Putnam Investments LLC Trims Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Putnam Investments LLC trimmed its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 8.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 53,840 shares of the utilities provider’s stock after selling 4,718 shares during the quarter. Putnam Investments LLC’s holdings in Public Service Enterprise Group were worth $3,362,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Aspire Private Capital LLC bought a new stake in Public Service Enterprise Group during the first quarter worth about $15,721,538,000. Cranbrook Wealth Management LLC bought a new stake in shares of Public Service Enterprise Group in the 1st quarter valued at about $25,000. Ahrens Investment Partners LLC bought a new stake in shares of Public Service Enterprise Group in the 1st quarter valued at about $31,000. ICA Group Wealth Management LLC bought a new stake in shares of Public Service Enterprise Group in the 4th quarter valued at about $31,000. Finally, Clear Street Markets LLC bought a new stake in shares of Public Service Enterprise Group in the 4th quarter valued at about $31,000. 72.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Ralph A. Larossa sold 8,074 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $64.45, for a total transaction of $520,369.30. Following the sale, the chief executive officer now owns 115,306 shares of the company’s stock, valued at $7,431,471.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 4,168 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $63.01, for a total value of $262,625.68. Following the sale, the chief executive officer now owns 122,572 shares of the company’s stock, valued at $7,723,261.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ralph A. Larossa sold 8,074 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $64.45, for a total transaction of $520,369.30. Following the transaction, the chief executive officer now directly owns 115,306 shares in the company, valued at approximately $7,431,471.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,442 shares of company stock valued at $795,147. Corporate insiders own 0.57% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. UBS Group downgraded Public Service Enterprise Group from a “buy” rating to a “neutral” rating and reduced their price target for the company from $70.00 to $66.00 in a report on Monday, August 14th. StockNews.com began coverage on Public Service Enterprise Group in a report on Thursday, August 17th. They set a “hold” rating on the stock. JPMorgan Chase & Co. upped their target price on Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, August 17th. Royal Bank of Canada reduced their target price on Public Service Enterprise Group from $70.00 to $69.00 and set an “outperform” rating on the stock in a report on Wednesday, September 6th. Finally, Morgan Stanley reduced their target price on Public Service Enterprise Group from $66.00 to $62.00 and set an “overweight” rating on the stock in a report on Wednesday, August 23rd. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.38.

Public Service Enterprise Group Price Performance

NYSE PEG opened at $61.35 on Monday. The firm’s fifty day simple moving average is $61.71 and its two-hundred day simple moving average is $61.66. The company has a current ratio of 0.67, a quick ratio of 0.52 and a debt-to-equity ratio of 1.09. Public Service Enterprise Group Incorporated has a 12-month low of $52.51 and a 12-month high of $66.75. The firm has a market capitalization of $30.62 billion, a P/E ratio of 11.03, a P/E/G ratio of 3.26 and a beta of 0.58.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Tuesday, August 1st. The utilities provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.09. The firm had revenue of $2.42 billion for the quarter, compared to analyst estimates of $1.95 billion. Public Service Enterprise Group had a net margin of 23.99% and a return on equity of 12.64%. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.64 earnings per share. Analysts forecast that Public Service Enterprise Group Incorporated will post 3.45 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 8th will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date is Thursday, September 7th. Public Service Enterprise Group’s dividend payout ratio is currently 41.01%.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in Mid-Atlantic United States. The company operates through 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.