State of Michigan Retirement System Increases Stock Position in Public Service Enterprise Group Inc. (NYSE:PEG)

State of Michigan Retirement System increased its position in shares of Public Service Enterprise Group Inc. (NYSE:PEG) by 11.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 129,157 shares of the utilities provider’s stock after buying an additional 13,235 shares during the period. State of Michigan Retirement System’s holdings in Public Service Enterprise Group were worth $6,349,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Tompkins Financial Corp grew its stake in shares of Public Service Enterprise Group by 5.9% during the second quarter. Tompkins Financial Corp now owns 85,550 shares of the utilities provider’s stock valued at $4,204,000 after acquiring an additional 4,732 shares in the last quarter. M&T Bank Corp grew its stake in Public Service Enterprise Group by 5.4% during the 2nd quarter. M&T Bank Corp now owns 50,121 shares of the utilities provider’s stock valued at $2,464,000 after purchasing an additional 2,588 shares in the last quarter. Sciencast Management LP acquired a new stake in Public Service Enterprise Group during the 2nd quarter valued at approximately $730,000. Pacer Advisors Inc. purchased a new stake in Public Service Enterprise Group during the 2nd quarter worth approximately $2,093,000. Finally, Cornerstone Advisors Inc. raised its position in shares of Public Service Enterprise Group by 11.0% in the 2nd quarter. Cornerstone Advisors Inc. now owns 2,003 shares of the utilities provider’s stock valued at $98,000 after purchasing an additional 199 shares in the last quarter. Hedge funds and other institutional investors own 67.77% of the company’s stock.

In other Public Service Enterprise Group news, COO Ralph A. Larossa sold 1,919 shares of Public Service Enterprise Group stock in a transaction on Friday, July 17th. The stock was sold at an average price of $54.01, for a total transaction of $103,645.19. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Rose M. Chernick sold 600 shares of the business’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $55.00, for a total value of $33,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 8,676 shares of company stock worth $469,581. 0.48% of the stock is currently owned by insiders.

Shares of Public Service Enterprise Group stock opened at $55.94 on Friday. The stock has a market capitalization of $28.28 billion, a price-to-earnings ratio of 19.77, a PEG ratio of 4.83 and a beta of 0.56. Public Service Enterprise Group Inc. has a twelve month low of $34.75 and a twelve month high of $63.88. The company has a current ratio of 0.72, a quick ratio of 0.57 and a debt-to-equity ratio of 0.94. The business’s 50 day simple moving average is $50.76 and its 200-day simple moving average is $51.73.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Friday, July 31st. The utilities provider reported $0.79 EPS for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.19. The firm had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.34 billion. Public Service Enterprise Group had a return on equity of 10.92% and a net margin of 14.59%. The firm’s revenue was down 11.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.58 EPS. Sell-side analysts predict that Public Service Enterprise Group Inc. will post 3.35 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 9th will be issued a $0.49 dividend. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 3.50%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 59.76%.

A number of brokerages recently issued reports on PEG. Mizuho lowered shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $54.00 to $53.00 in a research note on Monday, April 20th. They noted that the move was a valuation call. Seaport Global Securities initiated coverage on shares of Public Service Enterprise Group in a research report on Wednesday, May 20th. They issued a “neutral” rating for the company. Argus reaffirmed a “buy” rating and set a $75.00 price target on shares of Public Service Enterprise Group in a research report on Thursday, April 16th. Wells Fargo & Co boosted their price objective on Public Service Enterprise Group from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, July 13th. They noted that the move was a valuation call. Finally, BofA Securities cut Public Service Enterprise Group from a “buy” rating to a “neutral” rating and upped their price objective for the company from $55.00 to $57.00 in a research note on Tuesday, July 21st. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $61.31.

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.

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

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