California Public Employees Retirement System Sells 39,992 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

California Public Employees Retirement System trimmed its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEGGet Rating) by 1.0% during the 1st quarter, Holdings Channel reports. The fund owned 3,789,720 shares of the utilities provider’s stock after selling 39,992 shares during the period. California Public Employees Retirement System’s holdings in Public Service Enterprise Group were worth $265,280,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Bromfield Sneider Wealth Advisors purchased a new stake in shares of Public Service Enterprise Group during the 1st quarter worth approximately $27,000. TAP Consulting LLC purchased a new stake in shares of Public Service Enterprise Group during the 4th quarter worth approximately $28,000. Covestor Ltd purchased a new stake in shares of Public Service Enterprise Group during the 4th quarter worth approximately $32,000. Elmwood Wealth Management Inc. purchased a new stake in shares of Public Service Enterprise Group during the 4th quarter worth approximately $33,000. Finally, Cassady Schiller Wealth Management LLC purchased a new stake in shares of Public Service Enterprise Group during the 4th quarter worth approximately $42,000. 70.82% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Public Service Enterprise Group

In other news, CEO Ralph Izzo sold 9,883 shares of the stock in a transaction on Friday, July 1st. The stock was sold at an average price of $64.15, for a total transaction of $633,994.45. Following the transaction, the chief executive officer now owns 447,656 shares of the company’s stock, valued at approximately $28,717,132.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders have sold 30,249 shares of company stock valued at $2,028,900. 0.55% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

PEG has been the topic of several recent research reports. StockNews.com raised Public Service Enterprise Group from a “sell” rating to a “hold” rating in a report on Monday, May 9th. Credit Suisse Group began coverage on Public Service Enterprise Group in a report on Monday, April 25th. They set a “neutral” rating and a $76.00 price target on the stock. Wells Fargo & Company increased their price target on Public Service Enterprise Group from $82.00 to $87.00 and gave the company an “overweight” rating in a report on Tuesday, April 12th. TheStreet lowered Public Service Enterprise Group from a “b” rating to a “c” rating in a report on Monday, June 13th. Finally, Morgan Stanley decreased their price target on Public Service Enterprise Group from $83.00 to $82.00 and set an “overweight” rating on the stock in a report on Monday, May 23rd. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $72.45.

Public Service Enterprise Group Stock Performance

PEG stock opened at $61.90 on Thursday. The company has a quick ratio of 0.79, a current ratio of 0.89 and a debt-to-equity ratio of 1.25. The business’s fifty day simple moving average is $63.62 and its two-hundred day simple moving average is $66.36. Public Service Enterprise Group Incorporated has a twelve month low of $58.19 and a twelve month high of $75.61. The firm has a market cap of $30.90 billion, a price-to-earnings ratio of -24.09, a PEG ratio of 4.94 and a beta of 0.56.

Public Service Enterprise Group (NYSE:PEGGet Rating) last released its earnings results on Tuesday, May 3rd. The utilities provider reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.22. Public Service Enterprise Group had a positive return on equity of 12.94% and a negative net margin of 14.19%. The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.70 billion. During the same quarter last year, the firm posted $1.28 earnings per share. The business’s revenue was down 19.9% compared to the same quarter last year. Analysts predict that Public Service Enterprise Group Incorporated will post 3.47 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 9th will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date of this dividend is Thursday, September 8th. Public Service Enterprise Group’s payout ratio is -84.05%.

Public Service Enterprise Group Profile

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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 PSEG 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.

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

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