RWC Asset Management LLP Trims Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Key Points

• RWC Asset Management LLP has reduced its holdings in Public Service Enterprise Group by 6.7%, now owning 205,273 shares valued at approximately $16.89 million.
• Analyst ratings show mixed sentiments, with one sell, five hold, and six buy ratings, alongside varied price target adjustments from brokerages.
• The company recently announced a quarterly dividend of $0.63, reflecting a 2.87% yield and a payout ratio of 68.85%.

RWC Asset Management LLP lessened its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 6.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 205,273 shares of the utilities provider's stock after selling 14,694 shares during the quarter. RWC Asset Management LLP's holdings in Public Service Enterprise Group were worth $16,894,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in shares of Public Service Enterprise Group in the 4th quarter valued at $445,005,000. Schroder Investment Management Group increased its holdings in shares of Public Service Enterprise Group by 234.1% in the 4th 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 period. Assenagon Asset Management S.A. increased its holdings in shares of Public Service Enterprise Group by 476.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 919,218 shares of the utilities provider's stock valued at $75,652,000 after acquiring an additional 759,873 shares during the period. Russell Investments Group Ltd. increased its holdings in shares of Public Service Enterprise Group by 151.2% in the 4th quarter. Russell Investments Group Ltd. now owns 1,064,829 shares of the utilities provider's stock valued at $89,967,000 after acquiring an additional 640,949 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Public Service Enterprise Group by 10.2% in the 4th quarter. Invesco Ltd. now owns 6,525,305 shares of the utilities provider's stock valued at $551,323,000 after acquiring an additional 604,978 shares during the period. 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 the business's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $83.12, for a total value of $115,287.44. Following the sale, the chief executive officer directly owned 218,328 shares in the company, valued at $18,147,423.36. The trade was a 0.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.19% of the stock is owned by corporate insiders.

Public Service Enterprise Group Price Performance

Shares of NYSE:PEG traded down $0.56 on Monday, reaching $87.02. 1,866,004 shares of the company were exchanged, compared to its average volume of 2,318,761. 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 Incorporated has a 1-year low of $74.67 and a 1-year high of $95.22. The firm has a market cap of $43.42 billion, a price-to-earnings ratio of 23.78, a price-to-earnings-growth ratio of 3.14 and a beta of 0.48. The company has a 50-day moving average of $81.93 and a 200-day moving average of $82.10.

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 analysts' consensus estimates of $1.43. Public Service Enterprise Group had a net margin of 17.01% and a return on equity of 11.80%. The business had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.15 billion. During the same period in the prior year, the company posted $1.31 EPS. The business's revenue for the quarter was up 16.7% on a year-over-year basis. Equities analysts forecast 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 of this dividend is Tuesday, September 9th. This represents a $2.52 annualized dividend and a dividend yield of 2.90%. Public Service Enterprise Group's dividend payout ratio is presently 68.85%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Evercore ISI cut 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 report on Thursday, May 1st. Guggenheim cut 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 report on Thursday, May 1st. Wall Street Zen cut shares of Public Service Enterprise Group from a "hold" rating to a "sell" rating in a report on Sunday, July 20th. UBS Group boosted their price objective on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the company a "buy" rating in a research note on Friday. Finally, Morgan Stanley dropped their price objective on shares of Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 18th. One investment 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. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $90.50.

About Public Service Enterprise Group

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.