Verity Asset Management Inc. Decreases Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Verity Asset Management Inc. cut its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 22.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,883 shares of the utilities provider’s stock after selling 818 shares during the period. Verity Asset Management Inc.’s holdings in Public Service Enterprise Group were worth $257,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Family Firm Inc. purchased a new stake in Public Service Enterprise Group during the 2nd quarter valued at $33,000. OFI Invest Asset Management purchased a new stake in Public Service Enterprise Group during the 2nd quarter valued at $35,000. Northwest Investment Counselors LLC purchased a new stake in Public Service Enterprise Group during the 3rd quarter valued at $48,000. Country Trust Bank purchased a new stake in Public Service Enterprise Group during the 2nd quarter valued at $52,000. Finally, Friedenthal Financial purchased a new stake in Public Service Enterprise Group during the 2nd quarter valued at $52,000. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Public Service Enterprise Group Stock Up 1.9 %

PEG opened at $85.82 on Friday. The firm has a 50-day simple moving average of $86.80 and a two-hundred day simple moving average of $79.19. Public Service Enterprise Group Incorporated has a 52 week low of $56.85 and a 52 week high of $92.20. The company has a market capitalization of $42.76 billion, a PE ratio of 21.09, a price-to-earnings-growth ratio of 3.06 and a beta of 0.61. The company has a quick ratio of 0.46, a current ratio of 0.68 and a debt-to-equity ratio of 1.18.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.03. The firm had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.44 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The business’s revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.85 EPS. Analysts forecast that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Tamara Louise Linde sold 19,127 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $80.26, for a total value of $1,535,133.02. Following the sale, the executive vice president now directly owns 67,524 shares of the company’s stock, valued at $5,419,476.24. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $90.20, for a total value of $124,295.60. Following the sale, the chief executive officer now directly owns 147,514 shares of the company’s stock, valued at $13,305,762.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Tamara Louise Linde sold 19,127 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $80.26, for a total transaction of $1,535,133.02. Following the completion of the sale, the executive vice president now directly owns 67,524 shares in the company, valued at $5,419,476.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 41,010 shares of company stock valued at $3,397,855 in the last ninety days. 0.57% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PEG. Evercore ISI boosted their price objective on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Royal Bank of Canada boosted their price objective on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the company an “outperform” rating in a research report on Monday, July 15th. Jefferies Financial Group began coverage on shares of Public Service Enterprise Group in a research report on Friday, September 13th. They set a “hold” rating and a $85.00 price objective for the company. Morgan Stanley boosted their price objective on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Finally, Scotiabank boosted their price objective on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 20th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Public Service Enterprise Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $86.69.

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.