Magellan Asset Management Ltd Trims Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Key Points

• Magellan Asset Management Ltd has reduced its holdings in Public Service Enterprise Group Incorporated by 1.9%, now owning 322,701 shares valued at approximately $26.56 million.
• The company recently declared a quarterly dividend of $0.63 per share, with an annualized yield of 2.9%, set to be paid on September 30th.
• Public Service Enterprise Group reported a net revenue increase of 15.8% year-over-year, along with earnings per share of $0.77, exceeding the consensus estimate by $0.07.

Magellan Asset Management Ltd trimmed its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 1.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 322,701 shares of the utilities provider's stock after selling 6,414 shares during the quarter. Magellan Asset Management Ltd owned about 0.06% of Public Service Enterprise Group worth $26,558,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Centre Asset Management LLC raised its stake in Public Service Enterprise Group by 3.2% during the 1st quarter. Centre Asset Management LLC now owns 3,933 shares of the utilities provider's stock worth $324,000 after acquiring an additional 121 shares during the period. FourThought Financial Partners LLC lifted its position in shares of Public Service Enterprise Group by 2.8% during the first quarter. FourThought Financial Partners LLC now owns 4,588 shares of the utilities provider's stock worth $378,000 after purchasing an additional 127 shares during the last quarter. Oregon Public Employees Retirement Fund raised its holdings in shares of Public Service Enterprise Group by 0.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 42,803 shares of the utilities provider's stock valued at $3,523,000 after acquiring an additional 130 shares in the last quarter. Apella Capital LLC raised its holdings in Public Service Enterprise Group by 2.7% in the first quarter. Apella Capital LLC now owns 5,418 shares of the utilities provider's stock worth $443,000 after purchasing an additional 144 shares in the last quarter. Finally, Net Worth Advisory Group grew its stake in shares of Public Service Enterprise Group by 5.6% during the first quarter. Net Worth Advisory Group now owns 2,809 shares of the utilities provider's stock worth $231,000 after acquiring an additional 148 shares during the last quarter. Hedge funds and other institutional investors own 73.34% of the company's stock.

Insider Activity at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,387 shares of Public Service Enterprise Group stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $83.12, for a total transaction of $115,287.44. Following the transaction, the chief executive officer directly owned 218,328 shares of the company's stock, valued at $18,147,423.36. The trade was a 0.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.19% of the company's stock.

Public Service Enterprise Group Stock Performance

Public Service Enterprise Group stock opened at $87.70 on Friday. The stock's 50-day moving average is $83.63 and its 200-day moving average is $82.20. The company has a market cap of $43.77 billion, a price-to-earnings ratio of 22.15, a price-to-earnings-growth ratio of 3.05 and a beta of 0.45. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.00 and a quick ratio of 0.65. Public Service Enterprise Group Incorporated has a 12 month low of $74.67 and a 12 month high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.07. The company had revenue of $2.81 billion during 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 12.08%. 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 company earned $0.63 earnings per share. Equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis 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 (DPR) is 63.64%.

Analyst Upgrades and Downgrades

Several research firms 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 on the stock in a research report on Wednesday, June 18th. Guggenheim reduced their price target on Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Barclays dropped their target price 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. UBS Group upped their target price on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Finally, BMO Capital Markets boosted their target price on Public Service Enterprise Group from $84.00 to $89.00 and gave the stock a "market perform" rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Public Service Enterprise Group currently has an average rating of "Hold" and an average 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.

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