Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by M&T Bank Corp

M&T Bank Corp lessened its position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 11.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,123 shares of the utilities provider's stock after selling 4,228 shares during the period. M&T Bank Corp's holdings in Public Service Enterprise Group were worth $2,808,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in PEG. Norges Bank bought a new position in shares of Public Service Enterprise Group during the fourth quarter valued at $445,005,000. Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Public Service Enterprise Group by 604.5% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,004,100 shares of the utilities provider's stock worth $169,404,000 after buying an additional 1,719,614 shares during the last quarter. Schroder Investment Management Group grew its holdings in shares of Public Service Enterprise Group by 234.1% during the fourth quarter. Schroder Investment Management Group now owns 2,117,411 shares of the utilities provider's stock valued at $178,900,000 after buying an additional 1,483,662 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Public Service Enterprise Group by 476.9% during 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 buying an additional 759,873 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Public Service Enterprise Group by 151.2% during the 4th quarter. Russell Investments Group Ltd. now owns 1,064,829 shares of the utilities provider's stock worth $89,967,000 after buying an additional 640,949 shares in the last quarter. Institutional investors and hedge funds own 73.34% of the company's stock.

Insider Buying and Selling

In related news, CEO Ralph A. Larossa sold 1,387 shares of Public Service Enterprise Group 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 sale, the chief executive officer directly owned 218,328 shares in the company, valued at approximately $18,147,423.36. This trade represents a 0.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.19% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PEG has been the subject of several research reports. LADENBURG THALM/SH SH downgraded Public Service Enterprise Group from a "buy" rating to a "neutral" rating and set a $82.50 price objective for the company. in a research report on Wednesday, March 19th. Morgan Stanley decreased their target price on Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating for the company in a research report on Wednesday, June 18th. Evercore ISI cut their target price on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Barclays lowered their target price 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 note on Thursday, July 10th. Finally, Wall Street Zen upgraded shares of Public Service Enterprise Group from a "sell" rating to a "hold" rating in a report on Saturday. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Public Service Enterprise Group currently has a consensus rating of "Moderate Buy" and an average price target of $89.38.

Public Service Enterprise Group Trading Down 1.4%

Shares of PEG traded down $1.15 on Tuesday, reaching $81.85. 3,387,233 shares of the company's stock were exchanged, compared to its average volume of 2,771,286. The stock has a market capitalization of $40.84 billion, a P/E ratio of 22.36, a price-to-earnings-growth ratio of 2.96 and a beta of 0.48. 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 current ratio of 0.82, a quick ratio of 0.65 and a debt-to-equity ratio of 1.25. The business has a 50 day moving average price of $80.72 and a two-hundred day moving average price of $82.11.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its earnings results on Wednesday, April 30th. The utilities provider reported $1.43 EPS for the quarter, hitting 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 net margin of 17.01% and a return on equity of 11.80%. The firm's revenue was up 16.7% compared to the same quarter last year. During the same period last year, the company earned $1.31 EPS. 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 business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 9th were paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date was Monday, June 9th. Public Service Enterprise Group's dividend payout ratio (DPR) is presently 68.85%.

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.