Kentucky Retirement Systems cut its position in shares of Public Service Enterprise Group Inc. (NYSE:PEG) by 47.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 21,986 shares of the utilities provider’s stock after selling 19,779 shares during the quarter. Kentucky Retirement Systems’ holdings in Public Service Enterprise Group were worth $1,144,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Rockland Trust Co. bought a new position in Public Service Enterprise Group in the 4th quarter worth approximately $31,000. Athena Capital Advisors LLC bought a new position in Public Service Enterprise Group in the 4th quarter worth approximately $33,000. Csenge Advisory Group bought a new stake in shares of Public Service Enterprise Group during the 3rd quarter valued at $44,000. JNBA Financial Advisors bought a new stake in shares of Public Service Enterprise Group during the 4th quarter valued at $45,000. Finally, Wealthcare Advisory Partners LLC raised its position in shares of Public Service Enterprise Group by 76.2% during the 4th quarter. Wealthcare Advisory Partners LLC now owns 890 shares of the utilities provider’s stock valued at $46,000 after acquiring an additional 385 shares during the last quarter. 69.22% of the stock is currently owned by institutional investors and hedge funds.
PEG has been the subject of several recent research reports. Zacks Investment Research upgraded shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating and set a $57.00 target price for the company in a research report on Tuesday, January 15th. Mizuho boosted their price target on shares of Public Service Enterprise Group from $54.00 to $61.50 and gave the company a “buy” rating in a report on Wednesday, March 13th. Wells Fargo & Co boosted their price target on shares of Public Service Enterprise Group from $60.00 to $66.00 and gave the company an “outperform” rating in a report on Thursday, February 28th. They noted that the move was a valuation call. Wolfe Research raised shares of Public Service Enterprise Group from a “market perform” rating to an “outperform” rating in a report on Tuesday, January 22nd. Finally, ValuEngine lowered shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating in a research note on Saturday, January 19th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $59.10.
Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Wednesday, February 27th. The utilities provider reported $0.56 EPS for the quarter, topping the consensus estimate of $0.55 by $0.01. Public Service Enterprise Group had a net margin of 14.83% and a return on equity of 11.10%. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.40 billion. During the same period in the previous year, the firm posted $0.57 EPS. On average, analysts anticipate that Public Service Enterprise Group Inc. will post 3.24 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a $0.47 dividend. The ex-dividend date is Thursday, June 6th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.19%. Public Service Enterprise Group’s payout ratio is 60.26%.
In other news, Chairman Ralph Izzo sold 52,407 shares of the company’s stock in a transaction dated Friday, February 1st. The shares were sold at an average price of $54.31, for a total value of $2,846,224.17. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Tamara Louise Linde sold 13,535 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $60.04, for a total transaction of $812,641.40. Following the completion of the sale, the executive vice president now directly owns 49,909 shares in the company, valued at $2,996,536.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 176,755 shares of company stock worth $10,174,717. 0.51% of the stock is owned by insiders.
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About Public Service Enterprise Group
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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