Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by Applied Finance Capital Management LLC

Key Points

• Applied Finance Capital Management LLC reduced its stake in Public Service Enterprise Group by 48.5% in the first quarter, selling 135,152 shares and now holding 143,380 shares valued at $11.8 million.
• Public Service Enterprise Group's stock is currently trading at $87.66 with a market capitalization of $43.74 billion, and has experienced a 52-week range with a low of $74.20 and a high of $95.22.
• The company announced a quarterly dividend of $0.63 per share with a dividend yield of 2.87%, payable on September 30th, reflecting a payout ratio of 68.85%.

Applied Finance Capital Management LLC reduced its position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 48.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 143,380 shares of the utilities provider's stock after selling 135,152 shares during the quarter. Applied Finance Capital Management LLC's holdings in Public Service Enterprise Group were worth $11,800,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Transce3nd LLC acquired a new position in Public Service Enterprise Group in the 4th quarter valued at $25,000. Chapman Financial Group LLC acquired a new stake in shares of Public Service Enterprise Group in the 4th quarter worth $25,000. REAP Financial Group LLC increased its stake in shares of Public Service Enterprise Group by 105.9% in the 4th quarter. REAP Financial Group LLC now owns 315 shares of the utilities provider's stock worth $27,000 after acquiring an additional 162 shares during the last quarter. Optiver Holding B.V. acquired a new stake in shares of Public Service Enterprise Group in the 4th quarter worth $50,000. Finally, Nemes Rush Group LLC acquired a new stake in shares of Public Service Enterprise Group in the 4th quarter worth $53,000. 73.34% of the stock is owned by institutional investors and hedge funds.

Public Service Enterprise Group Trading Up 0.5%

Public Service Enterprise Group stock traded up $0.48 during midday trading on Wednesday, reaching $89.09. 742,540 shares of the stock traded hands, compared to its average volume of 2,886,771. The company has a 50-day simple moving average of $82.12 and a two-hundred day simple moving average of $82.15. Public Service Enterprise Group Incorporated has a 12-month low of $74.67 and a 12-month high of $95.22. The firm has a market cap of $44.45 billion, a PE ratio of 24.35, a price-to-earnings-growth ratio of 3.12 and a beta of 0.48. The company has a current ratio of 0.82, a quick ratio of 0.65 and a debt-to-equity ratio of 1.25.

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

Public Service Enterprise Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date is Tuesday, September 9th. Public Service Enterprise Group's dividend payout ratio is currently 68.85%.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,387 shares of the stock in a transaction dated Tuesday, July 1st. The stock was 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 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 document filed with the Securities & Exchange Commission, which is available at this link. 0.19% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PEG has been the subject of a number of recent research reports. Wall Street Zen downgraded Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research note on Sunday, July 20th. Guggenheim cut their target price on Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. UBS Group raised their target price on Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Barclays cut their target price on Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating for the company in a research note on Thursday, July 10th. Finally, Morgan Stanley cut their target price 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, five have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $90.50.

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.