Cigna Investments Inc. New Boosts Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Cigna Investments Inc. New lifted its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 2.5% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,053 shares of the utilities provider’s stock after purchasing an additional 124 shares during the period. Cigna Investments Inc. New’s holdings in Public Service Enterprise Group were worth $451,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Family Firm Inc. acquired a new stake in shares of Public Service Enterprise Group in the second quarter valued at $33,000. OFI Invest Asset Management acquired a new stake in Public Service Enterprise Group in the 2nd quarter valued at about $35,000. Salomon & Ludwin LLC boosted its stake in shares of Public Service Enterprise Group by 1,866.7% in the 1st quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock valued at $39,000 after buying an additional 560 shares during the period. Northwest Investment Counselors LLC purchased a new position in shares of Public Service Enterprise Group in the 3rd quarter valued at about $48,000. Finally, Country Trust Bank acquired a new position in shares of Public Service Enterprise Group during the second quarter worth about $52,000. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on PEG shares. Jefferies Financial Group assumed 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. Bank of America lifted their price objective on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. Scotiabank increased their target price on Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a report on Tuesday, August 20th. UBS Group lifted their price target on Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Wells Fargo & Company increased their price objective on Public Service Enterprise Group from $85.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.46.

Public Service Enterprise Group Trading Down 2.3 %

PEG opened at $87.31 on Friday. The company has a quick ratio of 0.46, a current ratio of 0.65 and a debt-to-equity ratio of 1.16. Public Service Enterprise Group Incorporated has a 52 week low of $56.85 and a 52 week high of $92.20. The business’s 50 day moving average is $86.48 and its two-hundred day moving average is $78.55. The firm has a market cap of $43.49 billion, a price-to-earnings ratio of 26.46, a price-to-earnings-growth ratio of 2.91 and a beta of 0.61.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). The business had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The business’s revenue was up .1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.70 earnings per share. On average, research analysts predict that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current year.

Insider Buying and Selling at Public Service Enterprise Group

In other news, EVP Tamara Louise Linde sold 19,127 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $80.26, for a total transaction of $1,535,133.02. Following the completion of the sale, the executive vice president now owns 67,524 shares in the company, valued at approximately $5,419,476.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Tamara Louise Linde sold 19,127 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $80.26, for a total value of $1,535,133.02. Following the transaction, the executive vice president now owns 67,524 shares of the company’s stock, valued at approximately $5,419,476.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $90.20, for a total value of $124,295.60. Following the sale, the chief executive officer now directly owns 147,514 shares of the company’s stock, valued at approximately $13,305,762.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 41,010 shares of company stock worth $3,397,855. 0.57% of the stock is owned by company insiders.

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.