Renaissance Technologies LLC Sells 617,000 Shares of Public Service Enterprise Group Inc. (NYSE:PEG)

Renaissance Technologies LLC reduced its stake in shares of Public Service Enterprise Group Inc. (NYSE:PEG) by 52.7% in the second quarter, HoldingsChannel.com reports. The firm owned 553,084 shares of the utilities provider’s stock after selling 617,000 shares during the period. Renaissance Technologies LLC’s holdings in Public Service Enterprise Group were worth $32,532,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of PEG. Ceredex Value Advisors LLC bought a new stake in Public Service Enterprise Group during the 1st quarter worth approximately $147,966,000. Nordea Investment Management AB boosted its stake in shares of Public Service Enterprise Group by 42.7% in the 1st quarter. Nordea Investment Management AB now owns 6,496,557 shares of the utilities provider’s stock worth $385,966,000 after buying an additional 1,942,914 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Public Service Enterprise Group by 16.0% in the 1st quarter. AQR Capital Management LLC now owns 5,443,816 shares of the utilities provider’s stock worth $321,130,000 after buying an additional 752,831 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of Public Service Enterprise Group by 94.8% in the 1st quarter. Jennison Associates LLC now owns 1,107,621 shares of the utilities provider’s stock worth $65,804,000 after buying an additional 539,167 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Public Service Enterprise Group by 8.1% in the 4th quarter. Geode Capital Management LLC now owns 6,527,327 shares of the utilities provider’s stock worth $339,147,000 after buying an additional 489,501 shares during the last quarter. 69.38% of the stock is owned by hedge funds and other institutional investors.

In related news, COO Ralph A. Larossa sold 1,650 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $57.15, for a total value of $94,297.50. Following the transaction, the chief operating officer now owns 81,768 shares in the company, valued at $4,673,041.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Daniel J. Cregg sold 625 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $60.92, for a total value of $38,075.00. Following the completion of the transaction, the vice president now owns 60,833 shares in the company, valued at approximately $3,705,946.36. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,815 shares of company stock worth $6,583,065. 0.51% of the stock is owned by company insiders.

Public Service Enterprise Group stock traded down $0.57 during trading on Friday, hitting $60.88. The stock had a trading volume of 45,386 shares, compared to its average volume of 1,873,281. Public Service Enterprise Group Inc. has a 1 year low of $49.22 and a 1 year high of $62.22. The company has a quick ratio of 0.59, a current ratio of 0.79 and a debt-to-equity ratio of 0.99. The stock’s 50 day moving average is $58.87 and its two-hundred day moving average is $59.38. The stock has a market cap of $30.92 billion, a price-to-earnings ratio of 19.55, a price-to-earnings-growth ratio of 8.35 and a beta of 0.29.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.58 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.04). Public Service Enterprise Group had a net margin of 14.41% and a return on equity of 11.02%. The firm had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.23 billion. During the same quarter in the previous year, the company posted $0.64 EPS. As a group, equities research analysts anticipate that Public Service Enterprise Group Inc. will post 3.23 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.88 annualized dividend and a yield of 3.09%. Public Service Enterprise Group’s payout ratio is 60.26%.

A number of equities analysts have recently weighed in on the company. UBS Group boosted their target price on Public Service Enterprise Group from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Mizuho boosted their target price on Public Service Enterprise Group from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. ValuEngine downgraded Public Service Enterprise Group from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Citigroup downgraded Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 target price on the stock. in a research note on Monday, July 29th. Finally, Barclays assumed coverage on Public Service Enterprise Group in a research note on Tuesday, August 13th. They issued an “overweight” rating and a $63.00 target price on the stock. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Public Service Enterprise Group has a consensus rating of “Buy” and an average target price of $62.61.

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

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