Wesbanco Bank Inc. Trims Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Wesbanco Bank Inc. reduced its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 11.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,740 shares of the utilities provider’s stock after selling 1,124 shares during the quarter. Wesbanco Bank Inc.’s holdings in Public Service Enterprise Group were worth $780,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PEG. Family Firm Inc. bought a new position in Public Service Enterprise Group in the 2nd quarter valued at $33,000. OFI Invest Asset Management bought a new stake in Public Service Enterprise Group during the second quarter valued at $35,000. Northwest Investment Counselors LLC purchased a new position in Public Service Enterprise Group during the first quarter worth about $36,000. Salomon & Ludwin LLC raised its holdings in shares of Public Service Enterprise Group by 1,866.7% in the 1st quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 560 shares in the last quarter. Finally, Scarborough Advisors LLC purchased a new position in shares of Public Service Enterprise Group during the fourth quarter worth about $41,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total transaction of $111,190.82. Following the transaction, the chief executive officer now owns 148,892 shares in the company, valued at $12,014,095.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Tamara Louise Linde sold 9,563 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $79.54, for a total value of $760,641.02. Following the completion of the transaction, the executive vice president now directly owns 57,961 shares in the company, valued at $4,610,217.94. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total transaction of $111,190.82. Following the sale, the chief executive officer now directly owns 148,892 shares in the company, valued at $12,014,095.48. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 41,010 shares of company stock worth $3,397,855. 0.57% of the stock is currently owned by corporate insiders.

Public Service Enterprise Group Stock Down 1.1 %

NYSE PEG opened at $88.18 on Wednesday. Public Service Enterprise Group Incorporated has a 1 year low of $56.85 and a 1 year high of $92.20. The stock has a market capitalization of $43.92 billion, a PE ratio of 24.43, a PEG ratio of 2.72 and a beta of 0.61. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.65 and a quick ratio of 0.46. The business’s 50-day moving average is $84.09 and its 200 day moving average is $76.60.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.01). Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The business had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same period last year, the firm posted $0.70 earnings per share. Public Service Enterprise Group’s quarterly revenue was up .1% on a year-over-year basis. Sell-side analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Analyst Upgrades and Downgrades

PEG has been the subject of several research analyst reports. Evercore ISI lifted their target price on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Scotiabank raised their price target 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. Barclays upped their price objective on Public Service Enterprise Group from $80.00 to $98.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Bank of America raised their price objective on Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Finally, Royal Bank of Canada upped their target price on Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a research note on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and a consensus target price of $84.62.

About Public Service Enterprise Group

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.