Valley National Advisers Inc. Sells 787 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Valley National Advisers Inc. reduced its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 28.6% during the first quarter, Holdings Channel.com reports. The fund owned 1,965 shares of the utilities provider’s stock after selling 787 shares during the quarter. Valley National Advisers Inc.’s holdings in Public Service Enterprise Group were worth $131,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Rockline Wealth Management LLC purchased a new stake in Public Service Enterprise Group in the fourth quarter valued at approximately $1,185,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Public Service Enterprise Group by 4.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 415,315 shares of the utilities provider’s stock worth $25,397,000 after acquiring an additional 17,838 shares during the last quarter. Jennison Associates LLC grew its position in Public Service Enterprise Group by 79.9% in the fourth quarter. Jennison Associates LLC now owns 895,450 shares of the utilities provider’s stock worth $54,757,000 after acquiring an additional 397,606 shares in the last quarter. TD Asset Management Inc increased its stake in Public Service Enterprise Group by 16.6% in the fourth quarter. TD Asset Management Inc now owns 376,900 shares of the utilities provider’s stock valued at $23,047,000 after acquiring an additional 53,577 shares during the last quarter. Finally, International Assets Investment Management LLC raised its position in Public Service Enterprise Group by 5,613.8% during the fourth quarter. International Assets Investment Management LLC now owns 172,443 shares of the utilities provider’s stock valued at $10,545,000 after purchasing an additional 169,425 shares in the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $69.55, for a total value of $95,561.70. Following the completion of the sale, the chief executive officer now directly owns 150,973 shares in the company, valued at $10,500,172.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.18% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Wells Fargo & Company increased their price objective on Public Service Enterprise Group from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. Bank of America boosted their price objective on shares of Public Service Enterprise Group from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Barclays increased their target price on shares of Public Service Enterprise Group from $68.00 to $71.00 and gave the company an “overweight” rating in a report on Monday, April 15th. BMO Capital Markets boosted their price target on shares of Public Service Enterprise Group from $69.00 to $74.00 and gave the stock a “market perform” rating in a research note on Wednesday. Finally, Scotiabank reduced their price objective on Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating on the stock in a research note on Monday, April 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $72.42.

Public Service Enterprise Group Trading Up 0.6 %

NYSE:PEG traded up $0.43 during mid-day trading on Wednesday, reaching $74.01. 1,687,115 shares of the company’s stock traded hands, compared to its average volume of 2,856,826. Public Service Enterprise Group Incorporated has a 12-month low of $53.71 and a 12-month high of $75.82. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.79 and a quick ratio of 0.62. The company has a 50 day moving average price of $72.97 and a 200-day moving average price of $65.96. The firm has a market capitalization of $36.86 billion, a price-to-earnings ratio of 20.50, a PEG ratio of 3.06 and a beta of 0.59.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Tuesday, April 30th. The utilities provider reported $1.31 EPS for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). The business had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.99 billion. Public Service Enterprise Group had a net margin of 17.65% and a return on equity of 11.10%. Public Service Enterprise Group’s revenue was down 26.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.39 EPS. On average, sell-side analysts predict that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date was Friday, June 7th. Public Service Enterprise Group’s payout ratio is 66.48%.

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.