Bank Julius Baer & Co. Ltd Zurich Sells 243,882 Shares of Public Service Enterprise Group Incorporated $PEG

Key Points

• Bank Julius Baer & Co. Zurich cut its PSEG stake by 99.7%, selling 243,882 shares in the third quarter and retaining 676 shares worth about $46,000.
• PSEG reported quarterly earnings of $1.15 per share, below the $1.19 consensus, while revenue of $3.02 billion also missed estimates and declined 6.4% year over year.
• Analysts’ average rating is Hold, with an average price target of $79.32; seven analysts rate the stock Buy and 11 rate it Hold.

Bank Julius Baer & Co. Ltd Zurich decreased its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 99.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 676 shares of the utilities provider's stock after selling 243,882 shares during the quarter. Bank Julius Baer & Co. Ltd Zurich's holdings in Public Service Enterprise Group were worth $46,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Community Financial Services Group LLC acquired a new position in shares of Public Service Enterprise Group in the 2nd quarter valued at $25,000. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Public Service Enterprise Group in the 2nd quarter valued at approximately $26,000. Elevation Wealth Partners LLC raised its stake in shares of Public Service Enterprise Group by 240.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 344 shares of the utilities provider's stock valued at $28,000 after acquiring an additional 243 shares during the period. Aberdeen Wealth Management LLC acquired a new position in shares of Public Service Enterprise Group in the 2nd quarter worth approximately $32,000. Finally, James T. Borello RIA purchased a new position in shares of Public Service Enterprise Group during the 3rd quarter worth approximately $27,000. Institutional investors and hedge funds own 73.34% of the company's stock.

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 2,083 shares of the business's stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $73.60, for a total transaction of $153,308.80. Following the transaction, the chief executive officer owned 276,487 shares in the company, valued at approximately $20,349,443.20. The trade was a 0.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Richard T. Thigpen sold 8,000 shares of the business's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $74.56, for a total transaction of $596,480.00. Following the sale, the senior vice president owned 20,970 shares in the company, valued at $1,563,523.20. The trade was a 27.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 12,166 shares of company stock valued at $890,350. Corporate insiders own 0.19% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on PEG. Wells Fargo & Company dropped their target price on Public Service Enterprise Group from $89.00 to $87.00 and set an "overweight" rating for the company in a research report on Tuesday. Royal Bank Of Canada reduced their price target on shares of Public Service Enterprise Group from $81.00 to $76.00 in a research report on Monday, October 26th. BMO Capital Markets lowered their price objective on shares of Public Service Enterprise Group from $79.00 to $77.00 and set a "market perform" rating for the company in a research note on Thursday, October 22nd. Scotiabank dropped their price objective on shares of Public Service Enterprise Group from $92.00 to $77.00 and set a "sector perform" rating for the company in a report on Wednesday, September 30th. Finally, The Goldman Sachs Group cut their target price on shares of Public Service Enterprise Group from $86.00 to $83.00 in a research note on Thursday, October 15th. Seven equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, Public Service Enterprise Group presently has an average rating of "Hold" and an average target price of $79.32.

Public Service Enterprise Group Stock Performance

Shares of PEG opened at $73.08 on Friday. The stock has a 50 day moving average price of $71.20 and a 200 day moving average price of $77.93. The company has a quick ratio of 0.67, a current ratio of 1.01 and a debt-to-equity ratio of 1.39. The company has a market capitalization of $36.43 billion, a price-to-earnings ratio of 17.11, a price-to-earnings-growth ratio of 2.51 and a beta of 0.48. Public Service Enterprise Group Incorporated has a 52-week low of $66.15 and a 52-week high of $87.63.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its earnings results on Monday, November 2nd. The utilities provider reported $1.15 EPS for the quarter, missing analysts' consensus estimates of $1.19 by ($0.04). Public Service Enterprise Group had a return on equity of 12.40% and a net margin of 14.31%. The firm had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3.19 billion. During the same quarter last year, the firm posted $1.13 EPS. The firm's revenue for the quarter was down 6.4% on a year-over-year basis. Research analysts predict that Public Service Enterprise Group Incorporated will post 4.37 EPS for the current fiscal year.

Public Service Enterprise Group Profile

Public Service Enterprise Group Incorporated NYSE: PEG, commonly known as PSEG, is an energy company headquartered in Newark, New Jersey. Through its subsidiaries, the company is primarily involved in electric and natural gas utility operations, power generation, and related energy services.

Public Service Electric & Gas Company (PSE&G), PSEG's principal utility subsidiary, serves residential, commercial, and industrial customers throughout New Jersey. Its activities include the transmission and distribution of electricity, the distribution of natural gas, energy-efficiency programs, and infrastructure modernization.

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