Bank of America Corp DE Has $231.35 Million Holdings in Public Service Enterprise Group Inc. (PEG)

Bank of America Corp DE trimmed its stake in Public Service Enterprise Group Inc. (NYSE:PEG) by 16.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,273,203 shares of the utilities provider’s stock after selling 867,137 shares during the quarter. Bank of America Corp DE owned 0.85% of Public Service Enterprise Group worth $231,352,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Wells Fargo & Company MN lifted its stake in Public Service Enterprise Group by 3.6% during the first quarter. Wells Fargo & Company MN now owns 2,768,255 shares of the utilities provider’s stock valued at $139,077,000 after purchasing an additional 97,141 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Public Service Enterprise Group by 4,473.3% during the first quarter. Victory Capital Management Inc. now owns 365,774 shares of the utilities provider’s stock valued at $18,376,000 after purchasing an additional 357,776 shares during the last quarter. D.A. Davidson & CO. acquired a new stake in Public Service Enterprise Group during the first quarter valued at approximately $224,000. ING Groep NV acquired a new stake in Public Service Enterprise Group during the first quarter valued at approximately $1,179,000. Finally, Aperio Group LLC raised its holdings in shares of Public Service Enterprise Group by 1.2% during the first quarter. Aperio Group LLC now owns 486,244 shares of the utilities provider’s stock valued at $24,429,000 after acquiring an additional 5,770 shares during the period. 68.45% of the stock is currently owned by institutional investors and hedge funds.

A number of research firms have recently issued reports on PEG. Mizuho restated a “hold” rating and set a $50.00 price target on shares of Public Service Enterprise Group in a report on Monday, August 6th. Goldman Sachs Group lowered shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and cut their price target for the company from $55.00 to $53.00 in a report on Thursday, July 19th. Morgan Stanley boosted their price target on shares of Public Service Enterprise Group from $57.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, July 16th. ValuEngine lowered shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating in a report on Tuesday, July 10th. Finally, Citigroup boosted their price target on shares of Public Service Enterprise Group from $53.00 to $54.00 and gave the company a “neutral” rating in a report on Monday, July 9th. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $52.83.

PEG stock opened at $53.71 on Friday. Public Service Enterprise Group Inc. has a 52-week low of $45.05 and a 52-week high of $54.50. The company has a current ratio of 0.71, a quick ratio of 0.52 and a debt-to-equity ratio of 0.88. The company has a market cap of $26.66 billion, a PE ratio of 18.33, a PEG ratio of 2.86 and a beta of 0.32.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Wednesday, August 1st. The utilities provider reported $0.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.01. The firm had revenue of $2.02 billion for the quarter, compared to analyst estimates of $2.37 billion. Public Service Enterprise Group had a net margin of 23.69% and a return on equity of 11.03%. During the same quarter in the prior year, the business earned $0.62 EPS. equities research analysts anticipate that Public Service Enterprise Group Inc. will post 3.09 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 7th will be paid a $0.45 dividend. The ex-dividend date is Thursday, September 6th. This represents a $1.80 annualized dividend and a yield of 3.35%. Public Service Enterprise Group’s dividend payout ratio is presently 61.43%.

In other Public Service Enterprise Group news, Chairman Ralph Izzo sold 20,833 shares of the company’s stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $50.60, for a total value of $1,054,149.80. Following the transaction, the chairman now owns 557,716 shares in the company, valued at approximately $28,220,429.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In the last quarter, insiders sold 91,495 shares of company stock worth $4,797,012. Company insiders own 0.58% of the company’s stock.

Public Service Enterprise Group Company Profile

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 Power. The PSE&G segment transmits electricity; and 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 to customers.

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

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