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

Allspring Global Investments Holdings LLC trimmed its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 37.7% during the first quarter, according to the company in its most recent disclosure 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 period. Allspring Global Investments Holdings LLC's holdings in Public Service Enterprise Group were worth $18,238,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Transce3nd LLC acquired a new stake in Public Service Enterprise Group in the 4th quarter valued at about $25,000. Chapman Financial Group LLC acquired a new position in Public Service Enterprise Group during the fourth quarter worth approximately $25,000. REAP Financial Group LLC increased its position in Public Service Enterprise Group by 105.9% during the fourth quarter. REAP Financial Group LLC now owns 315 shares of the utilities provider's stock worth $27,000 after buying an additional 162 shares during the last quarter. OFI Invest Asset Management acquired a new stake in shares of Public Service Enterprise Group in the fourth quarter valued at approximately $39,000. Finally, Optiver Holding B.V. acquired a new stake in shares of Public Service Enterprise Group in the fourth quarter valued at approximately $50,000. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Ralph A. Larossa sold 1,387 shares of Public Service Enterprise Group stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $83.12, for a total transaction of $115,287.44. Following the transaction, 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 Securities & Exchange Commission, which is accessible through the SEC website. 0.19% of the stock is owned by insiders.

Public Service Enterprise Group Price Performance

Shares of PEG stock traded up $0.47 on Friday, hitting $81.69. 2,018,416 shares of the company's stock were exchanged, compared to its average volume of 2,782,448. The company has a 50 day moving average of $80.43 and a 200 day moving average of $82.25. The stock has a market cap of $40.76 billion, a P/E ratio of 22.32, a price-to-earnings-growth ratio of 2.91 and a beta of 0.48. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.82 and a quick ratio of 0.65. 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 issued its earnings results on Wednesday, April 30th. The utilities provider reported $1.43 earnings per share for the quarter, meeting analysts' consensus estimates of $1.43. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.15 billion. Public Service Enterprise Group had a net margin of 17.01% and a return on equity of 11.80%. The company's quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the business posted $1.31 earnings per share. On average, equities research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

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

Analyst Ratings Changes

PEG has been the subject of a number of research analyst reports. Wall Street Zen cut shares of Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research report on Thursday, May 1st. Morgan Stanley cut their target price 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. Evercore ISI decreased their price target on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Barclays lowered their price target on shares of Public Service Enterprise Group from $84.00 to $83.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 8th. Finally, Guggenheim reduced their price objective on 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. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $89.54.

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.