State of Michigan Retirement System lifted its stake in shares of Public Service Enterprise Group Inc. (NYSE:PEG) by 11.4% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 129,157 shares of the utilities provider’s stock after acquiring an additional 13,235 shares during the period. State of Michigan Retirement System’s holdings in Public Service Enterprise Group were worth $6,349,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Elmwood Wealth Management Inc. acquired a new stake in Public Service Enterprise Group in the 1st quarter worth approximately $25,000. PrairieView Partners LLC bought a new position in shares of Public Service Enterprise Group in the first quarter valued at approximately $27,000. Balentine LLC acquired a new stake in shares of Public Service Enterprise Group in the first quarter worth $28,000. Centerpoint Advisors LLC boosted its holdings in shares of Public Service Enterprise Group by 70.6% during the 1st quarter. Centerpoint Advisors LLC now owns 725 shares of the utilities provider’s stock worth $33,000 after buying an additional 300 shares during the period. Finally, Campbell Wealth Management acquired a new position in Public Service Enterprise Group in the 2nd quarter valued at $41,000. 67.77% of the stock is currently owned by institutional investors and hedge funds.
In other Public Service Enterprise Group news, VP Rose M. Chernick sold 600 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $55.00, for a total transaction of $33,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Ralph A. Larossa sold 5,757 shares of Public Service Enterprise Group stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $54.01, for a total transaction of $310,935.57. The disclosure for this sale can be found here. Insiders have sold 8,676 shares of company stock valued at $469,581 over the last three months. Insiders own 0.48% of the company’s stock.
Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Friday, July 31st. The utilities provider reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.19. Public Service Enterprise Group had a net margin of 14.59% and a return on equity of 10.92%. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.34 billion. During the same period in the previous year, the business earned $0.58 EPS. The company’s revenue was down 11.5% compared to the same quarter last year. As a group, sell-side analysts expect that Public Service Enterprise Group Inc. will post 3.35 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 9th will be issued a dividend of $0.49 per share. The ex-dividend date is Tuesday, September 8th. This represents a $1.96 annualized dividend and a yield of 3.50%. Public Service Enterprise Group’s payout ratio is presently 59.76%.
A number of equities research analysts have issued reports on PEG shares. Morgan Stanley upped their price target on shares of Public Service Enterprise Group from $64.00 to $66.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Royal Bank of Canada reissued a “buy” rating and set a $54.00 price objective on shares of Public Service Enterprise Group in a research report on Thursday, April 30th. Barclays lowered Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and set a $57.00 target price on the stock. in a report on Tuesday, April 21st. Argus reiterated a “buy” rating and set a $75.00 price target on shares of Public Service Enterprise Group in a report on Thursday, April 16th. Finally, Wells Fargo & Co increased their price objective on Public Service Enterprise Group from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, July 13th. They noted that the move was a valuation call. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $61.31.
Public Service Enterprise Group 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; 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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