JPMorgan Chase & Co. Lowers Position in Public Service Enterprise Group Incorporated (PEG)

JPMorgan Chase & Co. trimmed its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 33.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 587,415 shares of the utilities provider’s stock after selling 295,621 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.12% of Public Service Enterprise Group worth $27,068,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Hudock Capital Group LLC grew its position in shares of Public Service Enterprise Group by 38.8% during the 2nd quarter. Hudock Capital Group LLC now owns 2,629 shares of the utilities provider’s stock worth $113,000 after buying an additional 735 shares during the period. Vantage Investment Advisors LLC grew its position in shares of Public Service Enterprise Group by 35.3% during the 2nd quarter. Vantage Investment Advisors LLC now owns 2,685 shares of the utilities provider’s stock worth $115,000 after buying an additional 700 shares during the period. Parallel Advisors LLC grew its position in shares of Public Service Enterprise Group by 6.0% during the 2nd quarter. Parallel Advisors LLC now owns 2,772 shares of the utilities provider’s stock worth $125,000 after buying an additional 157 shares during the period. IHT Wealth Management LLC grew its position in shares of Public Service Enterprise Group by 45.9% during the 2nd quarter. IHT Wealth Management LLC now owns 642 shares of the utilities provider’s stock worth $131,000 after buying an additional 202 shares during the period. Finally, YorkBridge Wealth Partners LLC grew its position in shares of Public Service Enterprise Group by 13.8% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 3,489 shares of the utilities provider’s stock worth $149,000 after buying an additional 424 shares during the period. Hedge funds and other institutional investors own 66.77% of the company’s stock.

In other Public Service Enterprise Group news, COO Ralph A. Larossa sold 33,000 shares of the business’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $50.12, for a total value of $1,653,960.00. Following the sale, the chief operating officer now owns 81,241 shares in the company, valued at approximately $4,071,798.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Ralph Izzo sold 20,833 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $52.90, for a total value of $1,102,065.70. Following the completion of the sale, the chairman now owns 687,600 shares in the company, valued at approximately $36,374,040. The disclosure for this sale can be found here. Insiders sold a total of 263,951 shares of company stock worth $13,045,041 in the last 90 days. Company insiders own 0.61% of the company’s stock.

Several equities analysts have recently issued reports on the company. Jefferies Group restated a “hold” rating and set a $46.50 target price on shares of Public Service Enterprise Group in a research report on Thursday, October 12th. Barclays upgraded Public Service Enterprise Group from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $49.00 to $51.00 in a research report on Friday, September 22nd. Royal Bank of Canada restated a “hold” rating and set a $47.00 target price on shares of Public Service Enterprise Group in a research report on Tuesday, October 10th. J P Morgan Chase & Co boosted their target price on Public Service Enterprise Group from $49.00 to $53.00 and gave the stock an “overweight” rating in a research report on Thursday, October 12th. Finally, Evercore ISI upgraded Public Service Enterprise Group from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $46.75 to $50.00 in a research report on Monday, September 25th. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $50.81.

Public Service Enterprise Group Incorporated (NYSE:PEG) traded up $0.17 during trading hours on Thursday, hitting $52.18. The stock had a trading volume of 3,326,000 shares, compared to its average volume of 2,838,251. Public Service Enterprise Group Incorporated has a fifty-two week low of $41.67 and a fifty-two week high of $53.28. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.80 and a quick ratio of 0.56. The company has a market cap of $26,319.58, a PE ratio of 17.93, a PEG ratio of 6.50 and a beta of 0.41.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Tuesday, October 31st. The utilities provider reported $0.82 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.84 by ($0.02). The firm had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.62 billion. Public Service Enterprise Group had a net margin of 5.73% and a return on equity of 11.33%. The company’s revenue was down 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.88 EPS. equities analysts anticipate that Public Service Enterprise Group Incorporated will post 2.92 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 8th will be paid a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 3.30%. The ex-dividend date of this dividend is Thursday, December 7th. Public Service Enterprise Group’s payout ratio is 166.99%.

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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.

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

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