Envestnet Portfolio Solutions Inc. Cuts Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Envestnet Portfolio Solutions Inc. decreased its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 31.7% during the 1st quarter, Holdings Channel.com reports. The firm owned 15,410 shares of the utilities provider’s stock after selling 7,141 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Public Service Enterprise Group were worth $1,268,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Norges Bank purchased a new position in Public Service Enterprise Group in the fourth quarter valued at approximately $445,005,000. Raymond James Financial Inc. purchased a new position in Public Service Enterprise Group in the fourth quarter valued at approximately $376,209,000. Mitsubishi UFJ Trust & Banking Corp grew its stake in Public Service Enterprise Group by 604.5% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,004,100 shares of the utilities provider’s stock worth $169,404,000 after buying an additional 1,719,614 shares during the last quarter. Schroder Investment Management Group grew its stake in Public Service Enterprise Group by 234.1% during the 4th quarter. Schroder Investment Management Group now owns 2,117,411 shares of the utilities provider’s stock worth $178,900,000 after buying an additional 1,483,662 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in Public Service Enterprise Group by 476.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 919,218 shares of the utilities provider’s stock worth $75,652,000 after buying an additional 759,873 shares during the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Down 0.3%

PEG opened at $83.11 on Wednesday. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.82 and a quick ratio of 0.65. The business has a 50 day simple moving average of $80.34 and a 200-day simple moving average of $82.42. The stock has a market capitalization of $41.47 billion, a P/E ratio of 22.71, a P/E/G ratio of 2.99 and a beta of 0.48. Public Service Enterprise Group Incorporated has a 12 month low of $72.82 and a 12 month high of $95.22.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.43 earnings per share for the quarter, hitting the consensus estimate of $1.43. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.15 billion. Public Service Enterprise Group had a return on equity of 11.80% and a net margin of 17.01%. Public Service Enterprise Group’s revenue was up 16.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.31 earnings per share. On average, equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 9th will be given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.03%. The ex-dividend date of this dividend is Monday, June 9th. Public Service Enterprise Group’s dividend payout ratio is currently 68.85%.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $79.26, for a total transaction of $109,220.28. Following the transaction, the chief executive officer now owns 221,093 shares in the company, valued at $17,523,831.18. The trade was a 0.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.19% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PEG shares. Evercore ISI dropped their price target on Public Service Enterprise Group from $99.00 to $92.00 and set an “outperform” rating on the stock in a research note on Thursday, May 1st. Wells Fargo & Company dropped their price target on Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Barclays dropped their price target on Public Service Enterprise Group from $84.00 to $83.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 8th. Bank of America dropped their price target on Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Finally, Guggenheim decreased their price objective on Public Service Enterprise Group from $98.00 to $94.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Public Service Enterprise Group presently has a consensus rating of “Hold” and a consensus price target of $89.54.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.