Public Service Enterprise Group Incorporated (NYSE:PEG) Stock Holdings Lowered by State of Michigan Retirement System

State of Michigan Retirement System cut its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 4.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 147,966 shares of the utilities provider’s stock after selling 7,000 shares during the period. State of Michigan Retirement System’s holdings in Public Service Enterprise Group were worth $12,502,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Ashton Thomas Securities LLC acquired a new stake in shares of Public Service Enterprise Group during the 3rd quarter valued at $35,000. Wingate Wealth Advisors Inc. acquired a new stake in shares of Public Service Enterprise Group during the fourth quarter worth $35,000. Stonebridge Financial Group LLC purchased a new stake in shares of Public Service Enterprise Group during the fourth quarter valued at $54,000. Financial Life Planners acquired a new position in shares of Public Service Enterprise Group in the 4th quarter valued at $56,000. Finally, Brown Lisle Cummings Inc. acquired a new position in shares of Public Service Enterprise Group in the 4th quarter valued at $57,000. 73.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $83.10, for a total transaction of $114,511.80. Following the sale, the chief executive officer now directly owns 126,791 shares in the company, valued at approximately $10,536,332.10. The trade was a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Stock Up 0.3 %

Shares of PEG stock opened at $81.68 on Thursday. The stock has a 50 day moving average of $84.54 and a 200-day moving average of $86.06. The firm has a market cap of $40.70 billion, a PE ratio of 20.07, a price-to-earnings-growth ratio of 2.78 and a beta of 0.64. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. Public Service Enterprise Group Incorporated has a 12 month low of $63.31 and a 12 month high of $95.22.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.01. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the prior year, the firm earned $0.54 EPS. The business’s revenue was down 5.4% on a year-over-year basis. On average, equities analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 3.09%. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.60. The ex-dividend date is Monday, March 10th. Public Service Enterprise Group’s payout ratio is currently 71.19%.

Analyst Ratings Changes

Several research firms have issued reports on PEG. StockNews.com raised shares of Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research note on Wednesday. Scotiabank upped their price target on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a research report on Thursday, December 12th. Wells Fargo & Company lowered their price objective on shares of Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. Bank of America cut their target price on shares of Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating on the stock in a research note on Monday. Finally, BMO Capital Markets raised their target price on Public Service Enterprise Group from $85.00 to $86.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 26th. Six analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Service Enterprise Group has an average rating of “Moderate Buy” and an average price target of $89.83.

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.