PGGM Investments Reduces Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

PGGM Investments trimmed its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 62.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,934 shares of the utilities provider’s stock after selling 15,018 shares during the quarter. PGGM Investments’ holdings in Public Service Enterprise Group were worth $597,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PEG. Norges Bank bought a new stake in shares of Public Service Enterprise Group in the 4th quarter worth about $215,074,000. Reaves W H & Co. Inc. raised its position in Public Service Enterprise Group by 73.9% in the 1st quarter. Reaves W H & Co. Inc. now owns 1,572,001 shares of the utilities provider’s stock worth $104,978,000 after purchasing an additional 667,773 shares during the period. Cohen & Steers Inc. lifted its stake in Public Service Enterprise Group by 23.6% in the fourth quarter. Cohen & Steers Inc. now owns 2,389,722 shares of the utilities provider’s stock worth $146,132,000 after purchasing an additional 455,693 shares during the last quarter. Zurich Insurance Group Ltd FI bought a new stake in Public Service Enterprise Group in the first quarter worth about $28,132,000. Finally, Yaupon Capital Management LP purchased a new position in shares of Public Service Enterprise Group during the first quarter valued at approximately $27,425,000. Institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Trading Down 1.2 %

Shares of NYSE PEG opened at $78.83 on Friday. Public Service Enterprise Group Incorporated has a 1-year low of $53.71 and a 1-year high of $81.89. The business has a fifty day moving average price of $74.72 and a 200 day moving average price of $68.30. The stock has a market capitalization of $39.27 billion, a P/E ratio of 21.84, a price-to-earnings-growth ratio of 2.97 and a beta of 0.59. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.65 and a quick ratio of 0.62.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.63 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.01). Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the previous year, the company posted $0.70 earnings per share. The business’s quarterly revenue was up .1% compared to the same quarter last year. Equities research analysts expect that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.04%. The ex-dividend date is Monday, September 9th. Public Service Enterprise Group’s dividend payout ratio is currently 66.48%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PEG. Guggenheim upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price target on the stock in a report on Monday, June 17th. Barclays increased their target price on Public Service Enterprise Group from $71.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Morgan Stanley lowered their target price on shares of Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating for the company in a research note on Monday, June 24th. Royal Bank of Canada raised their price target on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a research note on Monday, July 15th. Finally, Mizuho boosted their price objective on shares of Public Service Enterprise Group from $65.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Public Service Enterprise Group has a consensus rating of “Moderate Buy” and an average target price of $75.17.

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.