Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by Pitcairn Co.

Pitcairn Co. cut its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 24.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,249 shares of the utilities provider’s stock after selling 1,391 shares during the quarter. Pitcairn Co.’s holdings in Public Service Enterprise Group were worth $379,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its stake in shares of Public Service Enterprise Group by 0.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,951,631 shares of the utilities provider’s stock worth $263,315,000 after acquiring an additional 19,650 shares during the period. Raymond James & Associates boosted its holdings in Public Service Enterprise Group by 30.1% in the 3rd quarter. Raymond James & Associates now owns 2,869,113 shares of the utilities provider’s stock valued at $255,954,000 after purchasing an additional 663,012 shares in the last quarter. Hamlin Capital Management LLC increased its position in Public Service Enterprise Group by 7.2% during the 3rd quarter. Hamlin Capital Management LLC now owns 2,427,336 shares of the utilities provider’s stock worth $216,543,000 after purchasing an additional 162,731 shares during the period. Hsbc Holdings PLC increased its position in Public Service Enterprise Group by 43.2% during the 2nd quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock worth $178,763,000 after purchasing an additional 732,443 shares during the period. Finally, abrdn plc raised its stake in shares of Public Service Enterprise Group by 10.2% during the 3rd quarter. abrdn plc now owns 1,792,186 shares of the utilities provider’s stock worth $159,074,000 after buying an additional 165,995 shares in the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, COO Kim C. Hanemann sold 956 shares of the firm’s stock in a transaction dated 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 approximately $6,307,290.99. This trade represents a 1.35 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ralph A. Larossa sold 1,378 shares of the company’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 directly owns 148,892 shares of the company’s stock, valued at approximately $12,014,095.48. This represents a 0.92 % decrease in their position. 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. Insiders own 0.57% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on PEG shares. Scotiabank increased their price objective 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. UBS Group raised their price objective on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. 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. BMO Capital Markets increased their target price on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a report on Monday, October 21st. Finally, Wells Fargo & Company boosted their price target on Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $86.69.

Public Service Enterprise Group Stock Up 1.6 %

Shares of NYSE:PEG opened at $94.51 on Wednesday. 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 company has a market capitalization of $47.09 billion, a P/E ratio of 23.22, a P/E/G ratio of 3.39 and a beta of 0.61. Public Service Enterprise Group Incorporated has a 52-week low of $56.85 and a 52-week high of $94.67. The stock’s fifty day simple moving average is $88.74 and its 200-day simple moving average is $81.01.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. The company had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.44 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.85 EPS. As a group, equities research analysts forecast that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 10th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $2.40 annualized dividend and a yield of 2.54%. Public Service Enterprise Group’s payout ratio is currently 58.97%.

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.