Jennison Associates LLC Trims Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Jennison Associates LLC trimmed its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 31.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 613,675 shares of the utilities provider’s stock after selling 281,775 shares during the period. Jennison Associates LLC owned 0.12% of Public Service Enterprise Group worth $40,981,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Mutual of America Capital Management LLC increased its stake in shares of Public Service Enterprise Group by 2.0% in the 1st quarter. Mutual of America Capital Management LLC now owns 121,909 shares of the utilities provider’s stock worth $8,141,000 after purchasing an additional 2,351 shares in the last quarter. Hartree Partners LP bought a new position in Public Service Enterprise Group in the 1st quarter worth $13,523,000. Daiwa Securities Group Inc. boosted its holdings in Public Service Enterprise Group by 9.2% in the 1st quarter. Daiwa Securities Group Inc. now owns 49,186 shares of the utilities provider’s stock worth $3,285,000 after buying an additional 4,148 shares during the period. Mendel Money Management boosted its holdings in Public Service Enterprise Group by 232.2% in the 1st quarter. Mendel Money Management now owns 6,670 shares of the utilities provider’s stock worth $445,000 after buying an additional 11,715 shares during the period. Finally, Fidelis Capital Partners LLC bought a new position in Public Service Enterprise Group in the 1st quarter worth $151,000. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Public Service Enterprise Group Trading Up 0.7 %

Shares of NYSE:PEG traded up $0.52 during trading on Monday, reaching $74.59. The company’s stock had a trading volume of 1,874,492 shares, compared to its average volume of 2,842,601. The company has a current ratio of 0.79, a quick ratio of 0.62 and a debt-to-equity ratio of 1.19. Public Service Enterprise Group Incorporated has a 12 month low of $53.71 and a 12 month high of $75.82. The firm’s 50 day simple moving average is $73.47 and its two-hundred day simple moving average is $66.32. The stock has a market capitalization of $37.15 billion, a PE ratio of 20.66, a price-to-earnings-growth ratio of 3.08 and a beta of 0.59.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.31 EPS for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). Public Service Enterprise Group had a net margin of 17.65% and a return on equity of 11.10%. The business had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.99 billion. During the same period in the previous year, the business posted $1.39 EPS. The firm’s revenue was down 26.5% on a year-over-year basis. On average, research analysts predict that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date of this dividend was Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 66.48%.

Insider Buying and Selling

In related news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $69.55, for a total value of $95,561.70. Following the sale, the chief executive officer now directly owns 150,973 shares of the company’s stock, valued at approximately $10,500,172.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.18% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on PEG. Evercore ISI upped their target price on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Morgan Stanley dropped their target price on shares of Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating for the company in a report on Monday, June 24th. Mizuho upped their target price on shares of Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. Scotiabank dropped their target price on shares of 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. Finally, Bank of America increased their price objective on shares of Public Service Enterprise Group from $73.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, June 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Public Service Enterprise Group has an average rating of “Moderate Buy” and a consensus target price of $72.42.

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.