Jennison Associates LLC Cuts Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Jennison Associates LLC lowered its stake in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 41.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,975,626 shares of the utilities provider's stock after selling 1,409,177 shares during the period. Jennison Associates LLC owned 0.40% of Public Service Enterprise Group worth $162,594,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in PEG. Parallel Advisors LLC boosted its holdings in Public Service Enterprise Group by 20.7% in the fourth quarter. Parallel Advisors LLC now owns 3,809 shares of the utilities provider's stock valued at $322,000 after acquiring an additional 652 shares in the last quarter. Signaturefd LLC boosted its holdings in Public Service Enterprise Group by 5.1% in the fourth quarter. Signaturefd LLC now owns 7,661 shares of the utilities provider's stock valued at $647,000 after acquiring an additional 369 shares in the last quarter. Axxcess Wealth Management LLC lifted its position in Public Service Enterprise Group by 4.9% during the fourth quarter. Axxcess Wealth Management LLC now owns 7,457 shares of the utilities provider's stock valued at $630,000 after buying an additional 346 shares during the period. Horizon Investments LLC lifted its position in Public Service Enterprise Group by 1.8% during the fourth quarter. Horizon Investments LLC now owns 8,995 shares of the utilities provider's stock valued at $760,000 after buying an additional 155 shares during the period. Finally, Generali Asset Management SPA SGR purchased a new position in Public Service Enterprise Group during the fourth quarter valued at $2,859,000. Institutional investors own 73.34% of the company's stock.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,387 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $83.12, for a total transaction of $115,287.44. Following the completion of the transaction, the chief executive officer owned 218,328 shares in the company, valued at $18,147,423.36. The trade was a 0.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.19% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have commented on PEG. Morgan Stanley lowered their price objective on Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating for the company in a research report on Wednesday, June 18th. Barclays lowered their price target 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. Wall Street Zen lowered Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research report on Sunday. UBS Group raised Public Service Enterprise Group from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $86.00 to $97.00 in a research report on Monday, July 7th. Finally, BMO Capital Markets lowered their price target on Public Service Enterprise Group from $86.00 to $83.00 and set a "market perform" rating for the company in a research report on Thursday, April 10th. 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 stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $89.86.

Public Service Enterprise Group Stock Performance

Public Service Enterprise Group stock traded up $1.56 during midday trading on Friday, hitting $84.31. The stock had a trading volume of 3,009,323 shares, compared to its average volume of 2,774,131. The firm's fifty day moving average is $80.98 and its two-hundred day moving average is $82.08. The company has a market capitalization of $42.07 billion, a PE ratio of 23.04, a P/E/G ratio of 3.02 and a beta of 0.48. Public Service Enterprise Group Incorporated has a 52-week low of $73.83 and a 52-week high of $95.22. 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 posted its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.43 earnings per share for the quarter, hitting the consensus estimate of $1.43. Public Service Enterprise Group had a return on equity of 11.80% and a net margin of 17.01%. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.15 billion. During the same period in the prior year, the company posted $1.31 EPS. The firm's revenue for the quarter was up 16.7% compared to the same quarter last year. On average, research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 9th were given a $0.63 dividend. The ex-dividend date was Monday, June 9th. This represents a $2.52 dividend on an annualized basis and a yield of 2.99%. Public Service Enterprise Group's dividend payout ratio is presently 68.85%.

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.