Arden Trust Co Acquires 4,605 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Arden Trust Co boosted its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 46.7% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 14,476 shares of the utilities provider’s stock after acquiring an additional 4,605 shares during the quarter. Arden Trust Co’s holdings in Public Service Enterprise Group were worth $795,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Nordea Investment Management AB increased its holdings in shares of Public Service Enterprise Group by 107.6% during the second quarter. Nordea Investment Management AB now owns 13,378,272 shares of the utilities provider’s stock worth $658,210,000 after buying an additional 6,933,714 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Public Service Enterprise Group by 6.7% during the second quarter. BlackRock Inc. now owns 49,977,929 shares of the utilities provider’s stock worth $2,456,915,000 after purchasing an additional 3,121,880 shares during the last quarter. LSV Asset Management increased its stake in shares of Public Service Enterprise Group by 299.8% in the second quarter. LSV Asset Management now owns 3,300,487 shares of the utilities provider’s stock valued at $162,251,000 after buying an additional 2,474,943 shares during the period. Federated Hermes Inc. raised its holdings in Public Service Enterprise Group by 1,965.2% in the 2nd quarter. Federated Hermes Inc. now owns 2,280,133 shares of the utilities provider’s stock valued at $112,091,000 after buying an additional 2,169,724 shares during the last quarter. Finally, Capital International Investors boosted its position in Public Service Enterprise Group by 55.1% during the 1st quarter. Capital International Investors now owns 6,103,693 shares of the utilities provider’s stock worth $274,117,000 after buying an additional 2,169,391 shares during the period. Hedge funds and other institutional investors own 68.23% of the company’s stock.

In related news, COO Ralph A. Larossa sold 1,919 shares of the business’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $55.05, for a total value of $105,640.95. Following the completion of the sale, the chief operating officer now directly owns 88,766 shares of the company’s stock, valued at approximately $4,886,568.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders sold 6,157 shares of company stock valued at $336,782. 0.48% of the stock is currently owned by company insiders.

Shares of PEG opened at $59.50 on Friday. The firm has a market cap of $30.09 billion, a PE ratio of 17.40, a price-to-earnings-growth ratio of 6.41 and a beta of 0.54. Public Service Enterprise Group Incorporated has a 52-week low of $34.75 and a 52-week high of $63.68. The business’s 50 day moving average price is $53.92 and its two-hundred day moving average price is $51.72. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.51 and a current ratio of 0.65.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Friday, July 31st. The utilities provider reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.19. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.34 billion. Public Service Enterprise Group had a net margin of 18.09% and a return on equity of 11.52%. Public Service Enterprise Group’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.58 EPS. Research analysts predict that Public Service Enterprise Group Incorporated will post 3.36 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 9th were given a dividend of $0.49 per share. The ex-dividend date of this dividend was Tuesday, September 8th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 3.29%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 59.76%.

Several equities analysts have recently issued reports on the stock. Royal Bank of Canada raised their price target on shares of Public Service Enterprise Group from $60.00 to $63.00 and gave the company an “outperform” rating in a research note on Monday, September 28th. Barclays lifted their target price on Public Service Enterprise Group from $53.00 to $59.00 and gave the stock an “equal weight” rating in a report on Monday, August 17th. Wells Fargo & Company upped their price target on Public Service Enterprise Group from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, July 13th. They noted that the move was a valuation call. UBS Group lowered their price objective on Public Service Enterprise Group from $65.00 to $64.00 and set a “buy” rating for the company in a research report on Monday, June 22nd. Finally, Mizuho upped their target price on Public Service Enterprise Group from $56.00 to $57.00 and gave the company a “neutral” rating in a report on Friday, October 9th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Public Service Enterprise Group presently has an average rating of “Buy” and a consensus price target of $62.62.

Public Service Enterprise Group Company 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 PSEG 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.

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

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