Cigna Investments Inc. New Decreases Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Cigna Investments Inc. New lowered its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 7.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,929 shares of the utilities provider’s stock after selling 418 shares during the period. Cigna Investments Inc. New’s holdings in Public Service Enterprise Group were worth $363,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Public Service Enterprise Group in the fourth quarter valued at $215,074,000. Charles Schwab Investment Management Inc. raised its holdings in Public Service Enterprise Group by 1.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,826,477 shares of the utilities provider’s stock valued at $172,839,000 after acquiring an additional 30,469 shares during the last quarter. Cohen & Steers Inc. increased its stake in Public Service Enterprise Group by 23.6% in the fourth quarter. Cohen & Steers Inc. now owns 2,389,722 shares of the utilities provider’s stock valued at $146,132,000 after purchasing an additional 455,693 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Public Service Enterprise Group by 12.5% during the 4th quarter. Franklin Resources Inc. now owns 2,331,709 shares of the utilities provider’s stock valued at $142,584,000 after acquiring an additional 259,694 shares during the last quarter. Finally, Reaves W H & Co. Inc. lifted its holdings in shares of Public Service Enterprise Group by 73.9% during the 1st quarter. Reaves W H & Co. Inc. now owns 1,572,001 shares of the utilities provider’s stock worth $104,978,000 after acquiring an additional 667,773 shares during the period. 73.34% of the stock is owned by hedge funds and other institutional investors.

Public Service Enterprise Group Stock Performance

PEG stock traded down $0.09 during trading on Thursday, hitting $80.42. 2,153,784 shares of the company’s stock traded hands, compared to its average volume of 2,858,005. Public Service Enterprise Group Incorporated has a 52 week low of $53.71 and a 52 week high of $81.89. The stock has a fifty day moving average price of $75.50 and a two-hundred day moving average price of $69.50. The company has a quick ratio of 0.46, a current ratio of 0.65 and a debt-to-equity ratio of 1.16. The stock has a market capitalization of $40.06 billion, a price-to-earnings ratio of 22.28, a price-to-earnings-growth ratio of 2.97 and a beta of 0.59.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.01). Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter last year, the company earned $0.70 EPS. Public Service Enterprise Group’s revenue was up .1% compared to the same quarter last year. As a group, equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be paid a dividend of $0.60 per share. The ex-dividend date is Monday, September 9th. This represents a $2.40 dividend on an annualized basis and a yield of 2.98%. Public Service Enterprise Group’s payout ratio is currently 66.48%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PEG. Barclays increased their price target on shares of Public Service Enterprise Group from $71.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. LADENBURG THALM/SH SH raised shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 5th. Mizuho upped their target price on Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. BMO Capital Markets increased their target price on Public Service Enterprise Group from $78.00 to $86.00 and gave the company a “market perform” rating in a research note on Friday, August 2nd. Finally, Royal Bank of Canada boosted their price target on Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.17.

About Public Service Enterprise Group

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.