Arden Trust Co Has $795,000 Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Arden Trust Co boosted its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 46.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,476 shares of the utilities provider’s stock after buying an additional 4,605 shares during the quarter. Arden Trust Co’s holdings in Public Service Enterprise Group were worth $795,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. BlackRock Inc. grew its holdings in Public Service Enterprise Group by 6.7% during the 2nd quarter. BlackRock Inc. now owns 49,977,929 shares of the utilities provider’s stock worth $2,456,915,000 after acquiring an additional 3,121,880 shares during the last quarter. State Street Corp lifted its position in shares of Public Service Enterprise Group by 1.9% during the first quarter. State Street Corp now owns 29,043,425 shares of the utilities provider’s stock worth $1,304,340,000 after purchasing an additional 554,698 shares in the last quarter. Nordea Investment Management AB grew its stake in shares of Public Service Enterprise Group by 107.6% during the second quarter. Nordea Investment Management AB now owns 13,378,272 shares of the utilities provider’s stock valued at $658,210,000 after purchasing an additional 6,933,714 shares during the last quarter. Capital International Investors increased its holdings in shares of Public Service Enterprise Group by 55.1% in the first quarter. Capital International Investors now owns 6,103,693 shares of the utilities provider’s stock valued at $274,117,000 after purchasing an additional 2,169,391 shares in the last quarter. Finally, Invesco Ltd. raised its position in Public Service Enterprise Group by 4.2% in the 1st quarter. Invesco Ltd. now owns 4,770,955 shares of the utilities provider’s stock worth $214,265,000 after purchasing an additional 192,171 shares during the last quarter. Hedge funds and other institutional investors own 68.23% of the company’s stock.

A number of research analysts have commented on PEG shares. Mizuho increased their price objective on Public Service Enterprise Group from $56.00 to $57.00 and gave the company a “neutral” rating in a research report on Friday, October 9th. Morgan Stanley raised their price target on Public Service Enterprise Group from $67.00 to $68.00 and gave the company an “overweight” rating in a report on Friday, September 18th. Wells Fargo & Company boosted their price objective on Public Service Enterprise Group from $57.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, July 13th. They noted that the move was a valuation call. Barclays upped their target price on shares of Public Service Enterprise Group from $53.00 to $59.00 and gave the company an “equal weight” rating in a research report on Monday, August 17th. Finally, BofA Securities upgraded shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $57.00 price objective on the stock in a report on Tuesday, September 22nd. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $62.62.

In related news, COO Ralph A. Larossa sold 1,919 shares of the firm’s stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $54.02, for a total transaction of $103,664.38. Following the sale, the chief operating officer now directly owns 86,847 shares in the company, valued at $4,691,474.94. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 6,157 shares of company stock valued at $336,782 in the last three months. 0.48% of the stock is owned by insiders.

PEG stock opened at $59.50 on Friday. Public Service Enterprise Group Incorporated has a 1-year low of $34.75 and a 1-year high of $63.68. The business’s 50-day moving average price is $53.92 and its two-hundred day moving average price is $51.72. The firm has a market cap of $30.09 billion, a PE ratio of 17.40, a P/E/G ratio of 6.41 and a beta of 0.54. The company has a current ratio of 0.65, a quick ratio of 0.51 and a debt-to-equity ratio of 0.88.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Friday, July 31st. The utilities provider reported $0.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.19. Public Service Enterprise Group had a return on equity of 11.52% and a net margin of 18.09%. The business had revenue of $2.05 billion during the quarter, compared to analyst estimates of $2.34 billion. During the same period in the previous year, the firm earned $0.58 EPS. Public Service Enterprise Group’s quarterly revenue was down 11.5% compared to the same quarter last year. On average, analysts forecast that Public Service Enterprise Group Incorporated will post 3.36 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 9th were given a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend was Tuesday, September 8th. Public Service Enterprise Group’s dividend payout ratio is 59.76%.

Public Service Enterprise Group 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 PSEG Power. The PSE&G segment transmits electricity; 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.

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

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