PNC Financial Services Group Inc. Sells 11,498 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

PNC Financial Services Group Inc. cut its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 1.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 652,612 shares of the utilities provider’s stock after selling 11,498 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Public Service Enterprise Group were worth $58,220,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PEG. Family Firm Inc. bought a new stake in Public Service Enterprise Group during the second quarter valued at $33,000. OFI Invest Asset Management purchased a new stake in Public Service Enterprise Group in the second quarter valued at approximately $35,000. Ashton Thomas Securities LLC bought a new position in shares of Public Service Enterprise Group in the 3rd quarter worth $35,000. Northwest Investment Counselors LLC bought a new stake in shares of Public Service Enterprise Group during the 3rd quarter worth $48,000. Finally, Country Trust Bank purchased a new position in Public Service Enterprise Group in the second quarter worth $52,000. Institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Trading Up 0.4 %

NYSE PEG opened at $90.49 on Thursday. Public Service Enterprise Group Incorporated has a 12 month low of $56.85 and a 12 month high of $92.20. 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’s fifty day moving average price is $88.03 and its 200-day moving average price is $80.38. The stock has a market cap of $45.08 billion, a P/E ratio of 22.23, a P/E/G ratio of 3.27 and a beta of 0.61.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03. The company had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.44 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.85 EPS. As a group, equities analysts forecast that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 10th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.65%. Public Service Enterprise Group’s payout ratio is currently 58.97%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Evercore ISI lifted their price target on Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Morgan Stanley boosted their price objective on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Jefferies Financial Group began coverage on shares of Public Service Enterprise Group in a research note on Friday, September 13th. They issued a “hold” rating and a $85.00 price target for the company. 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. Finally, Scotiabank raised their target price on Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a research note on Tuesday, August 20th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.69.

Insider Activity

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 9,563 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $79.54, for a total value of $760,641.02. Following the transaction, the executive vice president now directly owns 57,961 shares in the company, valued at $4,610,217.94. This represents a 14.16 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total value of $111,190.82. Following the completion of the transaction, the chief executive officer now directly owns 148,892 shares in the company, valued at approximately $12,014,095.48. This trade represents a 0.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,783 shares of company stock worth $2,381,626 in the last three months. Company insiders own 0.57% of the company’s stock.

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.