Massachusetts Financial Services Co. MA Sells 37,983 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Massachusetts Financial Services Co. MA trimmed its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 1.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,711,763 shares of the utilities provider’s stock after selling 37,983 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.75% of Public Service Enterprise Group worth $273,557,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Public Service Enterprise Group during the fourth quarter worth $215,074,000. Raymond James & Associates grew its holdings in Public Service Enterprise Group by 315.2% during the 2nd quarter. Raymond James & Associates now owns 2,206,101 shares of the utilities provider’s stock worth $162,590,000 after acquiring an additional 1,674,827 shares during the period. Reaves W H & Co. Inc. raised its position in shares of Public Service Enterprise Group by 73.9% in the 1st quarter. Reaves W H & Co. Inc. now owns 1,572,001 shares of the utilities provider’s stock worth $104,978,000 after acquiring an additional 667,773 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Public Service Enterprise Group by 381.7% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 800,848 shares of the utilities provider’s stock valued at $59,023,000 after purchasing an additional 634,587 shares during the period. Finally, Cohen & Steers Inc. boosted its position in shares of Public Service Enterprise Group by 23.6% during the 4th quarter. Cohen & Steers Inc. now owns 2,389,722 shares of the utilities provider’s stock valued at $146,132,000 after purchasing an additional 455,693 shares in the last quarter. 73.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total transaction of $111,190.82. Following the sale, the chief executive officer now directly owns 148,892 shares in the company, valued at $12,014,095.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Tamara Louise Linde sold 9,563 shares of Public Service Enterprise Group stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $79.54, for a total value of $760,641.02. Following the sale, the executive vice president now owns 57,961 shares of the company’s stock, valued at approximately $4,610,217.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction 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 transaction, the chief executive officer now directly owns 148,892 shares of the company’s stock, valued at $12,014,095.48. The disclosure for this sale can be found here. Insiders sold a total of 30,068 shares of company stock valued at $2,406,965 over the last three months. Corporate insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Trading Down 0.0 %

Shares of Public Service Enterprise Group stock opened at $84.73 on Wednesday. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.16. The stock has a fifty day simple moving average of $79.19 and a 200 day simple moving average of $73.23. Public Service Enterprise Group Incorporated has a 12-month low of $53.71 and a 12-month high of $85.11. The company has a market capitalization of $42.21 billion, a P/E ratio of 23.47, a price-to-earnings-growth ratio of 3.03 and a beta of 0.60.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.01). Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the prior year, the company earned $0.70 EPS. The business’s revenue for the quarter was up .1% on a year-over-year basis. On average, sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be paid a $0.60 dividend. The ex-dividend date is Monday, September 9th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.83%. Public Service Enterprise Group’s payout ratio is presently 66.48%.

Analyst Ratings Changes

PEG has been the topic of several recent analyst reports. LADENBURG THALM/SH SH raised Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 5th. Guggenheim upgraded shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 target price on the stock in a research report on Monday, June 17th. Barclays raised their price target on shares of Public Service Enterprise Group from $71.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, July 10th. Morgan Stanley upped their price objective on shares of Public Service Enterprise Group from $78.00 to $83.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. Finally, Royal Bank of Canada raised their target price on Public Service Enterprise Group from $80.00 to $84.00 and gave the company an “outperform” rating in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $77.92.

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.