Sanctuary Advisors LLC Cuts Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Sanctuary Advisors LLC trimmed its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 4.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 93,576 shares of the utilities provider’s stock after selling 4,848 shares during the period. Sanctuary Advisors LLC’s holdings in Public Service Enterprise Group were worth $8,646,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Raymond James & Associates raised its stake in shares of Public Service Enterprise Group by 315.2% during the second quarter. Raymond James & Associates now owns 2,206,101 shares of the utilities provider’s stock worth $162,590,000 after acquiring an additional 1,674,827 shares in the last quarter. Sound Shore Management Inc. CT bought a new position in shares of Public Service Enterprise Group during the 2nd quarter valued at $71,298,000. FMR LLC grew its holdings in shares of Public Service Enterprise Group by 19.4% during the 3rd quarter. FMR LLC now owns 5,401,024 shares of the utilities provider’s stock valued at $481,825,000 after purchasing an additional 877,345 shares during the last quarter. Hsbc Holdings PLC raised its position in Public Service Enterprise Group by 43.2% in the 2nd quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock worth $178,763,000 after purchasing an additional 732,443 shares during the period. Finally, Jennison Associates LLC lifted its stake in Public Service Enterprise Group by 79.5% in the third quarter. Jennison Associates LLC now owns 1,502,136 shares of the utilities provider’s stock worth $134,006,000 after purchasing an additional 665,105 shares during the last quarter. Institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Trading Up 1.0 %

Shares of PEG opened at $86.81 on Friday. Public Service Enterprise Group Incorporated has a 1-year low of $56.85 and a 1-year high of $95.22. 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 firm’s 50-day moving average price is $89.21 and its 200-day moving average price is $82.40. The firm has a market capitalization of $43.25 billion, a price-to-earnings ratio of 21.33, a PEG ratio of 3.14 and a beta of 0.62.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.03. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The business had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same period in the previous year, the firm posted $0.85 EPS. The business’s revenue was up 7.6% on a year-over-year basis. Sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 10th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $2.40 annualized dividend and a yield of 2.76%. Public Service Enterprise Group’s payout ratio is 58.97%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PEG shares. UBS Group raised their price objective on Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Morgan Stanley lifted their price target on Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Scotiabank boosted their price objective on Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a research report on Thursday. Jefferies Financial Group initiated coverage on shares of Public Service Enterprise Group in a report on Friday, September 13th. They issued a “hold” rating and a $85.00 target price on the stock. Finally, Barclays lowered their price target on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $89.17.

Insiders Place Their Bets

In related news, COO Kim C. Hanemann sold 956 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total transaction of $86,126.04. Following the sale, the chief operating officer now owns 70,011 shares of the company’s stock, valued at $6,307,290.99. The trade was a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Richard T. Thigpen sold 5,900 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $87.95, for a total transaction of $518,905.00. Following the transaction, the senior vice president now directly owns 25,829 shares of the company’s stock, valued at $2,271,660.55. This represents a 18.59 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,798 shares of company stock worth $1,595,921. 0.57% of the stock is owned by corporate insiders.

About Public Service Enterprise Group

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.