLC acquired a new position in shares of Public Service Enterprise Group during the 3rd quarter valued at about $59,000. 73.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on PEG shares. Morgan Stanley raised their target price on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Guggenheim reissued a “buy” rating on shares of Public Service Enterprise Group in a research note on Wednesday, December 11th. BMO Capital Markets increased their target price on Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. UBS Group boosted their price target on Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Barclays cut their price objective on Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $89.17.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $90.20, for a total transaction of $124,295.60. Following the completion of the transaction, the chief executive officer now owns 147,514 shares in the company, valued at approximately $13,305,762.80. The trade was a 0.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Kim C. Hanemann sold 956 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total value of $86,126.04. Following the transaction, the chief operating officer now directly owns 70,011 shares in the company, valued at $6,307,290.99. This trade represents a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,798 shares of company stock worth $1,595,921. Company insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Trading Up 1.0 %

Shares of NYSE PEG opened at $86.81 on Monday. Public Service Enterprise Group Incorporated has a 12-month low of $56.85 and a 12-month high of $95.22. The company has a market cap of $43.25 billion, a price-to-earnings ratio of 21.33, a price-to-earnings-growth ratio of 3.18 and a beta of 0.62. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. The stock’s 50 day simple moving average is $89.21 and its 200 day simple moving average is $82.46.

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

Public Service Enterprise Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 10th will be issued a dividend of $0.60 per share. The ex-dividend date is Tuesday, December 10th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.76%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 58.97%.

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.