Modera Wealth Management LLC Reduces Stake in Public Service Enterprise Group Inc. (NYSE:PEG)

Modera Wealth Management LLC decreased its stake in shares of Public Service Enterprise Group Inc. (NYSE:PEG) by 13.9% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 7,317 shares of the utilities provider’s stock after selling 1,180 shares during the period. Modera Wealth Management LLC’s holdings in Public Service Enterprise Group were worth $430,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Zions Bancorporation N.A. purchased a new stake in shares of Public Service Enterprise Group in the 1st quarter valued at about $25,000. Berman Capital Advisors LLC raised its holdings in shares of Public Service Enterprise Group by 79.0% in the 2nd quarter. Berman Capital Advisors LLC now owns 460 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 203 shares in the last quarter. Thor Advisors LLC purchased a new stake in shares of Public Service Enterprise Group in the 1st quarter valued at about $45,000. Executive Wealth Management LLC raised its holdings in shares of Public Service Enterprise Group by 137.4% in the 2nd quarter. Executive Wealth Management LLC now owns 781 shares of the utilities provider’s stock valued at $46,000 after acquiring an additional 452 shares in the last quarter. Finally, Icon Wealth Partners LLC purchased a new stake in shares of Public Service Enterprise Group in the 1st quarter valued at about $58,000. 68.74% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE PEG traded down $0.73 during trading hours on Friday, reaching $58.44. 2,220,655 shares of the stock traded hands, compared to its average volume of 2,463,027. The company has a market capitalization of $29.92 billion, a P/E ratio of 18.73, a price-to-earnings-growth ratio of 8.07 and a beta of 0.33. The company has a quick ratio of 0.59, a current ratio of 0.79 and a debt-to-equity ratio of 0.99. Public Service Enterprise Group Inc. has a 52-week low of $49.22 and a 52-week high of $61.63. The company’s 50-day simple moving average is $58.84 and its two-hundred day simple moving average is $58.98.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.04). The firm had revenue of $2.32 billion for the quarter, compared to analysts’ expectations of $2.23 billion. Public Service Enterprise Group had a net margin of 14.41% and a return on equity of 11.02%. During the same period in the prior year, the business posted $0.64 earnings per share. As a group, sell-side analysts forecast that Public Service Enterprise Group Inc. will post 3.23 earnings per share 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 issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.22%. Public Service Enterprise Group’s dividend payout ratio is 60.26%.

In related news, Chairman Ralph Izzo sold 52,407 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $58.78, for a total transaction of $3,080,483.46. Following the transaction, the chairman now directly owns 419,818 shares in the company, valued at approximately $24,676,902.04. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Daniel J. Cregg sold 625 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.45, for a total value of $37,781.25. Following the transaction, the chief financial officer now owns 60,208 shares in the company, valued at $3,639,573.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 164,046 shares of company stock worth $9,529,482. 0.51% of the stock is currently owned by insiders.

Several analysts have weighed in on the company. Morgan Stanley raised their price target on Public Service Enterprise Group from $67.00 to $69.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Barclays assumed coverage on Public Service Enterprise Group in a report on Tuesday, August 13th. They issued an “overweight” rating and a $63.00 price target on the stock. UBS Group set a $67.00 price target on Public Service Enterprise Group and gave the company a “buy” rating in a report on Wednesday, July 31st. Mizuho raised their price target on Public Service Enterprise Group from $61.50 to $64.00 and gave the company a “buy” rating in a report on Wednesday, May 29th. Finally, Bank of America cut Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $65.00 price target on the stock. in a report on Friday, July 19th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Public Service Enterprise Group presently has a consensus rating of “Buy” and a consensus target price of $62.46.

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.

Read More: Discount Rate

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

Receive News & Ratings for Public Service Enterprise Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Service Enterprise Group and related companies with MarketBeat.com's FREE daily email newsletter.