Mitsubishi UFJ Trust & Banking Corp Cuts Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Mitsubishi UFJ Trust & Banking Corp lowered its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 6.1% during the first quarter, Holdings Channel.com reports. The fund owned 354,891 shares of the utilities provider’s stock after selling 22,938 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Public Service Enterprise Group were worth $23,692,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. PDS Planning Inc lifted its stake in shares of Public Service Enterprise Group by 4.2% in the 1st quarter. PDS Planning Inc now owns 4,530 shares of the utilities provider’s stock valued at $303,000 after purchasing an additional 181 shares in the last quarter. First Trust Direct Indexing L.P. lifted its position in Public Service Enterprise Group by 1.1% during the first quarter. First Trust Direct Indexing L.P. now owns 17,483 shares of the utilities provider’s stock valued at $1,167,000 after buying an additional 183 shares in the last quarter. United Community Bank grew its stake in Public Service Enterprise Group by 12.9% during the first quarter. United Community Bank now owns 1,616 shares of the utilities provider’s stock worth $108,000 after buying an additional 185 shares during the period. Signaturefd LLC increased its position in shares of Public Service Enterprise Group by 2.3% in the fourth quarter. Signaturefd LLC now owns 8,495 shares of the utilities provider’s stock worth $519,000 after acquiring an additional 187 shares in the last quarter. Finally, Spire Wealth Management increased its position in shares of Public Service Enterprise Group by 3.6% in the fourth quarter. Spire Wealth Management now owns 5,479 shares of the utilities provider’s stock worth $321,000 after acquiring an additional 189 shares in the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PEG. Royal Bank of Canada lifted their target price on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the company an “outperform” rating in a report on Monday, July 15th. 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. Guggenheim upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 target price for the company in a research note on Monday, June 17th. Barclays boosted their price target on Public Service Enterprise Group from $71.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. Finally, Morgan Stanley decreased their price target on Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating for the company in a report on Monday, June 24th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Public Service Enterprise Group currently has a consensus rating of “Moderate Buy” and an average price target of $74.17.

Public Service Enterprise Group Stock Up 1.0 %

Shares of PEG traded up $0.71 during trading on Friday, reaching $74.64. The company’s stock had a trading volume of 2,242,419 shares, compared to its average volume of 2,881,651. The company has a market cap of $37.18 billion, a price-to-earnings ratio of 20.68, a P/E/G ratio of 2.95 and a beta of 0.59. The company has a quick ratio of 0.62, a current ratio of 0.79 and a debt-to-equity ratio of 1.19. The company has a fifty day moving average of $74.16 and a two-hundred day moving average of $67.19. Public Service Enterprise Group Incorporated has a twelve month low of $53.71 and a twelve month high of $77.46.

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

Public Service Enterprise Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $2.40 annualized dividend and a dividend yield of 3.22%. Public Service Enterprise Group’s payout ratio is 66.48%.

Insider Transactions at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,374 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was 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 of the company’s stock, valued at $10,500,172.15. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.57% of the company’s stock.

About Public Service Enterprise Group

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.