National Bank of Canada FI Sells 117,356 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Key Points

• National Bank of Canada FI reduced its stake in Public Service Enterprise Group (NYSE:PEG) by 20%, selling 117,356 shares but still holds approximately 468,778 shares valued at $38.58 million.
• Analysts have mixed opinions on PEG, with target prices ranging from $82.00 to $103.00, leading to an average rating of "Hold".
• The company announced a quarterly dividend of $0.63 per share, representing an annualized yield of 2.9%, payable on September 30th.

National Bank of Canada FI lowered its position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 20.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 468,778 shares of the utilities provider's stock after selling 117,356 shares during the period. National Bank of Canada FI owned about 0.09% of Public Service Enterprise Group worth $38,579,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. lifted its stake in Public Service Enterprise Group by 6.2% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 47,659 shares of the utilities provider's stock worth $3,922,000 after purchasing an additional 2,803 shares in the last quarter. Sowell Financial Services LLC purchased a new stake in shares of Public Service Enterprise Group during the 1st quarter valued at about $298,000. Exchange Traded Concepts LLC raised its position in shares of Public Service Enterprise Group by 12.7% during the 1st quarter. Exchange Traded Concepts LLC now owns 3,977 shares of the utilities provider's stock valued at $327,000 after buying an additional 447 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Public Service Enterprise Group by 4.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 90,126 shares of the utilities provider's stock valued at $7,417,000 after buying an additional 3,601 shares in the last quarter. Finally, Vontobel Holding Ltd. purchased a new stake in Public Service Enterprise Group in the 1st quarter worth about $329,000. Institutional investors own 73.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PEG shares. Barclays reduced their price objective on shares of 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. Evercore ISI dropped their target price on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. 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. BMO Capital Markets upped their target price on shares of Public Service Enterprise Group from $84.00 to $89.00 and gave the stock a "market perform" rating in a research note on Wednesday. Finally, Guggenheim dropped their target price 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. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $90.95.

Insider Activity

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,387 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 218,328 shares in the company, valued at $18,147,423.36. This trade represents a 0.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.19% of the company's stock.

Public Service Enterprise Group Price Performance

NYSE PEG opened at $87.70 on Friday. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.65 and a current ratio of 1.00. The firm's 50 day moving average price is $83.63 and its 200-day moving average price is $82.20. Public Service Enterprise Group Incorporated has a 52-week low of $74.67 and a 52-week high of $95.22. The company has a market cap of $43.77 billion, a PE ratio of 22.15, a P/E/G ratio of 3.05 and a beta of 0.45.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.07. Public Service Enterprise Group had a net margin of 17.78% and a return on equity of 12.08%. The firm had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.49 billion. During the same period last year, the firm earned $0.63 earnings per share. The company's quarterly revenue was up 15.8% on a year-over-year basis. Sell-side analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS 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 paid a dividend of $0.63 per share. The ex-dividend date is Tuesday, September 9th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.9%. Public Service Enterprise Group's dividend payout ratio (DPR) is currently 63.64%.

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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