PNC Financial Services Group Inc. Sells 2,317 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

PNC Financial Services Group Inc. decreased its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.4% during the fourth quarter, HoldingsChannel reports. The fund owned 650,295 shares of the utilities provider’s stock after selling 2,317 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Public Service Enterprise Group were worth $54,943,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. increased its stake in Public Service Enterprise Group by 3.1% in the 3rd quarter. Principal Financial Group Inc. now owns 602,574 shares of the utilities provider’s stock worth $53,756,000 after buying an additional 18,344 shares during the period. Axxcess Wealth Management LLC bought a new stake in shares of Public Service Enterprise Group in the 3rd quarter valued at about $634,000. Colonial River Investments LLC bought a new stake in shares of Public Service Enterprise Group in the 3rd quarter valued at about $634,000. Crossmark Global Holdings Inc. boosted its holdings in shares of Public Service Enterprise Group by 0.6% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 26,771 shares of the utilities provider’s stock valued at $2,388,000 after buying an additional 164 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its stake in Public Service Enterprise Group by 72.3% in the 3rd quarter. Los Angeles Capital Management LLC now owns 832,016 shares of the utilities provider’s stock worth $74,224,000 after purchasing an additional 349,139 shares in the last quarter. Institutional investors own 73.34% of the company’s stock.

Analysts Set New Price Targets

PEG has been the subject of a number of recent analyst reports. Scotiabank lifted their target price on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a research note on Thursday, December 12th. Bank of America cut their target price on shares of Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Wells Fargo & Company dropped their price target on shares of Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. BMO Capital Markets lifted their price target on shares of Public Service Enterprise Group from $85.00 to $86.00 and gave the company a “market perform” rating in a research note on Wednesday, February 26th. Finally, Guggenheim reaffirmed a “buy” rating and set a $98.00 target price on shares of Public Service Enterprise Group in a research note on Wednesday, February 26th. Six research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $89.83.

Insider Activity at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $83.10, for a total value of $114,511.80. Following the sale, the chief executive officer now directly owns 126,791 shares in the company, valued at approximately $10,536,332.10. The trade was a 1.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.57% of the stock is owned by insiders.

Public Service Enterprise Group Trading Up 1.1 %

Shares of PEG stock opened at $79.10 on Monday. The company’s 50-day moving average price is $84.27 and its 200-day moving average price is $86.07. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. The stock has a market cap of $39.44 billion, a price-to-earnings ratio of 19.43, a PEG ratio of 2.78 and a beta of 0.60. Public Service Enterprise Group Incorporated has a twelve month low of $63.31 and a twelve month high of $95.22.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.01. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. Public Service Enterprise Group’s revenue was down 5.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.54 EPS. As a group, equities analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be issued a $0.63 dividend. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.60. This represents a $2.52 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend is Monday, March 10th. Public Service Enterprise Group’s payout ratio is 71.19%.

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.