Chevy Chase Trust Holdings LLC Trims Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Chevy Chase Trust Holdings LLC cut its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 275,975 shares of the utilities provider’s stock after selling 2,388 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.06% of Public Service Enterprise Group worth $18,430,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Public Service Enterprise Group by 13.0% during the third quarter. Vanguard Group Inc. now owns 61,673,935 shares of the utilities provider’s stock worth $3,509,864,000 after buying an additional 7,103,657 shares in the last quarter. Morgan Stanley grew its position in Public Service Enterprise Group by 4.1% during the third quarter. Morgan Stanley now owns 5,612,490 shares of the utilities provider’s stock worth $319,407,000 after buying an additional 221,071 shares in the last quarter. Norges Bank purchased a new position in Public Service Enterprise Group during the fourth quarter worth about $215,074,000. Charles Schwab Investment Management Inc. grew its position in Public Service Enterprise Group by 1.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,826,477 shares of the utilities provider’s stock worth $172,839,000 after buying an additional 30,469 shares in the last quarter. Finally, Cohen & Steers Inc. grew its position in Public Service Enterprise Group by 23.6% during the fourth quarter. Cohen & Steers Inc. now owns 2,389,722 shares of the utilities provider’s stock worth $146,132,000 after buying an additional 455,693 shares in the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Ralph A. Larossa sold 1,374 shares of Public Service Enterprise Group stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $69.55, for a total value of $95,561.70. Following the completion of the transaction, the chief executive officer now owns 150,973 shares in the company, valued at $10,500,172.15. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.18% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

PEG has been the subject of a number of research reports. Wells Fargo & Company upped their price objective on Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. BMO Capital Markets upped their price target on Public Service Enterprise Group from $69.00 to $74.00 and gave the company a “market perform” rating in a research report on Wednesday, July 3rd. Evercore ISI upped their price target on Public Service Enterprise Group from $67.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Guggenheim raised Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price target for the company in a research report on Monday, June 17th. Finally, Barclays upped their price target on Public Service Enterprise Group from $71.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and an average target price of $73.17.

Public Service Enterprise Group Price Performance

Shares of Public Service Enterprise Group stock traded up $0.90 during trading on Thursday, reaching $77.19. 72,812 shares of the stock traded hands, compared to its average volume of 2,819,311. The company has a market capitalization of $38.45 billion, a price-to-earnings ratio of 21.13, a P/E/G ratio of 3.10 and a beta of 0.59. The business has a fifty day simple moving average of $73.73 and a two-hundred day simple moving average of $66.50. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.79 and a quick ratio of 0.62. Public Service Enterprise Group Incorporated has a 52-week low of $53.71 and a 52-week high of $77.22.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). The firm had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.99 billion. Public Service Enterprise Group had a net margin of 17.65% and a return on equity of 11.10%. The company’s revenue for the quarter was down 26.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.39 EPS. Sell-side analysts expect that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a $0.60 dividend. The ex-dividend date was Friday, June 7th. This represents a $2.40 annualized dividend and a yield of 3.11%. Public Service Enterprise Group’s dividend payout ratio is currently 66.48%.

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.