Sound Shore Management Inc. CT Sells 285,026 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Sound Shore Management Inc. CT trimmed its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 34.3% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 546,972 shares of the utilities provider’s stock after selling 285,026 shares during the quarter. Sound Shore Management Inc. CT owned about 0.11% of Public Service Enterprise Group worth $46,214,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Wingate Wealth Advisors Inc. bought a new stake in Public Service Enterprise Group in the 4th quarter worth about $35,000. OFI Invest Asset Management bought a new stake in Public Service Enterprise Group in the 4th quarter worth about $39,000. Stonebridge Financial Group LLC bought a new stake in Public Service Enterprise Group in the 4th quarter worth about $54,000. Financial Life Planners bought a new stake in Public Service Enterprise Group in the 4th quarter worth about $56,000. Finally, Millstone Evans Group LLC bought a new stake in Public Service Enterprise Group in the 4th quarter worth about $56,000. 73.34% of the stock is currently owned by institutional investors.

Public Service Enterprise Group Stock Down 0.4 %

NYSE PEG opened at $83.00 on Monday. The stock’s 50 day moving average is $83.50 and its 200 day moving average is $86.10. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. Public Service Enterprise Group Incorporated has a 12 month low of $64.03 and a 12 month high of $95.22. The stock has a market cap of $41.38 billion, a PE ratio of 20.39, a P/E/G ratio of 2.78 and a beta of 0.60.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the previous year, the firm earned $0.54 EPS. The firm’s revenue was down 5.4% compared to the same quarter last year. Research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be paid a $0.63 dividend. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.52 dividend on an annualized basis and a yield of 3.04%. Public Service Enterprise Group’s payout ratio is presently 71.19%.

Insiders Place Their Bets

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $83.10, for a total value of $114,511.80. Following the sale, the chief executive officer now owns 126,791 shares of the company’s stock, valued at $10,536,332.10. The trade was a 1.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.57% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on PEG. Guggenheim reiterated a “buy” rating and issued a $98.00 price objective on shares of Public Service Enterprise Group in a report on Wednesday, February 26th. Scotiabank boosted their price target on Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a research note on Thursday, December 12th. Wells Fargo & Company cut their price target on Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. LADENBURG THALM/SH SH downgraded Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $82.50 price target for the company. in a research note on Wednesday, March 19th. Finally, Bank of America cut their price target on Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Public Service Enterprise Group has a consensus rating of “Moderate Buy” and an average target price of $89.65.

Public Service Enterprise Group 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.