Bank of New York Mellon Corp Sells 76,218 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Bank of New York Mellon Corp reduced its position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 2.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,166,938 shares of the utilities provider's stock after selling 76,218 shares during the period. Bank of New York Mellon Corp owned about 0.64% of Public Service Enterprise Group worth $260,639,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. World Investment Advisors raised its holdings in Public Service Enterprise Group by 4.7% in the 1st quarter. World Investment Advisors now owns 53,494 shares of the utilities provider's stock worth $4,403,000 after acquiring an additional 2,406 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in Public Service Enterprise Group during the 1st quarter valued at $110,000. Capital Investment Advisory Services LLC bought a new stake in shares of Public Service Enterprise Group in the first quarter worth $201,000. Argyle Capital Management LLC grew its holdings in shares of Public Service Enterprise Group by 12.4% in the first quarter. Argyle Capital Management LLC now owns 4,525 shares of the utilities provider's stock worth $372,000 after acquiring an additional 500 shares during the period. Finally, Tilson Financial Group Inc. grew its holdings in shares of Public Service Enterprise Group by 18.6% in the first quarter. Tilson Financial Group Inc. now owns 14,509 shares of the utilities provider's stock worth $1,194,000 after acquiring an additional 2,280 shares during the period. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PEG. Wall Street Zen lowered Public Service Enterprise Group from a "hold" rating to a "sell" rating in a report on Thursday, May 1st. LADENBURG THALM/SH SH lowered Public Service Enterprise Group from a "buy" rating to a "neutral" rating and set a $82.50 price objective for the company. in a report on Wednesday, March 19th. Guggenheim cut their price objective on Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Barclays cut their price objective on Public Service Enterprise Group from $84.00 to $83.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Finally, BMO Capital Markets reduced their price objective on Public Service Enterprise Group from $86.00 to $83.00 and set a "market perform" rating for the company in a research note on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Public Service Enterprise Group currently has a consensus rating of "Hold" and an average target price of $89.46.

Public Service Enterprise Group Price Performance

Shares of Public Service Enterprise Group stock traded down $1.34 during trading hours on Tuesday, hitting $80.95. The company's stock had a trading volume of 236,425 shares, compared to its average volume of 2,770,560. The business has a 50 day moving average price of $80.46 and a two-hundred day moving average price of $82.22. Public Service Enterprise Group Incorporated has a 12-month low of $73.72 and a 12-month high of $95.22. The company has a market cap of $40.40 billion, a PE ratio of 22.12, a PEG ratio of 2.91 and a beta of 0.48. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.65 and a current ratio of 0.82.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.43 EPS for the quarter, meeting the consensus estimate of $1.43. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.15 billion. Public Service Enterprise Group had a return on equity of 11.80% and a net margin of 17.01%. The business's revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.31 earnings per share. Analysts expect that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 9th were given a dividend of $0.63 per share. The ex-dividend date was Monday, June 9th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.11%. Public Service Enterprise Group's payout ratio is 68.85%.

Insider Buying and Selling at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,387 shares of the firm's 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 completion of the transaction, the chief executive officer 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 document filed with the SEC, which is available at the SEC website. 0.19% of the stock is currently owned by 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.