Insider Selling: Public Service Enterprise Group (NYSE:PEG) CEO Sells $153,308.80 in Stock

Public Service Enterprise Group Incorporated (NYSE:PEG) CEO Ralph Larossa sold 2,083 shares of the company’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $73.60, for a total transaction of $153,308.80. Following the completion of the sale, the chief executive officer owned 276,487 shares of the company’s stock, valued at approximately $20,349,443.20. This trade represents a 0.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Public Service Enterprise Group Stock Down 0.2%

Shares of NYSE:PEG opened at $73.08 on Friday. Public Service Enterprise Group Incorporated has a 1-year low of $66.15 and a 1-year high of $87.63. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.01 and a quick ratio of 0.67. The stock has a market cap of $36.43 billion, a P/E ratio of 20.64, a P/E/G ratio of 2.51 and a beta of 0.48. The firm has a fifty day moving average price of $71.20 and a 200 day moving average price of $77.93.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Monday, November 2nd. The utilities provider reported $1.15 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.04). Public Service Enterprise Group had a net margin of 14.31% and a return on equity of 12.40%. The business had revenue of $3.02 billion during the quarter, compared to analyst estimates of $3.19 billion. During the same quarter in the prior year, the firm posted $1.13 earnings per share. The company’s revenue for the quarter was down 6.4% compared to the same quarter last year. Sell-side analysts predict that Public Service Enterprise Group Incorporated will post 4.37 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on PEG. Barclays decreased their price objective on Public Service Enterprise Group from $83.00 to $76.00 and set an “equal weight” rating for the company in a research report on Monday, October 12th. BTIG Research dropped their target price on Public Service Enterprise Group from $94.00 to $84.00 and set a “buy” rating on the stock in a report on Tuesday, October 20th. Morgan Stanley dropped their target price on Public Service Enterprise Group from $88.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, October 21st. Wells Fargo & Company cut their price target on Public Service Enterprise Group from $89.00 to $87.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Royal Bank Of Canada decreased their price target on Public Service Enterprise Group from $81.00 to $76.00 in a report on Monday, October 26th. Seven equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $79.32.

Institutional Investors Weigh In On Public Service Enterprise Group

Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Public Service Enterprise Group during the second quarter worth approximately $4,366,570,000. State Street Corp raised its stake in Public Service Enterprise Group by 1.4% during the second quarter. State Street Corp now owns 29,481,434 shares of the utilities provider’s stock worth $2,392,713,000 after purchasing an additional 399,191 shares during the period. Bank of America Corp DE purchased a new position in Public Service Enterprise Group during the second quarter worth approximately $1,207,400,000. Legal & General Group Plc acquired a new position in shares of Public Service Enterprise Group in the 2nd quarter valued at $554,994,000. Finally, Amundi boosted its holdings in shares of Public Service Enterprise Group by 71.6% in the 2nd quarter. Amundi now owns 3,962,317 shares of the utilities provider’s stock valued at $321,580,000 after purchasing an additional 1,653,832 shares during the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated (NYSE: PEG), commonly known as PSEG, is an energy company headquartered in Newark, New Jersey. Through its subsidiaries, the company is primarily involved in electric and natural gas utility operations, power generation, and related energy services.

Public Service Electric & Gas Company (PSE&G), PSEG’s principal utility subsidiary, serves residential, commercial, and industrial customers throughout New Jersey. Its activities include the transmission and distribution of electricity, the distribution of natural gas, energy-efficiency programs, and infrastructure modernization.