Invesco Ltd. Cuts Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Key Points

• Invesco Ltd. has reduced its stake in Public Service Enterprise Group (NYSE:PEG) by 22.4%, selling 1,460,115 shares to hold approximately 1.02% of the company.
• Public Service Enterprise Group reported earnings of $0.77 per share for the last quarter, surpassing expectations, with a revenue of $2.81 billion, up 15.8% year-over-year.
• The company announced a quarterly dividend of $0.63 per share, with an upcoming ex-dividend date on September 9th, representing a 2.9% yield.

Invesco Ltd. reduced its position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 22.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,065,190 shares of the utilities provider's stock after selling 1,460,115 shares during the quarter. Invesco Ltd. owned 1.02% of Public Service Enterprise Group worth $416,865,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Sterling Capital Management LLC increased its holdings in shares of Public Service Enterprise Group by 55.4% in the 4th quarter. Sterling Capital Management LLC now owns 29,703 shares of the utilities provider's stock valued at $2,510,000 after acquiring an additional 10,588 shares during the period. Rockefeller Capital Management L.P. raised its stake in Public Service Enterprise Group by 3.7% in the fourth quarter. Rockefeller Capital Management L.P. now owns 202,743 shares of the utilities provider's stock valued at $17,122,000 after buying an additional 7,179 shares during the last quarter. Townsquare Capital LLC grew its stake in shares of Public Service Enterprise Group by 91.7% during the fourth quarter. Townsquare Capital LLC now owns 9,586 shares of the utilities provider's stock worth $810,000 after acquiring an additional 4,585 shares during the last quarter. Sagespring Wealth Partners LLC purchased a new position in shares of Public Service Enterprise Group in the 4th quarter valued at approximately $825,000. Finally, Advisors Capital Management LLC raised its position in shares of Public Service Enterprise Group by 4.9% in the 4th quarter. Advisors Capital Management LLC now owns 12,419 shares of the utilities provider's stock valued at $1,049,000 after purchasing an additional 585 shares during the last quarter. Institutional investors own 73.34% of the company's stock.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,387 shares of the company's 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 completion of the sale, the chief executive officer directly owned 218,328 shares of the company's stock, valued at $18,147,423.36. This represents a 0.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.19% of the company's stock.

Public Service Enterprise Group Stock Down 1.0%

NYSE:PEG traded down $0.85 during midday trading on Thursday, reaching $86.82. The company had a trading volume of 1,452,815 shares, compared to its average volume of 2,883,527. 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 capitalization of $43.33 billion, a price-to-earnings ratio of 21.92, a PEG ratio of 3.06 and a beta of 0.45. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 1.30. The stock's fifty day simple moving average is $83.98 and its 200-day simple moving average is $82.23.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The utilities provider reported $0.77 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.07. The business had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.49 billion. Public Service Enterprise Group had a return on equity of 12.08% and a net margin of 17.78%. The business's revenue for the quarter was up 15.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.63 earnings per share. On average, sell-side analysts anticipate 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 firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 9th. Public Service Enterprise Group's dividend payout ratio is currently 63.64%.

Wall Street Analysts Forecast Growth

PEG has been the topic of a number of recent analyst reports. Guggenheim cut their price target on shares of Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Barclays cut their target price on Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 10th. BMO Capital Markets lifted their price target on Public Service Enterprise Group from $84.00 to $89.00 and gave the stock a "market perform" rating in a research report on Wednesday, August 6th. Morgan Stanley dropped their price target on Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 18th. Finally, Evercore ISI decreased their target price on 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. One investment analyst has rated the stock with a sell rating, five have assigned 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 an average rating of "Hold" and a consensus price target of $90.95.

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.