Massachusetts Wealth Management Sells 150 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Massachusetts Wealth Management decreased its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 2.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 5,600 shares of the utilities provider’s stock after selling 150 shares during the period. Massachusetts Wealth Management’s holdings in Public Service Enterprise Group were worth $413,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Family Firm Inc. purchased a new position in Public Service Enterprise Group in the 2nd quarter valued at approximately $33,000. OFI Invest Asset Management bought a new stake in shares of Public Service Enterprise Group during the 2nd quarter valued at $35,000. Northwest Investment Counselors LLC purchased a new stake in Public Service Enterprise Group during the 1st quarter worth about $36,000. Salomon & Ludwin LLC grew its holdings in Public Service Enterprise Group by 1,866.7% during the 1st quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock valued at $39,000 after buying an additional 560 shares in the last quarter. Finally, Scarborough Advisors LLC bought a new stake in shares of Public Service Enterprise Group during the fourth quarter valued at about $41,000. Institutional investors own 73.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PEG. LADENBURG THALM/SH SH upgraded shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 5th. BMO Capital Markets boosted their price target on shares of Public Service Enterprise Group from $78.00 to $86.00 and gave the company a “market perform” rating in a research report on Friday, August 2nd. Guggenheim upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price objective on the stock in a research report on Monday, June 17th. Scotiabank boosted their target price on Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. Finally, Morgan Stanley raised their price target on Public Service Enterprise Group from $78.00 to $83.00 and gave the company an “overweight” rating in a report on Friday, August 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $77.33.

Insider Activity

In related news, EVP Tamara Louise Linde sold 19,127 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $80.26, for a total transaction of $1,535,133.02. Following the transaction, the executive vice president now directly owns 67,524 shares in the company, valued at approximately $5,419,476.24. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.57% of the stock is currently owned by corporate insiders.

Public Service Enterprise Group Price Performance

NYSE PEG traded up $0.34 on Friday, reaching $80.75. 4,437,682 shares of the company’s stock traded hands, compared to its average volume of 2,449,267. The stock has a market cap of $40.23 billion, a PE ratio of 22.37, a P/E/G ratio of 3.00 and a beta of 0.59. Public Service Enterprise Group Incorporated has a 12 month low of $53.71 and a 12 month high of $81.89. The stock has a 50-day simple moving average of $77.29 and a 200 day simple moving average of $71.36. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.65 and a quick ratio of 0.46.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.01). The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.03 billion. Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. Public Service Enterprise Group’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the prior year, the business posted $0.70 EPS. As a group, research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $2.40 annualized dividend and a dividend yield of 2.97%. Public Service Enterprise Group’s dividend payout ratio is currently 66.48%.

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.