Prudential PLC Sells 3,572 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Key Points

• Prudential PLC reduced its stake in Public Service Enterprise Group by 1.7%, holding 202,099 shares valued at approximately $16.63 million as of its latest SEC filing.
• Public Service Enterprise Group recently reported quarterly earnings of $0.77 per share, exceeding estimates and reflecting a 15.8% year-over-year increase in revenue.
• The company declared a quarterly dividend of $0.63 per share, representing a 2.9% yield with a payout ratio of 63.64% for investors of record on September 9th.

Prudential PLC reduced its position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 1.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 202,099 shares of the utilities provider's stock after selling 3,572 shares during the quarter. Prudential PLC's holdings in Public Service Enterprise Group were worth $16,633,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PEG. Vanguard Group Inc. lifted its holdings in shares of Public Service Enterprise Group by 4.9% during the first quarter. Vanguard Group Inc. now owns 63,761,676 shares of the utilities provider's stock valued at $5,247,586,000 after acquiring an additional 2,986,646 shares during the period. Northern Trust Corp lifted its holdings in shares of Public Service Enterprise Group by 6.1% during the fourth quarter. Northern Trust Corp now owns 5,807,124 shares of the utilities provider's stock valued at $490,644,000 after acquiring an additional 335,135 shares during the period. Capital Research Global Investors lifted its holdings in shares of Public Service Enterprise Group by 0.3% during the fourth quarter. Capital Research Global Investors now owns 4,756,965 shares of the utilities provider's stock valued at $401,916,000 after acquiring an additional 15,332 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Public Service Enterprise Group by 15.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,997,028 shares of the utilities provider's stock valued at $337,709,000 after acquiring an additional 542,671 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Public Service Enterprise Group by 1.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,061,714 shares of the utilities provider's stock valued at $251,979,000 after acquiring an additional 31,631 shares during the period. 73.34% of the stock is owned by institutional investors.

Public Service Enterprise Group Trading Down 1.7%

Shares of Public Service Enterprise Group stock traded down $1.46 during trading on Friday, hitting $85.34. 2,922,549 shares of the company were exchanged, compared to its average volume of 2,581,507. The firm has a market capitalization of $42.59 billion, a P/E ratio of 21.55, a price-to-earnings-growth ratio of 3.02 and a beta of 0.45. Public Service Enterprise Group Incorporated has a 1-year low of $74.67 and a 1-year high of $95.22. The firm's fifty day moving average price is $84.23 and its 200 day moving average price is $82.29. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.00 and a quick ratio of 0.76.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its earnings results on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.07. The company had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.49 billion. Public Service Enterprise Group had a return on equity of 12.08% and a net margin of 17.78%. The company's revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.63 EPS. As a group, sell-side analysts expect that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be given a $0.63 dividend. The ex-dividend date is Tuesday, September 9th. This represents a $2.52 annualized dividend and a dividend yield of 3.0%. Public Service Enterprise Group's payout ratio is currently 63.64%.

Insider Activity

In related 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 value of $115,287.44. Following the completion of the transaction, the chief executive officer directly owned 218,328 shares in the company, valued at approximately $18,147,423.36. The trade was a 0.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.19% of the company's stock.

Analyst Upgrades and Downgrades

PEG has been the subject of a number of research analyst reports. Morgan Stanley cut their price target on Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, June 18th. Wall Street Zen cut Public Service Enterprise Group from a "hold" rating to a "sell" rating in a report on Sunday, July 20th. Barclays cut 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 report on Thursday, July 10th. BMO Capital Markets lifted their price target on Public Service Enterprise Group from $84.00 to $89.00 and gave the company a "market perform" rating in a report on Wednesday, August 6th. Finally, UBS Group lifted their price target on Public Service Enterprise Group from $97.00 to $103.00 and gave the company a "buy" rating in a report on Friday, July 25th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target 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.