Envestnet Asset Management Inc. Reduces Holdings in Public Service Enterprise Group Incorporated $PEG

Envestnet Asset Management Inc. reduced its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 22.8% in the third quarter, Holdings Channel reports. The institutional investor owned 782,721 shares of the utilities provider’s stock after selling 230,955 shares during the period. Envestnet Asset Management Inc.’s holdings in Public Service Enterprise Group were worth $65,326,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. JARISLOWSKY FRASER Ltd lifted its holdings in shares of Public Service Enterprise Group by 107.1% in the third quarter. JARISLOWSKY FRASER Ltd now owns 1,025,305 shares of the utilities provider’s stock worth $85,572,000 after buying an additional 530,248 shares in the last quarter. Railway Pension Investments Ltd grew its stake in Public Service Enterprise Group by 97.5% during the third quarter. Railway Pension Investments Ltd now owns 1,897,800 shares of the utilities provider’s stock valued at $158,390,000 after acquiring an additional 937,100 shares in the last quarter. Voya Investment Management LLC increased its holdings in Public Service Enterprise Group by 18.2% in the 3rd quarter. Voya Investment Management LLC now owns 1,645,407 shares of the utilities provider’s stock valued at $137,155,000 after acquiring an additional 253,810 shares during the last quarter. Rakuten Investment Management Inc. purchased a new stake in Public Service Enterprise Group in the 3rd quarter worth $1,852,000. Finally, Vanguard Personalized Indexing Management LLC lifted its stake in Public Service Enterprise Group by 22.6% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 73,542 shares of the utilities provider’s stock worth $6,192,000 after purchasing an additional 13,540 shares in the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Price Performance

NYSE:PEG opened at $80.68 on Monday. The firm has a market capitalization of $40.27 billion, a price-to-earnings ratio of 19.39, a PEG ratio of 2.60 and a beta of 0.59. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.93 and a quick ratio of 0.69. The business has a 50 day simple moving average of $79.90 and a 200-day simple moving average of $82.12. Public Service Enterprise Group Incorporated has a 1 year low of $74.67 and a 1 year high of $91.25.

Public Service Enterprise Group Announces Dividend

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

Analyst Ratings Changes

PEG has been the subject of a number of research analyst reports. JPMorgan Chase & Co. restated a “neutral” rating and set a $85.00 price objective (down previously from $88.00) on shares of Public Service Enterprise Group in a research report on Thursday, January 22nd. Barclays cut their price target on Public Service Enterprise Group from $87.00 to $81.00 and set an “equal weight” rating for the company in a report on Thursday, January 22nd. BMO Capital Markets decreased their price objective on Public Service Enterprise Group from $85.00 to $83.00 and set a “market perform” rating on the stock in a report on Tuesday, November 4th. Weiss Ratings reiterated a “buy (b)” rating on shares of Public Service Enterprise Group in a research report on Monday, December 29th. Finally, BTIG Research started coverage on shares of Public Service Enterprise Group in a research report on Wednesday, October 22nd. They issued a “buy” rating and a $98.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $90.96.

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.