Korea Investment CORP Decreases Stake in Public Service Enterprise Group Inc. (PEG)

Korea Investment CORP cut its holdings in Public Service Enterprise Group Inc. (NYSE:PEG) by 40.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 115,958 shares of the utilities provider’s stock after selling 79,493 shares during the period. Korea Investment CORP’s holdings in Public Service Enterprise Group were worth $6,121,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of PEG. NuWave Investment Management LLC bought a new position in shares of Public Service Enterprise Group during the 2nd quarter valued at about $118,000. Assetmark Inc. increased its position in shares of Public Service Enterprise Group by 38.2% during the 2nd quarter. Assetmark Inc. now owns 22,266 shares of the utilities provider’s stock valued at $1,205,000 after purchasing an additional 6,153 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Public Service Enterprise Group during the 2nd quarter valued at about $8,034,000. First Trust Advisors LP increased its position in shares of Public Service Enterprise Group by 3.2% during the 2nd quarter. First Trust Advisors LP now owns 992,272 shares of the utilities provider’s stock valued at $53,722,000 after purchasing an additional 30,539 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Public Service Enterprise Group by 0.3% during the 2nd quarter. Victory Capital Management Inc. now owns 366,927 shares of the utilities provider’s stock valued at $19,865,000 after purchasing an additional 1,153 shares during the last quarter. 68.53% of the stock is owned by institutional investors and hedge funds.

PEG opened at $55.68 on Tuesday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.51 and a current ratio of 0.72. Public Service Enterprise Group Inc. has a 1 year low of $46.19 and a 1 year high of $56.68. The company has a market cap of $28.25 billion, a P/E ratio of 17.86, a P/E/G ratio of 2.69 and a beta of 0.31.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Tuesday, October 30th. The utilities provider reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.04. Public Service Enterprise Group had a return on equity of 11.24% and a net margin of 23.54%. The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.62 billion. During the same period last year, the company earned $0.82 EPS. Research analysts forecast that Public Service Enterprise Group Inc. will post 3.1 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 7th will be given a dividend of $0.45 per share. The ex-dividend date is Thursday, December 6th. This represents a $1.80 annualized dividend and a yield of 3.23%. Public Service Enterprise Group’s payout ratio is 61.43%.

In related news, COO Ralph A. Larossa sold 25,046 shares of the firm’s stock in a transaction that occurred on Friday, November 30th. The stock was sold at an average price of $55.57, for a total transaction of $1,391,806.22. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Ralph Izzo sold 52,407 shares of the firm’s stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $52.57, for a total value of $2,755,035.99. Following the transaction, the chairman now owns 558,073 shares in the company, valued at $29,337,897.61. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 132,159 shares of company stock worth $7,043,686. 0.58% of the stock is owned by corporate insiders.

Several equities analysts have recently commented on the company. UBS Group upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and increased their price objective for the company from $56.00 to $60.00 in a research report on Wednesday, October 10th. Morgan Stanley reduced their price objective on Public Service Enterprise Group from $60.00 to $59.00 and set a “buy” rating on the stock in a research report on Friday, September 21st. Macquarie increased their price objective on Public Service Enterprise Group from $55.50 to $57.00 and gave the company an “outperform” rating in a research report on Monday, September 24th. Wells Fargo & Co reduced their price objective on Public Service Enterprise Group from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Monday, September 17th. Finally, MED reiterated a “buy” rating on shares of Public Service Enterprise Group in a research report on Monday, November 5th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Public Service Enterprise Group currently has an average rating of “Buy” and an average price target of $56.46.

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Public Service Enterprise Group Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid- Atlantic United States. It operates through two segments, PSE&G and Power. The PSE&G segment transmits electricity; and distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs to customers.

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Want to see what other hedge funds are holding PEG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Service Enterprise Group Inc. (NYSE:PEG).

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

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