First PREMIER Bank Sells 1,434 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

First PREMIER Bank lessened its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 2.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 59,053 shares of the utilities provider’s stock after selling 1,434 shares during the period. Public Service Enterprise Group accounts for approximately 1.2% of First PREMIER Bank’s holdings, making the stock its 24th biggest position. First PREMIER Bank’s holdings in Public Service Enterprise Group were worth $4,352,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. International Assets Investment Management LLC boosted its stake in Public Service Enterprise Group by 5,613.8% in the 4th quarter. International Assets Investment Management LLC now owns 172,443 shares of the utilities provider’s stock worth $10,545,000 after purchasing an additional 169,425 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in Public Service Enterprise Group by 73.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 13,495 shares of the utilities provider’s stock worth $825,000 after purchasing an additional 5,700 shares in the last quarter. Cerity Partners LLC boosted its stake in Public Service Enterprise Group by 74.2% in the 4th quarter. Cerity Partners LLC now owns 70,913 shares of the utilities provider’s stock worth $4,336,000 after purchasing an additional 30,214 shares in the last quarter. Louisiana State Employees Retirement System bought a new position in Public Service Enterprise Group in the 4th quarter worth about $1,841,000. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Public Service Enterprise Group by 8.7% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,375,387 shares of the utilities provider’s stock worth $84,105,000 after purchasing an additional 110,235 shares in the last quarter. Institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Performance

Shares of NYSE PEG traded down $0.09 during midday trading on Thursday, hitting $80.42. 2,153,784 shares of the company’s stock traded hands, compared to its average volume of 2,858,005. The firm has a fifty day moving average of $75.62 and a 200 day moving average of $69.57. The stock has a market capitalization of $40.06 billion, a price-to-earnings ratio of 22.28, a price-to-earnings-growth ratio of 2.97 and a beta of 0.59. Public Service Enterprise Group Incorporated has a 1 year low of $53.71 and a 1 year high of $81.89. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.46 and a current ratio of 0.65.

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

Public Service Enterprise Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be given a dividend of $0.60 per share. The ex-dividend date is Monday, September 9th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.98%. Public Service Enterprise Group’s dividend payout ratio is currently 66.48%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PEG. Mizuho boosted their target price on Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Guggenheim raised Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 target price for the company in a research report on Monday, June 17th. Scotiabank decreased their target price on Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating for the company in a research report on Monday, April 22nd. Morgan Stanley decreased their target price on Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating for the company in a research report on Monday, June 24th. Finally, Royal Bank of Canada boosted their target price on Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a research report on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Public Service Enterprise Group has a consensus rating of “Moderate Buy” and a consensus price target 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.