Envestnet Asset Management Inc. Cuts Position in Public Service Enterprise Group Incorporated $PEG

Envestnet Asset Management Inc. trimmed its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 22.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 782,721 shares of the utilities provider’s stock after selling 230,955 shares during the period. Envestnet Asset Management Inc. owned approximately 0.16% of Public Service Enterprise Group worth $65,326,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Atlantic Union Bankshares Corp increased its position in Public Service Enterprise Group by 9.2% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 3,239 shares of the utilities provider’s stock valued at $270,000 after buying an additional 273 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Public Service Enterprise Group by 29.9% during the third quarter. Jones Financial Companies Lllp now owns 13,972 shares of the utilities provider’s stock valued at $1,150,000 after acquiring an additional 3,213 shares in the last quarter. Mutual Advisors LLC increased its holdings in shares of Public Service Enterprise Group by 249.7% during the third quarter. Mutual Advisors LLC now owns 13,163 shares of the utilities provider’s stock valued at $1,089,000 after acquiring an additional 9,399 shares in the last quarter. Transcend Capital Advisors LLC raised its position in shares of Public Service Enterprise Group by 2.6% in the 3rd quarter. Transcend Capital Advisors LLC now owns 4,916 shares of the utilities provider’s stock worth $410,000 after purchasing an additional 125 shares during the last quarter. Finally, Independent Advisor Alliance boosted its stake in Public Service Enterprise Group by 7.4% in the 3rd quarter. Independent Advisor Alliance now owns 10,966 shares of the utilities provider’s stock worth $915,000 after purchasing an additional 751 shares in the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Barclays reduced their price objective on shares of Public Service Enterprise Group from $87.00 to $81.00 and set an “equal weight” rating for the company in a research note on Thursday, January 22nd. UBS Group cut their price target on shares of Public Service Enterprise Group from $105.00 to $98.00 and set a “buy” rating on the stock in a report on Wednesday, December 17th. Weiss Ratings restated a “buy (b)” rating on shares of Public Service Enterprise Group in a report on Monday, December 29th. LADENBURG THALM/SH SH upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $87.50 target price on the stock in a research note on Wednesday, January 7th. Finally, BMO Capital Markets reduced their target price on Public Service Enterprise Group from $85.00 to $83.00 and set a “market perform” rating for the company in a report on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Public Service Enterprise Group currently has an average rating of “Moderate Buy” and a consensus price target of $90.96.

Public Service Enterprise Group Trading Up 1.1%

NYSE:PEG opened at $80.68 on Monday. The company has a current ratio of 0.93, a quick ratio of 0.69 and a debt-to-equity ratio of 1.27. Public Service Enterprise Group Incorporated has a 12 month low of $74.67 and a 12 month high of $91.25. The company has a market cap of $40.27 billion, a PE ratio of 19.39, a price-to-earnings-growth ratio of 2.60 and a beta of 0.59. The company has a 50 day simple moving average of $79.90 and a two-hundred day simple moving average of $82.12.

Public Service Enterprise Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 10th were issued a $0.63 dividend. The ex-dividend date of this dividend was Wednesday, December 10th. This represents a $2.52 dividend on an annualized basis and a yield of 3.1%. Public Service Enterprise Group’s dividend payout ratio is currently 60.58%.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group (NYSE: PEG) is a diversified energy company that operates primarily in New Jersey. Its core businesses include a regulated utility that delivers electric and natural gas service to residential, commercial and industrial customers, as well as generation and energy services operations that participate in wholesale power markets. The company’s activities encompass transmission and distribution, power generation operations, and related energy infrastructure services.

The regulated utility arm, Public Service Electric and Gas Company (PSE&G), is responsible for owning and maintaining electric and gas networks, connecting customers, performing meter and billing services, and managing system reliability and storm response.