Legacy Private Trust Co. Cuts Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Legacy Private Trust Co. lowered its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 15.7% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 28,727 shares of the utilities provider's stock after selling 5,360 shares during the period. Legacy Private Trust Co.'s holdings in Public Service Enterprise Group were worth $2,364,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in PEG. Norges Bank bought a new stake in Public Service Enterprise Group during the fourth quarter worth about $445,005,000. Raymond James Financial Inc. bought a new stake in shares of Public Service Enterprise Group during the fourth quarter valued at approximately $376,209,000. Jennison Associates LLC grew its stake in shares of Public Service Enterprise Group by 125.3% during the fourth quarter. Jennison Associates LLC now owns 3,384,803 shares of the utilities provider's stock valued at $285,982,000 after purchasing an additional 1,882,667 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its stake in Public Service Enterprise Group by 604.5% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,004,100 shares of the utilities provider's stock valued at $169,404,000 after acquiring an additional 1,719,614 shares during the last quarter. Finally, Schroder Investment Management Group boosted its stake in Public Service Enterprise Group by 234.1% in the fourth quarter. Schroder Investment Management Group now owns 2,117,411 shares of the utilities provider's stock valued at $178,900,000 after acquiring an additional 1,483,662 shares during the last quarter. Institutional investors and hedge funds own 73.34% of the company's stock.

Public Service Enterprise Group Price Performance

NYSE PEG traded up $0.83 during trading on Tuesday, hitting $82.73. 1,593,581 shares of the stock traded hands, compared to its average volume of 2,775,896. The company has a market capitalization of $41.28 billion, a P/E ratio of 20.33, a price-to-earnings-growth ratio of 2.78 and a beta of 0.48. The firm has a 50-day simple moving average of $80.30 and a 200-day simple moving average of $83.58. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. Public Service Enterprise Group Incorporated has a 12-month low of $71.89 and a 12-month high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.43 earnings per share (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 10.70% and a net margin of 19.48%. Public Service Enterprise Group's revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.31 EPS. As a group, analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 9th will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date is Monday, June 9th. Public Service Enterprise Group's dividend payout ratio is currently 68.85%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. LADENBURG THALM/SH SH lowered shares of Public Service Enterprise Group from a "buy" rating to a "neutral" rating and set a $82.50 target price on the stock. in a report on Wednesday, March 19th. Wall Street Zen downgraded shares of Public Service Enterprise Group from a "hold" rating to a "sell" rating in a report on Thursday, May 1st. Bank of America dropped their target price on shares of Public Service Enterprise Group from $95.00 to $92.00 and set a "buy" rating for the company in a research report on Monday, March 3rd. Wells Fargo & Company reduced their price objective on shares of Public Service Enterprise Group from $100.00 to $95.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 26th. Finally, 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 report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $89.63.

Insider Buying and Selling

In related news, CEO Ralph A. Larossa sold 1,378 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $79.26, for a total value of $109,220.28. Following the completion of the sale, the chief executive officer now owns 221,093 shares of the company's stock, valued at approximately $17,523,831.18. The trade was a 0.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.19% of the stock is owned by company insiders.

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.