Parallel Advisors LLC Has $248,000 Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Parallel Advisors LLC reduced its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 20.8% during the first quarter, Holdings Channel reports. The institutional investor owned 3,016 shares of the utilities provider’s stock after selling 793 shares during the period. Parallel Advisors LLC’s holdings in Public Service Enterprise Group were worth $248,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in shares of Public Service Enterprise Group by 8,465.1% in the first quarter. GAMMA Investing LLC now owns 586,881 shares of the utilities provider’s stock worth $48,300,000 after purchasing an additional 580,029 shares during the last quarter. AdvisorNet Financial Inc raised its stake in shares of Public Service Enterprise Group by 115.2% in the first quarter. AdvisorNet Financial Inc now owns 1,545 shares of the utilities provider’s stock worth $127,000 after purchasing an additional 827 shares during the last quarter. Quent Capital LLC raised its stake in shares of Public Service Enterprise Group by 19.9% in the first quarter. Quent Capital LLC now owns 1,411 shares of the utilities provider’s stock worth $116,000 after purchasing an additional 234 shares during the last quarter. Versant Capital Management Inc increased its position in shares of Public Service Enterprise Group by 197.4% during the first quarter. Versant Capital Management Inc now owns 913 shares of the utilities provider’s stock valued at $75,000 after acquiring an additional 606 shares during the last quarter. Finally, Centre Asset Management LLC increased its position in shares of Public Service Enterprise Group by 3.2% during the first quarter. Centre Asset Management LLC now owns 3,933 shares of the utilities provider’s stock valued at $324,000 after acquiring an additional 121 shares during the last quarter. 73.34% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $79.26, for a total value of $109,220.28. Following the completion of the transaction, the chief executive officer now directly owns 221,093 shares of the company’s stock, valued at $17,523,831.18. This trade represents a 0.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Price Performance

Shares of NYSE PEG opened at $80.38 on Thursday. The stock has a fifty day simple moving average of $80.31 and a two-hundred day simple moving average of $83.55. Public Service Enterprise Group Incorporated has a 1-year low of $71.89 and a 1-year high of $95.22. The firm has a market cap of $40.11 billion, a price-to-earnings ratio of 19.75, a price-to-earnings-growth ratio of 2.78 and a beta of 0.48. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.43 earnings per share for the quarter, meeting the consensus estimate of $1.43. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.15 billion. During the same period in the prior year, the company earned $1.31 earnings per share. Public Service Enterprise Group’s revenue was up 16.7% compared to the same quarter last year. Analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 9th will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date is Monday, June 9th. Public Service Enterprise Group’s payout ratio is currently 68.85%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PEG. Morgan Stanley decreased their price target on Public Service Enterprise Group from $102.00 to $101.00 and set an “overweight” rating for the company in a research report on Thursday, May 22nd. Wells Fargo & Company decreased their price target on Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Bank of America decreased their price target on Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Evercore ISI decreased their price target on Public Service Enterprise Group from $99.00 to $92.00 and set an “outperform” rating for the company in a research report on Thursday, May 1st. Finally, LADENBURG THALM/SH SH downgraded Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $82.50 price target for the company. in a research report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Public Service Enterprise Group currently has a consensus rating of “Hold” and an average price target of $89.63.

Public Service Enterprise Group Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.