Quarry LP Sells 5,393 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Quarry LP reduced its stake in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 79.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,428 shares of the utilities provider's stock after selling 5,393 shares during the quarter. Quarry LP's holdings in Public Service Enterprise Group were worth $121,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new stake in shares of Public Service Enterprise Group in the fourth quarter worth $445,005,000. Raymond James Financial Inc. bought a new stake in Public Service Enterprise Group in the 4th quarter valued at $376,209,000. Jennison Associates LLC grew its position in Public Service Enterprise Group by 125.3% in the 4th quarter. Jennison Associates LLC now owns 3,384,803 shares of the utilities provider's stock worth $285,982,000 after purchasing an additional 1,882,667 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Public Service Enterprise Group by 604.5% during 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 purchasing an additional 1,719,614 shares during the period. Finally, Schroder Investment Management Group raised its position 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. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of the business's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $79.26, for a total transaction of $109,220.28. Following the completion of the transaction, the chief executive officer now directly owns 221,093 shares in the company, valued at approximately $17,523,831.18. The trade was a 0.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 4,134 shares of company stock worth $337,941 over the last 90 days. Insiders own 0.19% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PEG. Morgan Stanley boosted their price target on Public Service Enterprise Group from $96.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, March 20th. Barclays cut their target price on Public Service Enterprise Group from $84.00 to $83.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Guggenheim decreased their price target on shares of Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating on the stock in a research note on Thursday. Evercore ISI dropped their price objective on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating for the company in a research note on Thursday. Finally, Wells Fargo & Company decreased their target price on shares of Public Service Enterprise Group from $100.00 to $95.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $88.81.

Public Service Enterprise Group Price Performance

PEG stock traded up $0.86 during midday trading on Friday, reaching $79.52. 2,203,339 shares of the company's stock traded hands, compared to its average volume of 2,714,129. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. The company has a market cap of $39.65 billion, a price-to-earnings ratio of 19.54, a PEG ratio of 2.78 and a beta of 0.52. The company has a 50-day simple moving average of $81.20 and a two-hundred day simple moving average of $84.91. Public Service Enterprise Group Incorporated has a 1-year low of $69.71 and a 1-year high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.43. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The business had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.15 billion. During the same period in the previous year, the business posted $1.31 earnings per share. The firm's revenue for the quarter was up 16.7% compared to the same quarter last year. On average, analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 9th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 3.17%. The ex-dividend date is Monday, June 9th. Public Service Enterprise Group's dividend payout ratio is 71.19%.

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.