IQ EQ FUND MANAGEMENT IRELAND Ltd Sells 2,950 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Key Points

• IQ EQ FUND MANAGEMENT IRELAND Ltd sold 2,950 shares of Public Service Enterprise Group, reducing its holdings by 3.8%, leaving the fund with 75,008 shares valued at approximately $6.17 million.
• Multiple institutional investors increased their stakes in Public Service Enterprise Group, with Invesco Ltd. boosting its position by 10.2% and now holding over $551 million worth of shares.
• The company recently declared a $0.63 quarterly dividend, with a dividend yield of 2.8%, to be paid to shareholders of record on September 9th.

IQ EQ FUND MANAGEMENT IRELAND Ltd trimmed its position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 3.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 75,008 shares of the utilities provider's stock after selling 2,950 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd's holdings in Public Service Enterprise Group were worth $6,173,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of PEG. Commonwealth Equity Services LLC lifted its holdings in shares of Public Service Enterprise Group by 2.8% in the 1st quarter. Commonwealth Equity Services LLC now owns 278,956 shares of the utilities provider's stock valued at $22,958,000 after buying an additional 7,634 shares during the period. Blair William & Co. IL raised its position in Public Service Enterprise Group by 11.4% in the first quarter. Blair William & Co. IL now owns 25,581 shares of the utilities provider's stock worth $2,105,000 after acquiring an additional 2,609 shares in the last quarter. Liberty Wealth Management LLC lifted its holdings in Public Service Enterprise Group by 94.1% in the first quarter. Liberty Wealth Management LLC now owns 11,542 shares of the utilities provider's stock valued at $950,000 after acquiring an additional 5,596 shares during the period. SCP Investment LP acquired a new stake in Public Service Enterprise Group in the first quarter valued at $1,021,000. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Public Service Enterprise Group by 0.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 655,520 shares of the utilities provider's stock worth $53,949,000 after acquiring an additional 5,225 shares in the last quarter. Hedge funds and other institutional investors own 73.34% of the company's stock.

Insider Buying and Selling

In related 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 value of $115,287.44. Following the transaction, the chief executive officer owned 218,328 shares in the company, valued at $18,147,423.36. This trade represents a 0.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.19% of the stock is owned by company insiders.

Public Service Enterprise Group Trading Down 2.6%

Public Service Enterprise Group stock traded down $2.26 during midday trading on Wednesday, reaching $85.91. The stock had a trading volume of 4,023,333 shares, compared to its average volume of 2,493,037. The firm's fifty day simple moving average is $83.18 and its two-hundred day simple moving average is $82.24. Public Service Enterprise Group Incorporated has a twelve month low of $74.67 and a twelve month high of $95.22. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.82 and a quick ratio of 0.65. The firm has a market cap of $42.87 billion, a price-to-earnings ratio of 21.69, a PEG ratio of 3.16 and a beta of 0.45.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.07. The business had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.49 billion. Public Service Enterprise Group had a net margin of 17.78% and a return on equity of 12.17%. Public Service Enterprise Group's revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.63 EPS. Equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be issued a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 2.9%. The ex-dividend date is Tuesday, September 9th. Public Service Enterprise Group's dividend payout ratio (DPR) is 68.85%.

Analysts Set New Price Targets

PEG has been the subject of several research reports. Barclays cut their price objective on Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating for the company in a research report on Thursday, July 10th. BMO Capital Markets upped their price target on shares of Public Service Enterprise Group from $84.00 to $89.00 and gave the stock a "market perform" rating in a research report on Wednesday. Guggenheim decreased their price target on shares of Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Evercore ISI decreased 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 research report on Thursday, May 1st. Finally, UBS Group increased their price target on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $90.95.

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.