Federated Hermes Inc. Reduces Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Federated Hermes Inc. lessened its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 19.6% during the 1st quarter, Holdings Channel reports. The firm owned 6,406 shares of the utilities provider’s stock after selling 1,558 shares during the quarter. Federated Hermes Inc.’s holdings in Public Service Enterprise Group were worth $527,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Northern Trust Corp grew its position in Public Service Enterprise Group by 6.1% during the 4th quarter. Northern Trust Corp now owns 5,807,124 shares of the utilities provider’s stock worth $490,644,000 after purchasing an additional 335,135 shares during the last quarter. Capital Research Global Investors grew its position in Public Service Enterprise Group by 0.3% during the 4th quarter. Capital Research Global Investors now owns 4,756,965 shares of the utilities provider’s stock worth $401,916,000 after purchasing an additional 15,332 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Public Service Enterprise Group by 15.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,997,028 shares of the utilities provider’s stock worth $337,709,000 after purchasing an additional 542,671 shares during the last quarter. Royal Bank of Canada grew its position in Public Service Enterprise Group by 12.5% during the 4th quarter. Royal Bank of Canada now owns 2,756,790 shares of the utilities provider’s stock worth $232,921,000 after purchasing an additional 306,972 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Public Service Enterprise Group by 1.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,796,043 shares of the utilities provider’s stock worth $151,748,000 after purchasing an additional 27,801 shares during the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on PEG shares. Evercore ISI decreased their price objective on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an “outperform” rating for the company in a research note on Thursday, May 1st. Barclays decreased their price objective on shares of Public Service Enterprise Group from $83.00 to $82.00 and set an “equal weight” rating for the company in a research note on Thursday, July 10th. BMO Capital Markets lifted their price objective on shares of Public Service Enterprise Group from $84.00 to $89.00 and gave the company a “market perform” rating in a research note on Wednesday. Morgan Stanley decreased their price objective on shares of Public Service Enterprise Group from $101.00 to $100.00 and set an “overweight” rating for the company in a research note on Wednesday, June 18th. Finally, Guggenheim decreased their price objective on shares of Public Service Enterprise Group from $98.00 to $94.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $90.95.

Public Service Enterprise Group Stock Performance

PEG opened at $87.70 on Friday. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.00 and a quick ratio of 0.65. The firm has a fifty day moving average price of $83.63 and a 200 day moving average price of $82.24. Public Service Enterprise Group Incorporated has a 1 year low of $74.67 and a 1 year high of $95.22. The stock has a market cap of $43.77 billion, a P/E ratio of 22.15, a P/E/G ratio of 3.05 and a beta of 0.45.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.07. Public Service Enterprise Group had a net margin of 17.78% and a return on equity of 12.08%. The firm had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.49 billion. During the same period in the previous year, the business posted $0.63 EPS. The business’s revenue was up 15.8% compared to the same quarter last year. Equities research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be issued a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 9th. Public Service Enterprise Group’s payout ratio is presently 63.64%.

Insider Buying and Selling

In related news, CEO Ralph A. Larossa sold 1,387 shares of the business’s stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $83.12, for a total value of $115,287.44. Following the completion of the sale, the chief executive officer owned 218,328 shares of the company’s stock, valued at approximately $18,147,423.36. The trade was a 0.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Company 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.