Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by Allianz SE

Key Points

• Allianz SE reduced its stake in Public Service Enterprise Group by 71.7%, selling 9,710 shares and now holding 3,830 shares valued at $315,000.
• Public Service Enterprise Group announced a quarterly dividend of $0.63, which will be paid on September 30th, representing a 2.8% yield.
• Analysts have mixed ratings for PEG, with one sell rating, five holds, and six buys, with an average target price of $90.50.

Allianz SE trimmed its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 71.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,830 shares of the utilities provider's stock after selling 9,710 shares during the quarter. Allianz SE's holdings in Public Service Enterprise Group were worth $315,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Centre Asset Management LLC increased its holdings in Public Service Enterprise Group by 3.2% in the 1st quarter. Centre Asset Management LLC now owns 3,933 shares of the utilities provider's stock valued at $324,000 after purchasing an additional 121 shares during the last quarter. FourThought Financial Partners LLC boosted its position in shares of Public Service Enterprise Group by 2.8% during the first quarter. FourThought Financial Partners LLC now owns 4,588 shares of the utilities provider's stock worth $378,000 after buying an additional 127 shares during the period. Oregon Public Employees Retirement Fund grew its stake in shares of Public Service Enterprise Group by 0.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 42,803 shares of the utilities provider's stock valued at $3,523,000 after buying an additional 130 shares in the last quarter. Apella Capital LLC raised its holdings in shares of Public Service Enterprise Group by 2.7% in the 1st quarter. Apella Capital LLC now owns 5,418 shares of the utilities provider's stock valued at $443,000 after buying an additional 144 shares during the period. Finally, Net Worth Advisory Group raised its holdings in shares of Public Service Enterprise Group by 5.6% in the 1st quarter. Net Worth Advisory Group now owns 2,809 shares of the utilities provider's stock valued at $231,000 after buying an additional 148 shares during the period. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,387 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $83.12, for a total value of $115,287.44. Following the transaction, the chief executive officer directly owned 218,328 shares of the company's stock, valued at $18,147,423.36. This trade represents a 0.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.19% of the company's stock.

Public Service Enterprise Group Stock Down 2.6%

NYSE:PEG traded down $2.26 during trading hours on Wednesday, hitting $85.91. The company's stock had a trading volume of 4,023,333 shares, compared to its average volume of 2,493,037. Public Service Enterprise Group Incorporated has a 52-week low of $74.67 and a 52-week high of $95.22. The company has a current ratio of 0.82, a quick ratio of 0.65 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $42.87 billion, a P/E ratio of 21.69, a price-to-earnings-growth ratio of 3.16 and a beta of 0.45. The stock has a fifty day moving average of $83.18 and a 200-day moving average of $82.24.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.07. Public Service Enterprise Group had a return on equity of 12.17% and a net margin of 17.78%. The business had revenue of $2.81 billion during the quarter, compared to analysts' expectations of $2.49 billion. During the same period in the prior year, the firm posted $0.63 EPS. The business's quarterly revenue was up 15.8% compared to the same quarter last year. On average, equities analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be issued a $0.63 dividend. The ex-dividend date is Tuesday, September 9th. This represents a $2.52 annualized dividend and a dividend yield of 2.9%. Public Service Enterprise Group's dividend payout ratio is presently 68.85%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Evercore ISI dropped their target price on Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Guggenheim dropped their price objective on shares of Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Wall Street Zen downgraded shares of Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research note on Sunday, July 20th. Barclays reduced their target price on shares of Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating on the stock in a report on Thursday, July 10th. Finally, Morgan Stanley dropped their price target on shares of Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating for the company in a research note on Wednesday, June 18th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Public Service Enterprise Group presently has a consensus rating of "Hold" and an average price target of $90.95.

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.