Comerica Bank Cuts Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Comerica Bank decreased its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 7.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 137,257 shares of the utilities provider’s stock after selling 10,598 shares during the period. Comerica Bank’s holdings in Public Service Enterprise Group were worth $9,166,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its stake in shares of Public Service Enterprise Group by 4.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 415,315 shares of the utilities provider’s stock worth $25,397,000 after purchasing an additional 17,838 shares in the last quarter. Jennison Associates LLC increased its position in shares of Public Service Enterprise Group by 79.9% during the fourth quarter. Jennison Associates LLC now owns 895,450 shares of the utilities provider’s stock worth $54,757,000 after purchasing an additional 397,606 shares in the last quarter. TD Asset Management Inc lifted its holdings in Public Service Enterprise Group by 16.6% in the 4th quarter. TD Asset Management Inc now owns 376,900 shares of the utilities provider’s stock valued at $23,047,000 after purchasing an additional 53,577 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of 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 worth $10,545,000 after buying an additional 169,425 shares in the last quarter. Finally, Reaves W H & Co. Inc. raised its position in shares of Public Service Enterprise Group by 4.2% in the fourth quarter. Reaves W H & Co. Inc. now owns 904,228 shares of the utilities provider’s stock valued at $55,294,000 after buying an additional 36,745 shares during the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.

Public Service Enterprise Group Trading Down 1.5 %

Shares of PEG traded down $1.18 during midday trading on Friday, hitting $78.57. 1,253,467 shares of the stock were exchanged, compared to its average volume of 2,836,936. Public Service Enterprise Group Incorporated has a 52-week low of $53.71 and a 52-week high of $81.89. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.62 and a current ratio of 0.79. The stock has a fifty day simple moving average of $74.65 and a 200 day simple moving average of $68.11. The firm has a market cap of $39.14 billion, a P/E ratio of 22.08, a P/E/G ratio of 3.15 and a beta of 0.59.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.01). The firm had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.78% and a net margin of 16.12%. Public Service Enterprise Group’s revenue was up .1% on a year-over-year basis. During the same period in the previous year, the company posted $0.70 EPS. On average, research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend is Monday, September 9th. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 66.48%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PEG. Royal Bank of Canada upped their price objective on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the company an “outperform” rating in a research note on Monday, July 15th. BMO Capital Markets boosted their price objective on Public Service Enterprise Group from $69.00 to $74.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 3rd. Scotiabank dropped their target price on Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating for the company in a report on Monday, April 22nd. Bank of America upped their price objective on shares of Public Service Enterprise Group from $73.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Finally, Mizuho lifted their target price on shares of Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $74.17.

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.