Eastern Bank Reduces Stake in Public Service Enterprise Group Inc. (PEG)

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Eastern Bank lowered its stake in shares of Public Service Enterprise Group Inc. (NYSE:PEG) by 4.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 48,044 shares of the utilities provider’s stock after selling 1,983 shares during the period. Eastern Bank’s holdings in Public Service Enterprise Group were worth $2,536,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in PEG. American Research & Management Co. acquired a new position in shares of Public Service Enterprise Group during the second quarter valued at about $108,000. NuWave Investment Management LLC acquired a new position in shares of Public Service Enterprise Group during the second quarter valued at about $118,000. Squar Milner Financial Services LLC acquired a new position in shares of Public Service Enterprise Group during the second quarter valued at about $149,000. Cordasco Financial Network raised its holdings in shares of Public Service Enterprise Group by 63.1% during the second quarter. Cordasco Financial Network now owns 2,842 shares of the utilities provider’s stock valued at $154,000 after purchasing an additional 1,100 shares during the period. Finally, Centaurus Financial Inc. acquired a new position in shares of Public Service Enterprise Group during the second quarter valued at about $161,000. Hedge funds and other institutional investors own 68.45% of the company’s stock.

Shares of PEG traded up $0.34 on Tuesday, reaching $53.82. The company’s stock had a trading volume of 258,256 shares, compared to its average volume of 3,070,331. The company has a debt-to-equity ratio of 0.88, a current ratio of 0.71 and a quick ratio of 0.52. Public Service Enterprise Group Inc. has a twelve month low of $46.19 and a twelve month high of $55.36. The firm has a market capitalization of $26.68 billion, a PE ratio of 18.37, a P/E/G ratio of 2.86 and a beta of 0.32.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Wednesday, August 1st. The utilities provider reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.01. Public Service Enterprise Group had a net margin of 23.69% and a return on equity of 11.03%. The company had revenue of $2.02 billion for the quarter, compared to analyst estimates of $2.37 billion. During the same quarter in the prior year, the business posted $0.62 EPS. As a group, analysts expect that Public Service Enterprise Group Inc. will post 3.09 EPS for the current year.

Several brokerages have recently weighed in on PEG. Morgan Stanley set a $59.00 price objective on shares of Public Service Enterprise Group and gave the company a “buy” rating in a report on Thursday, October 11th. ValuEngine upgraded shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating in a report on Thursday, October 11th. UBS Group upgraded shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and upped their target price for the stock from $56.00 to $60.00 in a report on Wednesday, October 10th. Citigroup upgraded shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $60.00 target price on the stock in a report on Tuesday, October 9th. Finally, Macquarie upped their target price on shares of Public Service Enterprise Group from $55.50 to $57.00 and gave the stock an “outperform” rating in a report on Monday, September 24th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Public Service Enterprise Group presently has a consensus rating of “Buy” and an average price target of $55.31.

In other Public Service Enterprise Group news, Chairman Ralph Izzo sold 52,407 shares of the stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $52.57, for a total value of $2,755,035.99. Following the completion of the sale, the chairman now owns 558,073 shares in the company, valued at approximately $29,337,897.61. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders sold a total of 123,069 shares of company stock worth $6,430,191 in the last 90 days. 0.58% of the stock is currently owned by company insiders.

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; 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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