Maryland State Retirement & Pension System Sells 3,316 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Key Points

• Maryland State Retirement & Pension System reduced its stake in Public Service Enterprise Group by 12.5%, owning 23,311 shares valued at $1,918,000 as of its latest SEC filing.
• Public Service Enterprise Group reported $0.77 earnings per share for the latest quarter, exceeding expectations, with a revenue of $2.81 billion and a year-over-year revenue increase of 15.8%.
• The company announced a quarterly dividend of $0.63 per share, translating to a 2.9% dividend yield, with the ex-dividend date set for September 9th.

Maryland State Retirement & Pension System cut its position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 12.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,311 shares of the utilities provider's stock after selling 3,316 shares during the quarter. Maryland State Retirement & Pension System's holdings in Public Service Enterprise Group were worth $1,918,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. boosted 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 valued at $3,922,000 after purchasing an additional 2,803 shares during the period. Sowell Financial Services LLC acquired a new position in Public Service Enterprise Group in the 1st quarter valued at $298,000. Exchange Traded Concepts LLC raised its holdings in Public Service Enterprise Group by 12.7% in the 1st quarter. Exchange Traded Concepts LLC now owns 3,977 shares of the utilities provider's stock valued at $327,000 after acquiring an additional 447 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Public Service Enterprise Group by 4.2% in 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 acquiring an additional 3,601 shares in the last quarter. Finally, Vontobel Holding Ltd. acquired a new position in Public Service Enterprise Group in the 1st quarter valued at $329,000. 73.34% of the stock is currently owned by institutional investors.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,387 shares of the company's stock in a transaction dated 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 owned 218,328 shares of the company's stock, valued at $18,147,423.36. This represents a 0.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.19% of the stock is currently owned by insiders.

Public Service Enterprise Group Price Performance

Shares of Public Service Enterprise Group stock traded down $0.90 during trading on Wednesday, reaching $86.94. 942,498 shares of the company's stock were exchanged, compared to its average volume of 2,883,262. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.76 and a current ratio of 1.00. Public Service Enterprise Group Incorporated has a 1-year low of $74.67 and a 1-year high of $95.22. The company has a market cap of $43.39 billion, a P/E ratio of 21.97, a PEG ratio of 3.01 and a beta of 0.45. The firm's 50-day moving average price is $83.84 and its 200 day moving average price is $82.19.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last issued its earnings results on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.70 by $0.07. Public Service Enterprise Group had a return on equity of 12.08% and a net margin of 17.78%. The business had revenue of $2.81 billion during the quarter, compared to analysts' expectations of $2.49 billion. During the same quarter in the prior year, the firm earned $0.63 EPS. The business's revenue for the quarter was up 15.8% compared to the same quarter last year. As a group, research 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 company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 9th. Public Service Enterprise Group's dividend payout ratio is presently 63.64%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Morgan Stanley dropped their price objective 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. Barclays dropped their price objective 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 objective 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. Wall Street Zen cut Public Service Enterprise Group from a "hold" rating to a "sell" rating in a report on Sunday, July 20th. Finally, Evercore ISI dropped their price objective on Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, Public Service Enterprise Group has an average 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.