BTC Capital Management Inc. Decreases Stake in Public Service Enterprise Group Incorporated (PEG)

BTC Capital Management Inc. lowered its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.6% during the second quarter, Holdings Channel reports. The fund owned 76,886 shares of the utilities provider’s stock after selling 476 shares during the period. BTC Capital Management Inc.’s holdings in Public Service Enterprise Group were worth $3,304,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PEG. Bronfman E.L. Rothschild L.P. increased its position in Public Service Enterprise Group by 19.7% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,314 shares of the utilities provider’s stock valued at $103,000 after buying an additional 381 shares during the last quarter. Parallel Advisors LLC increased its position in Public Service Enterprise Group by 0.8% in the first quarter. Parallel Advisors LLC now owns 2,615 shares of the utilities provider’s stock valued at $114,000 after buying an additional 20 shares during the last quarter. Kistler Tiffany Companies LLC increased its position in Public Service Enterprise Group by 3.8% in the first quarter. Kistler Tiffany Companies LLC now owns 2,684 shares of the utilities provider’s stock valued at $119,000 after buying an additional 99 shares during the last quarter. YorkBridge Wealth Partners LLC increased its position in Public Service Enterprise Group by 21.5% in the first quarter. YorkBridge Wealth Partners LLC now owns 3,065 shares of the utilities provider’s stock valued at $134,000 after buying an additional 543 shares during the last quarter. Finally, Gradient Investments LLC increased its position in Public Service Enterprise Group by 331.2% in the second quarter. Gradient Investments LLC now owns 3,234 shares of the utilities provider’s stock valued at $139,000 after buying an additional 2,484 shares during the last quarter. Institutional investors own 65.76% of the company’s stock.

Public Service Enterprise Group Incorporated (NYSE PEG) opened at 45.61 on Friday. The stock has a 50 day moving average price of $43.86 and a 200-day moving average price of $44.16. The stock has a market capitalization of $23.07 billion, a P/E ratio of 51.25 and a beta of 0.38. Public Service Enterprise Group Incorporated has a one year low of $39.28 and a one year high of $46.14.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Friday, July 28th. The utilities provider reported $0.62 EPS for the quarter, beating the consensus estimate of $0.57 by $0.05. The firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.33 billion. Public Service Enterprise Group had a return on equity of 11.46% and a net margin of 4.88%. During the same quarter in the prior year, the company posted $0.57 earnings per share. Analysts anticipate that Public Service Enterprise Group Incorporated will post $2.92 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 8th will be issued a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 3.77%. The ex-dividend date of this dividend is Thursday, September 7th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 193.26%.

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Several research firms have commented on PEG. Morgan Stanley raised their price objective on Public Service Enterprise Group from $50.00 to $51.00 and gave the stock an “equal weight” rating in a report on Thursday. Citigroup Inc. restated a “neutral” rating and set a $49.00 price objective (up from $44.00) on shares of Public Service Enterprise Group in a report on Thursday. Mizuho upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating in a report on Friday. Zacks Investment Research upgraded Public Service Enterprise Group from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, August 1st. Finally, Wolfe Research upgraded Public Service Enterprise Group from an “underperform” rating to a “market perform” rating in a report on Monday, July 17th. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company. Public Service Enterprise Group currently has a consensus rating of “Hold” and a consensus target price of $47.75.

In related news, COO Ralph A. Larossa sold 24,021 shares of the stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $43.55, for a total value of $1,046,114.55. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Ralph Izzo sold 23,400 shares of the stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $45.23, for a total value of $1,058,382.00. Following the completion of the transaction, the chairman now directly owns 748,474 shares in the company, valued at approximately $33,853,479.02. The disclosure for this sale can be found here. Insiders sold 77,421 shares of company stock worth $3,389,397 in the last three months. 0.61% of the stock is currently owned by corporate insiders.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated (PSEG) is a holding company. The Company is an energy company with operations located primarily in the Northeastern and Mid-Atlantic United States. The Company’s segments include Public Service Electric and Gas Company (PSE&G), PSEG Power LLC (Power) and Other.

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Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

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