Public Service Enterprise Group Inc. (PEG) Shares Sold by Burney Co.

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Burney Co. cut its holdings in shares of Public Service Enterprise Group Inc. (NYSE:PEG) by 51.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 29,370 shares of the utilities provider’s stock after selling 31,498 shares during the period. Burney Co.’s holdings in Public Service Enterprise Group were worth $1,590,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. CIBC World Markets Inc. purchased a new position in shares of Public Service Enterprise Group during the second quarter valued at approximately $811,000. Toronto Dominion Bank increased its stake in shares of Public Service Enterprise Group by 19.3% during the second quarter. Toronto Dominion Bank now owns 324,730 shares of the utilities provider’s stock valued at $17,577,000 after buying an additional 52,549 shares during the period. Pinnacle Associates Ltd. increased its stake in shares of Public Service Enterprise Group by 3.3% during the second quarter. Pinnacle Associates Ltd. now owns 30,718 shares of the utilities provider’s stock valued at $1,663,000 after buying an additional 993 shares during the period. Hartford Financial Management Inc. increased its stake in shares of Public Service Enterprise Group by 40.0% during the second quarter. Hartford Financial Management Inc. now owns 3,500 shares of the utilities provider’s stock valued at $189,000 after buying an additional 1,000 shares during the period. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of Public Service Enterprise Group by 14.1% during the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 197,497 shares of the utilities provider’s stock valued at $10,692,000 after buying an additional 24,347 shares during the period. 68.40% of the stock is currently owned by hedge funds and other institutional investors.

In other news, Chairman Ralph Izzo sold 20,833 shares of the stock in a transaction on Wednesday, August 1st. The stock was sold at an average price of $50.60, for a total value of $1,054,149.80. Following the sale, the chairman now directly owns 557,716 shares of the company’s stock, valued at $28,220,429.60. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.58% of the company’s stock.

PEG has been the topic of several research analyst reports. Goldman Sachs Group cut Public Service Enterprise Group from a “buy” rating to a “neutral” rating and reduced their target price for the company from $55.00 to $53.00 in a research note on Thursday, July 19th. Morgan Stanley upped their price target on Public Service Enterprise Group from $57.00 to $59.00 and gave the stock an “overweight” rating in a research note on Friday, May 25th. JPMorgan Chase & Co. upped their price target on Public Service Enterprise Group from $54.00 to $55.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 29th. Mizuho reaffirmed a “hold” rating and issued a $50.00 price target on shares of Public Service Enterprise Group in a research note on Monday, August 6th. Finally, Deutsche Bank cut Public Service Enterprise Group from a “buy” rating to a “hold” rating in a research note on Tuesday, July 3rd. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Public Service Enterprise Group currently has a consensus rating of “Buy” and an average price target of $52.83.

Shares of PEG stock opened at $52.93 on Thursday. The firm has a market capitalization of $26.45 billion, a P/E ratio of 18.06, a PEG ratio of 2.83 and a beta of 0.32. Public Service Enterprise Group Inc. has a twelve month low of $45.05 and a twelve month high of $54.50. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.52 and a current ratio of 0.71.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Wednesday, August 1st. The utilities provider reported $0.64 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.01. The company had revenue of $2.02 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Public Service Enterprise Group had a return on equity of 11.03% and a net margin of 23.69%. During the same period in the prior year, the firm earned $0.62 earnings per share. equities analysts anticipate that Public Service Enterprise Group Inc. will post 3.09 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 7th will be paid a $0.45 dividend. The ex-dividend date is Thursday, September 6th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.40%. Public Service Enterprise Group’s dividend payout ratio is currently 61.43%.

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; and 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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