Texas Permanent School Fund Corp Lowers Stock Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Texas Permanent School Fund Corp lowered its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 20.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 82,368 shares of the utilities provider’s stock after selling 20,638 shares during the period. Texas Permanent School Fund Corp’s holdings in Public Service Enterprise Group were worth $6,071,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in shares of Public Service Enterprise Group in the fourth quarter worth about $215,074,000. Cohen & Steers Inc. boosted its stake in Public Service Enterprise Group by 23.6% in the 4th quarter. Cohen & Steers Inc. now owns 2,389,722 shares of the utilities provider’s stock worth $146,132,000 after purchasing an additional 455,693 shares during the period. Franklin Resources Inc. grew its holdings in Public Service Enterprise Group by 12.5% during the 4th quarter. Franklin Resources Inc. now owns 2,331,709 shares of the utilities provider’s stock valued at $142,584,000 after buying an additional 259,694 shares in the last quarter. Raymond James & Associates raised its position in shares of Public Service Enterprise Group by 315.2% during the second quarter. Raymond James & Associates now owns 2,206,101 shares of the utilities provider’s stock valued at $162,590,000 after buying an additional 1,674,827 shares during the last quarter. Finally, Reaves W H & Co. Inc. raised its position in shares of Public Service Enterprise Group by 73.9% during the first quarter. Reaves W H & Co. Inc. now owns 1,572,001 shares of the utilities provider’s stock valued at $104,978,000 after buying an additional 667,773 shares during the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on PEG. Barclays increased their price objective on shares of Public Service Enterprise Group from $71.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. Morgan Stanley increased their price target on Public Service Enterprise Group from $78.00 to $83.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. BMO Capital Markets lifted their price objective on Public Service Enterprise Group from $78.00 to $86.00 and gave the stock a “market perform” rating in a research note on Friday, August 2nd. Scotiabank increased their target price 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. Finally, Mizuho boosted their price target on shares of Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. One research analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $77.33.

Insider Activity

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 19,127 shares of Public Service Enterprise Group stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $80.26, for a total value of $1,535,133.02. Following the transaction, the executive vice president now directly owns 67,524 shares of the company’s stock, valued at $5,419,476.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the completion of the transaction, the chief executive officer now directly owns 148,892 shares of the company’s stock, valued at approximately $12,014,095.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $1,535,133.02. Following the completion of the sale, the executive vice president now owns 67,524 shares of the company’s stock, valued at $5,419,476.24. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 30,068 shares of company stock worth $2,406,965. Corporate insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Stock Up 1.9 %

Shares of NYSE PEG opened at $82.20 on Thursday. Public Service Enterprise Group Incorporated has a 52-week low of $53.71 and a 52-week high of $82.34. The firm has a market capitalization of $40.94 billion, a price-to-earnings ratio of 22.77, a PEG ratio of 2.91 and a beta of 0.60. The stock has a 50 day moving average price of $78.42 and a 200 day moving average price of $72.52. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.46 and a current ratio of 0.65.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.01). The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. Public Service Enterprise Group’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.70 earnings per share. Sell-side analysts expect 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 declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.92%. The ex-dividend date of this dividend is Monday, September 9th. Public Service Enterprise Group’s payout ratio is 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.