Bank of New York Mellon Corp Sells 87,951 Shares of Public Service Enterprise Group Inc. (PEG)

Bank of New York Mellon Corp reduced its holdings in Public Service Enterprise Group Inc. (NYSE:PEG) by 1.6% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 5,563,143 shares of the utilities provider’s stock after selling 87,951 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.10% of Public Service Enterprise Group worth $301,189,000 as of its most recent filing with the SEC.

Several other institutional investors have also bought and sold shares of PEG. American Research & Management Co. bought a new position in shares of Public Service Enterprise Group in the 2nd quarter worth about $108,000. NuWave Investment Management LLC bought a new position in shares of Public Service Enterprise Group in the 2nd quarter worth about $118,000. Squar Milner Financial Services LLC bought a new position in shares of Public Service Enterprise Group in the 2nd quarter worth about $149,000. Cordasco Financial Network lifted its position in shares of Public Service Enterprise Group by 63.1% in the 2nd quarter. Cordasco Financial Network now owns 2,842 shares of the utilities provider’s stock worth $154,000 after buying an additional 1,100 shares during the last quarter. Finally, Centaurus Financial Inc. bought a new position in shares of Public Service Enterprise Group in the 2nd quarter worth about $161,000. Institutional investors own 68.48% of the company’s stock.

PEG has been the topic of a number of recent research reports. Morgan Stanley reduced their price target on shares of Public Service Enterprise Group from $60.00 to $59.00 and set a “buy” rating on the stock in a research report on Friday, September 21st. ValuEngine upgraded shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating in a research report on Thursday, October 11th. UBS Group upgraded shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and raised their price target for the stock from $56.00 to $60.00 in a research report on Wednesday, October 10th. Citigroup upgraded shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $60.00 price target on the stock in a research report on Tuesday, October 9th. Finally, Argus raised their price target on shares of Public Service Enterprise Group from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, October 17th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $56.46.



PEG stock opened at $53.43 on Thursday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.52 and a current ratio of 0.71. Public Service Enterprise Group Inc. has a fifty-two week low of $46.19 and a fifty-two week high of $56.68. The stock has a market capitalization of $27.48 billion, a P/E ratio of 18.24, a PEG ratio of 2.71 and a beta of 0.32.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Tuesday, October 30th. The utilities provider reported $0.95 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.91 by $0.04. Public Service Enterprise Group had a net margin of 23.69% and a return on equity of 11.03%. The business had revenue of $2.39 billion for the quarter, compared to analysts’ expectations of $2.62 billion. During the same quarter last year, the company earned $0.82 EPS. As a group, research analysts forecast that Public Service Enterprise Group Inc. will post 3.11 earnings per share for the current fiscal year.

In related news, Chairman Ralph Izzo sold 52,407 shares of the stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $52.57, for a total value of $2,755,035.99. Following the sale, the chairman now owns 558,073 shares of the company’s stock, valued at approximately $29,337,897.61. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.58% of the stock is owned by company insiders.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid- Atlantic United States. It operates through two segments, PSE&G and Power. The PSE&G segment transmits electricity; and distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs to customers.

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Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

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