Bank of New York Mellon Corp Sells 349,161 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Bank of New York Mellon Corp decreased its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 8.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,596,498 shares of the utilities provider’s stock after selling 349,161 shares during the quarter. Bank of New York Mellon Corp’s holdings in Public Service Enterprise Group were worth $265,062,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Addison Advisors LLC bought a new position in Public Service Enterprise Group during the 4th quarter worth about $31,000. Family Firm Inc. bought a new position in shares of Public Service Enterprise Group during the second quarter valued at approximately $33,000. OFI Invest Asset Management purchased a new position in Public Service Enterprise Group during the second quarter valued at approximately $35,000. Northwest Investment Counselors LLC bought a new position in Public Service Enterprise Group in the first quarter worth approximately $36,000. Finally, Salomon & Ludwin LLC lifted its holdings in Public Service Enterprise Group by 1,866.7% during the first quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock worth $39,000 after buying an additional 560 shares during the period. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Price Performance

PEG stock opened at $81.04 on Tuesday. The firm has a 50 day moving average of $76.70 and a 200 day moving average of $70.84. Public Service Enterprise Group Incorporated has a 52 week low of $53.71 and a 52 week high of $81.89. The company has a quick ratio of 0.46, a current ratio of 0.65 and a debt-to-equity ratio of 1.16. The stock has a market capitalization of $40.36 billion, a PE ratio of 22.45, a price-to-earnings-growth ratio of 3.00 and a beta of 0.59.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data 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). The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The business’s quarterly revenue was up .1% compared to the same quarter last year. During the same period last year, the firm earned $0.70 EPS. Sell-side analysts forecast that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $2.40 annualized dividend and a yield of 2.96%. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 66.48%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PEG. Bank of America lifted their price target on Public Service Enterprise Group from $73.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Morgan Stanley lifted their target price on Public Service Enterprise Group from $78.00 to $83.00 and gave the company an “overweight” rating in a research note on Friday. Scotiabank increased their price target on shares of 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. BMO Capital Markets raised their price target on shares of Public Service Enterprise Group from $78.00 to $86.00 and gave the company a “market perform” rating in a report on Friday, August 2nd. Finally, Guggenheim upgraded shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price objective for the company in a research note on Monday, June 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $76.67.

Insider Buying and Selling at Public Service Enterprise Group

In other news, EVP Tamara Louise Linde sold 19,127 shares of Public Service Enterprise Group stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $80.26, for a total value of $1,535,133.02. Following the sale, the executive vice president now directly owns 67,524 shares of the company’s stock, valued at $5,419,476.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.57% of the company’s stock.

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.