Illinois Municipal Retirement Fund Cuts Stake in Public Service Enterprise Group Incorporated $PEG

Illinois Municipal Retirement Fund reduced its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 22.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 86,877 shares of the utilities provider’s stock after selling 24,906 shares during the period. Illinois Municipal Retirement Fund’s holdings in Public Service Enterprise Group were worth $7,251,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Empowered Funds LLC raised its position in Public Service Enterprise Group by 10.3% in the 1st quarter. Empowered Funds LLC now owns 10,103 shares of the utilities provider’s stock worth $831,000 after purchasing an additional 940 shares during the period. Woodline Partners LP grew its stake in shares of Public Service Enterprise Group by 40.7% during the first quarter. Woodline Partners LP now owns 42,093 shares of the utilities provider’s stock valued at $3,464,000 after buying an additional 12,172 shares during the last quarter. CWM LLC increased its holdings in shares of Public Service Enterprise Group by 7.5% in the second quarter. CWM LLC now owns 17,969 shares of the utilities provider’s stock worth $1,513,000 after buying an additional 1,253 shares during the period. MGO One Seven LLC lifted its stake in shares of Public Service Enterprise Group by 6.6% in the 2nd quarter. MGO One Seven LLC now owns 7,390 shares of the utilities provider’s stock valued at $622,000 after acquiring an additional 456 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its stake in shares of Public Service Enterprise Group by 2.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 15,779 shares of the utilities provider’s stock valued at $1,328,000 after acquiring an additional 369 shares during the last quarter. 73.34% of the stock is currently owned by institutional investors.

Public Service Enterprise Group Price Performance

PEG opened at $86.12 on Friday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.69 and a current ratio of 0.93. The stock has a market capitalization of $42.99 billion, a PE ratio of 20.70, a price-to-earnings-growth ratio of 2.73 and a beta of 0.59. The stock’s 50 day moving average price is $80.22 and its 200-day moving average price is $82.07. Public Service Enterprise Group Incorporated has a 52-week low of $74.67 and a 52-week high of $91.25.

Public Service Enterprise Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 10th were given a dividend of $0.63 per share. The ex-dividend date was Wednesday, December 10th. This represents a $2.52 annualized dividend and a dividend yield of 2.9%. Public Service Enterprise Group’s payout ratio is currently 60.58%.

Analyst Ratings Changes

Several research firms recently issued reports on PEG. Jefferies Financial Group upgraded Public Service Enterprise Group from a “hold” rating to a “buy” rating and raised their price target for the stock from $89.00 to $90.00 in a research report on Thursday, November 6th. LADENBURG THALM/SH SH raised Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $87.50 price objective for the company in a research note on Wednesday, January 7th. BTIG Research started coverage on shares of Public Service Enterprise Group in a report on Wednesday, October 22nd. They issued a “buy” rating and a $98.00 target price on the stock. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $85.00 target price (down from $88.00) on shares of Public Service Enterprise Group in a research note on Thursday, January 22nd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Public Service Enterprise Group in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $90.96.

Public Service Enterprise Group 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.