Public Service Enterprise Group Inc. (NYSE:PEG) Shares Purchased by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC increased its stake in shares of Public Service Enterprise Group Inc. (NYSE:PEG) by 1.5% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 209,245 shares of the utilities provider’s stock after purchasing an additional 3,074 shares during the period. Wedge Capital Management L L P NC’s holdings in Public Service Enterprise Group were worth $12,308,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in PEG. Cornerstone Advisors Inc. increased its holdings in Public Service Enterprise Group by 15.7% during the 2nd quarter. Cornerstone Advisors Inc. now owns 1,256 shares of the utilities provider’s stock worth $74,000 after purchasing an additional 170 shares during the last quarter. Capital Investment Advisors LLC increased its holdings in Public Service Enterprise Group by 2.5% during the 2nd quarter. Capital Investment Advisors LLC now owns 6,860 shares of the utilities provider’s stock worth $404,000 after purchasing an additional 170 shares during the last quarter. Bessemer Group Inc. increased its holdings in Public Service Enterprise Group by 6.7% during the 2nd quarter. Bessemer Group Inc. now owns 2,896 shares of the utilities provider’s stock worth $171,000 after purchasing an additional 182 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in Public Service Enterprise Group by 0.8% during the 1st quarter. Louisiana State Employees Retirement System now owns 26,700 shares of the utilities provider’s stock worth $1,586,000 after purchasing an additional 200 shares during the last quarter. Finally, Brookstone Capital Management increased its holdings in Public Service Enterprise Group by 1.3% during the 1st quarter. Brookstone Capital Management now owns 16,211 shares of the utilities provider’s stock worth $963,000 after purchasing an additional 202 shares during the last quarter. 68.78% of the stock is currently owned by hedge funds and other institutional investors.

In related news, VP Daniel J. Cregg sold 625 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $60.92, for a total transaction of $38,075.00. Following the completion of the transaction, the vice president now owns 60,833 shares in the company, valued at approximately $3,705,946.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Ralph Izzo sold 52,407 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $58.78, for a total value of $3,080,483.46. Following the transaction, the chairman now owns 419,818 shares of the company’s stock, valued at approximately $24,676,902.04. The disclosure for this sale can be found here. Insiders sold a total of 163,421 shares of company stock valued at $9,493,650 over the last quarter. Company insiders own 0.51% of the company’s stock.

Several equities research analysts have issued reports on PEG shares. Bank of America downgraded Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $65.00 price objective on the stock. in a report on Friday, July 19th. Citigroup downgraded Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 price objective on the stock. in a report on Monday, July 29th. ValuEngine downgraded Public Service Enterprise Group from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. downgraded Public Service Enterprise Group from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $64.00 to $62.00 in a report on Tuesday, April 23rd. Finally, KeyCorp began coverage on Public Service Enterprise Group in a report on Tuesday, June 4th. They set a “sector weight” rating and a $59.40 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $62.46.

Shares of NYSE PEG traded up $0.34 during trading on Thursday, reaching $57.65. The stock had a trading volume of 39,595 shares, compared to its average volume of 2,662,405. Public Service Enterprise Group Inc. has a one year low of $49.22 and a one year high of $61.63. The company has a current ratio of 0.79, a quick ratio of 0.59 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $28.94 billion, a PE ratio of 18.50, a PEG ratio of 7.78 and a beta of 0.33. The stock has a 50 day simple moving average of $58.94.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.04). Public Service Enterprise Group had a net margin of 14.41% and a return on equity of 11.02%. The firm had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.23 billion. During the same quarter last year, the firm posted $0.64 earnings per share. On average, sell-side analysts expect that Public Service Enterprise Group Inc. will post 3.24 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be issued a $0.47 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.26%. Public Service Enterprise Group’s dividend payout ratio (DPR) is 60.26%.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid- Atlantic United States. It operates through two segments, PSE&G and Power. The PSE&G segment transmits electricity; distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs to customers.

Read More: Capital Gains Distribution

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Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

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