Federated Hermes Inc. Lowers Stock Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Federated Hermes Inc. decreased its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 24.4% during the fourth quarter, HoldingsChannel reports. The firm owned 1,301,778 shares of the utilities provider’s stock after selling 419,264 shares during the period. Federated Hermes Inc.’s holdings in Public Service Enterprise Group were worth $79,604,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Daiwa Securities Group Inc. raised its position in Public Service Enterprise Group by 6.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 45,038 shares of the utilities provider’s stock valued at $2,754,000 after purchasing an additional 2,671 shares in the last quarter. Key Financial Inc increased its holdings in shares of Public Service Enterprise Group by 187.9% in the fourth quarter. Key Financial Inc now owns 7,065 shares of the utilities provider’s stock worth $432,000 after buying an additional 4,611 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Public Service Enterprise Group by 7.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 160,891 shares of the utilities provider’s stock worth $9,838,000 after buying an additional 10,813 shares during the period. SVB Wealth LLC increased its holdings in shares of Public Service Enterprise Group by 12.6% in the fourth quarter. SVB Wealth LLC now owns 5,740 shares of the utilities provider’s stock worth $351,000 after buying an additional 641 shares during the period. Finally, Cornercap Investment Counsel Inc. increased its holdings in shares of Public Service Enterprise Group by 1.6% in the fourth quarter. Cornercap Investment Counsel Inc. now owns 16,654 shares of the utilities provider’s stock worth $1,018,000 after buying an additional 259 shares during the period. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Insider Buying and Selling

In related news, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $63.00, for a total value of $86,562.00. Following the completion of the transaction, the chief executive officer now owns 153,721 shares of the company’s stock, valued at approximately $9,684,423. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $63.00, for a total value of $86,562.00. Following the completion of the transaction, the chief executive officer now owns 153,721 shares of the company’s stock, valued at approximately $9,684,423. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Richard T. Thigpen sold 4,800 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $64.18, for a total transaction of $308,064.00. Following the completion of the transaction, the senior vice president now directly owns 31,122 shares of the company’s stock, valued at approximately $1,997,409.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,948 shares of company stock valued at $510,300. Company insiders own 0.57% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on PEG shares. Guggenheim downgraded Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 price objective on the stock. in a report on Monday, January 22nd. Evercore ISI raised their target price on Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, April 4th. TheStreet raised Public Service Enterprise Group from a “c+” rating to a “b-” rating in a research note on Wednesday, March 6th. Bank of America raised their target price on Public Service Enterprise Group from $66.00 to $73.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Finally, Royal Bank of Canada lifted their price objective on Public Service Enterprise Group from $70.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, March 7th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $67.58.

Public Service Enterprise Group Price Performance

Shares of PEG opened at $65.10 on Friday. The firm has a market cap of $32.46 billion, a PE ratio of 12.69, a P/E/G ratio of 2.84 and a beta of 0.58. The company has a current ratio of 0.67, a quick ratio of 0.46 and a debt-to-equity ratio of 1.15. The firm has a fifty day simple moving average of $63.69 and a two-hundred day simple moving average of $61.84. Public Service Enterprise Group Incorporated has a 1-year low of $53.71 and a 1-year high of $67.51.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Monday, February 26th. The utilities provider reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. The firm had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.45 billion. Public Service Enterprise Group had a return on equity of 11.53% and a net margin of 22.81%. Public Service Enterprise Group’s revenue was down 17.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.64 EPS. On average, equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 3.69%. The ex-dividend date is Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio is currently 46.78%.

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.