First Manhattan Co. Reduces Stake in Public Service Enterprise Group Inc. (NYSE:PEG)

First Manhattan Co. cut its holdings in Public Service Enterprise Group Inc. (NYSE:PEG) by 9.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,874 shares of the utilities provider’s stock after selling 733 shares during the period. First Manhattan Co.’s holdings in Public Service Enterprise Group were worth $408,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of PEG. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Public Service Enterprise Group in the first quarter valued at approximately $1,287,000. Truvestments Capital LLC bought a new position in shares of Public Service Enterprise Group during the first quarter worth $49,000. Calamos Advisors LLC boosted its position in shares of Public Service Enterprise Group by 1.0% during the first quarter. Calamos Advisors LLC now owns 106,655 shares of the utilities provider’s stock worth $6,336,000 after purchasing an additional 1,075 shares in the last quarter. Gradient Investments LLC boosted its position in shares of Public Service Enterprise Group by 1,646.7% during the first quarter. Gradient Investments LLC now owns 147,262 shares of the utilities provider’s stock worth $8,749,000 after purchasing an additional 138,831 shares in the last quarter. Finally, Legacy Private Trust Co. boosted its position in shares of Public Service Enterprise Group by 104.1% during the first quarter. Legacy Private Trust Co. now owns 77,992 shares of the utilities provider’s stock worth $4,634,000 after purchasing an additional 39,773 shares in the last quarter. Hedge funds and other institutional investors own 69.02% of the company’s stock.

Several equities research analysts have issued reports on PEG shares. Mizuho lifted 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 research note on Wednesday, March 13th. Wells Fargo & Co lifted their target price on shares of Public Service Enterprise Group from $60.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, February 28th. They noted that the move was a valuation call. Deutsche Bank downgraded shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating and set a $58.56 target price for the company. in a report on Thursday, February 28th. JPMorgan Chase & Co. downgraded shares of Public Service Enterprise Group from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $64.00 to $62.00 in a report on Tuesday, April 23rd. Finally, ValuEngine raised shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating in a report on Monday, February 4th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $59.73.

NYSE PEG traded up $1.02 on Friday, hitting $59.31. The company’s stock had a trading volume of 1,320,631 shares, compared to its average volume of 2,410,227. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.52 and a current ratio of 0.68. Public Service Enterprise Group Inc. has a 1-year low of $49.22 and a 1-year high of $60.36. The stock has a market cap of $29.46 billion, a P/E ratio of 19.01, a price-to-earnings-growth ratio of 2.95 and a beta of 0.40.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $1.08 EPS for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.08. Public Service Enterprise Group had a net margin of 16.03% and a return on equity of 11.35%. The company had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.78 billion. During the same period in the prior year, the firm posted $0.97 EPS. Analysts predict that Public Service Enterprise Group Inc. will post 3.27 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend is Thursday, June 6th. Public Service Enterprise Group’s dividend payout ratio is presently 60.26%.

In other Public Service Enterprise Group news, Chairman Ralph Izzo sold 52,407 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $58.49, for a total value of $3,065,285.43. Following the transaction, the chairman now directly owns 464,006 shares of the company’s stock, valued at $27,139,710.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Stuart J. Black sold 6,000 shares of the stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $59.07, for a total transaction of $354,420.00. Following the completion of the sale, the vice president now owns 24,981 shares of the company’s stock, valued at approximately $1,475,627.67. The disclosure for this sale can be found here. Over the last three months, insiders have sold 180,054 shares of company stock worth $10,620,958. 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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Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

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