Ledyard National Bank Sells 505 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Ledyard National Bank cut its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 10.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 4,134 shares of the utilities provider’s stock after selling 505 shares during the quarter. Ledyard National Bank’s holdings in Public Service Enterprise Group were worth $253,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PEG. Rockline Wealth Management LLC acquired a new stake in Public Service Enterprise Group in the fourth quarter valued at approximately $1,185,000. Allspring Global Investments Holdings LLC increased its stake in Public Service Enterprise Group by 4.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 415,315 shares of the utilities provider’s stock valued at $25,397,000 after purchasing an additional 17,838 shares in the last quarter. Jennison Associates LLC raised its holdings in Public Service Enterprise Group by 79.9% during the fourth quarter. Jennison Associates LLC now owns 895,450 shares of the utilities provider’s stock worth $54,757,000 after buying an additional 397,606 shares during the last quarter. International Assets Investment Management LLC lifted its stake in shares of Public Service Enterprise Group by 5,613.8% in the fourth quarter. International Assets Investment Management LLC now owns 172,443 shares of the utilities provider’s stock valued at $10,545,000 after buying an additional 169,425 shares in the last quarter. Finally, PATRIZIA Pty Ltd acquired a new position in shares of Public Service Enterprise Group during the fourth quarter valued at about $5,158,000. 73.34% of the stock is owned by institutional investors.

Public Service Enterprise Group Price Performance

Shares of Public Service Enterprise Group stock traded up $0.86 on Tuesday, hitting $69.50. 1,114,295 shares of the company traded hands, compared to its average volume of 2,820,826. Public Service Enterprise Group Incorporated has a 12-month low of $53.71 and a 12-month high of $69.50. 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 company has a market cap of $34.65 billion, a P/E ratio of 13.38, a P/E/G ratio of 2.97 and a beta of 0.58. The firm’s 50-day simple moving average is $64.82 and its 200 day simple moving average is $62.37.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Monday, February 26th. The utilities provider reported $0.54 earnings per share (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%. The company’s revenue was down 17.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.64 earnings per share. Analysts expect that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $0.60 per share. The ex-dividend date is Friday, June 7th. This represents a $2.40 annualized dividend and a yield of 3.45%. Public Service Enterprise Group’s payout ratio is 46.78%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PEG shares. Wells Fargo & Company upped their target price on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. BMO Capital Markets cut their target price on Public Service Enterprise Group from $64.00 to $63.00 and set a “market perform” rating on the stock in a research report on Tuesday, February 27th. Scotiabank decreased their price target on Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating for the company in a report on Monday, April 22nd. Bank of America raised their price objective on Public Service Enterprise Group from $66.00 to $73.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Finally, TheStreet upgraded shares of Public Service Enterprise Group from a “c+” rating to a “b-” rating in a research note on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $67.15.

Insider Activity

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $63.00, for a total value of $86,562.00. Following the completion of the sale, the chief executive officer now owns 153,721 shares in the company, valued at $9,684,423. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 4,800 shares of the company’s stock in a transaction that occurred 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 owns 31,122 shares of the company’s stock, valued at approximately $1,997,409.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ralph A. Larossa sold 1,374 shares of Public Service Enterprise Group stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $63.00, for a total value of $86,562.00. Following the completion of the sale, the chief executive officer now owns 153,721 shares in the company, valued at $9,684,423. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,948 shares of company stock valued at $511,814. 0.18% of the stock is currently owned by insiders.

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.