Oppenheimer Asset Management Inc. Reduces Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Oppenheimer Asset Management Inc. lowered its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEGGet Rating) by 28.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,513 shares of the utilities provider’s stock after selling 1,824 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Public Service Enterprise Group were worth $316,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. State Street Corp raised its position in Public Service Enterprise Group by 0.8% during the 4th quarter. State Street Corp now owns 28,379,042 shares of the utilities provider’s stock valued at $1,893,733,000 after purchasing an additional 219,401 shares in the last quarter. Capital Research Global Investors raised its position in Public Service Enterprise Group by 24.0% during the 4th quarter. Capital Research Global Investors now owns 22,864,793 shares of the utilities provider’s stock valued at $1,525,768,000 after purchasing an additional 4,425,830 shares in the last quarter. Geode Capital Management LLC raised its position in Public Service Enterprise Group by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 9,626,846 shares of the utilities provider’s stock valued at $640,751,000 after purchasing an additional 133,384 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Public Service Enterprise Group by 8.3% in the 4th quarter. JPMorgan Chase & Co. now owns 8,329,900 shares of the utilities provider’s stock worth $555,855,000 after acquiring an additional 640,728 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Public Service Enterprise Group by 4.7% in the 4th quarter. Invesco Ltd. now owns 4,833,329 shares of the utilities provider’s stock worth $322,529,000 after acquiring an additional 218,068 shares in the last quarter. Hedge funds and other institutional investors own 71.01% of the company’s stock.

Insider Activity

In related news, COO Ralph A. Larossa sold 1,054 shares of Public Service Enterprise Group stock in a transaction on Monday, August 1st. The shares were sold at an average price of $65.76, for a total value of $69,311.04. Following the sale, the chief operating officer now owns 61,259 shares of the company’s stock, valued at approximately $4,028,391.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Ralph Izzo sold 9,883 shares of Public Service Enterprise Group stock in a transaction on Monday, August 1st. The shares were sold at an average price of $65.58, for a total value of $648,127.14. Following the sale, the chief executive officer now owns 441,613 shares of the company’s stock, valued at approximately $28,960,980.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Ralph A. Larossa sold 1,054 shares of Public Service Enterprise Group stock in a transaction on Monday, August 1st. The shares were sold at an average price of $65.76, for a total transaction of $69,311.04. Following the completion of the sale, the chief operating officer now directly owns 61,259 shares in the company, valued at approximately $4,028,391.84. The disclosure for this sale can be found here. Insiders sold a total of 22,274 shares of company stock valued at $1,446,725 in the last three months. 0.55% of the stock is currently owned by corporate insiders.

Public Service Enterprise Group Stock Performance

PEG opened at $64.01 on Tuesday. Public Service Enterprise Group Incorporated has a 12-month low of $58.19 and a 12-month high of $75.61. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 1.23. The firm has a market capitalization of $31.93 billion, a PE ratio of -32.66, a P/E/G ratio of 5.92 and a beta of 0.55. The firm has a 50 day moving average of $64.23 and a two-hundred day moving average of $66.49.

Public Service Enterprise Group (NYSE:PEGGet Rating) last posted its quarterly earnings results on Tuesday, August 2nd. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.01). Public Service Enterprise Group had a positive return on equity of 13.25% and a negative net margin of 10.59%. The business had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $1.78 billion. During the same period in the prior year, the business posted $0.70 earnings per share. The business’s quarterly revenue was up 10.8% compared to the same quarter last year. On average, analysts anticipate that Public Service Enterprise Group Incorporated will post 3.48 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 9th will be issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 3.37%. The ex-dividend date is Thursday, September 8th. Public Service Enterprise Group’s dividend payout ratio (DPR) is -110.20%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PEG shares. Wells Fargo & Company reduced their price target on Public Service Enterprise Group from $65.00 to $64.00 and set an “overweight” rating for the company in a research report on Wednesday, August 3rd. TheStreet lowered Public Service Enterprise Group from a “b” rating to a “c” rating in a research report on Monday, June 13th. Barclays reduced their price target on Public Service Enterprise Group from $75.00 to $66.00 and set an “equal weight” rating for the company in a research report on Monday, July 18th. Mizuho reduced their price target on Public Service Enterprise Group from $73.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, July 12th. Finally, StockNews.com lowered Public Service Enterprise Group from a “hold” rating to a “sell” rating in a research report on Monday, August 29th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Public Service Enterprise Group currently has a consensus rating of “Moderate Buy” and an average target price of $69.64.

About Public Service Enterprise Group

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Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid-Atlantic United States. It operates through two segments, PSE&G and PSEG Power. The PSE&G segment transmits electricity; distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs.

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Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

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