Allspring Global Investments Holdings LLC Sells 132,375 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Allspring Global Investments Holdings LLC reduced its stake in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 37.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 219,052 shares of the utilities provider's stock after selling 132,375 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Public Service Enterprise Group were worth $18,238,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Norges Bank bought a new stake in shares of Public Service Enterprise Group during the 4th quarter worth $445,005,000. Raymond James Financial Inc. bought a new stake in shares of Public Service Enterprise Group in the fourth quarter valued at $376,209,000. Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of Public Service Enterprise Group by 604.5% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,004,100 shares of the utilities provider's stock valued at $169,404,000 after buying an additional 1,719,614 shares during the last quarter. Schroder Investment Management Group lifted its position in shares of Public Service Enterprise Group by 234.1% during the 4th quarter. Schroder Investment Management Group now owns 2,117,411 shares of the utilities provider's stock valued at $178,900,000 after buying an additional 1,483,662 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in shares of Public Service Enterprise Group by 476.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 919,218 shares of the utilities provider's stock worth $75,652,000 after acquiring an additional 759,873 shares during the period. 73.34% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. BMO Capital Markets dropped their price objective on shares of Public Service Enterprise Group from $86.00 to $83.00 and set a "market perform" rating on the stock in a report on Thursday, April 10th. Evercore ISI cut their price objective on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Wall Street Zen lowered shares of Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research note on Thursday, May 1st. LADENBURG THALM/SH SH cut shares of Public Service Enterprise Group from a "buy" rating to a "neutral" rating and set a $82.50 price target on the stock. in a report on Wednesday, March 19th. Finally, Morgan Stanley dropped their price objective on 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 research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $89.54.

Public Service Enterprise Group Trading Up 0.6%

Shares of NYSE PEG traded up $0.47 during midday trading on Friday, hitting $81.69. 2,018,416 shares of the company traded hands, compared to its average volume of 2,779,335. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.65 and a current ratio of 0.82. The stock has a 50-day moving average price of $80.43 and a 200 day moving average price of $82.25. The firm has a market cap of $40.76 billion, a P/E ratio of 22.32, a P/E/G ratio of 2.91 and a beta of 0.48. Public Service Enterprise Group Incorporated has a 12-month low of $73.72 and a 12-month high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its earnings results on Wednesday, April 30th. The utilities provider reported $1.43 EPS for the quarter, hitting analysts' consensus estimates of $1.43. Public Service Enterprise Group had a return on equity of 11.80% and a net margin of 17.01%. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.15 billion. The company's quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.31 EPS. As a group, analysts expect that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 9th were paid a $0.63 dividend. The ex-dividend date of this dividend was Monday, June 9th. This represents a $2.52 annualized dividend and a yield of 3.09%. Public Service Enterprise Group's payout ratio is 68.85%.

Insiders Place Their Bets

In related news, CEO Ralph A. Larossa sold 1,387 shares of the business's 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 sale, the chief executive officer owned 218,328 shares in the company, valued at approximately $18,147,423.36. The trade was a 0.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.19% of the company's stock.

Public Service Enterprise Group 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.