Transcend Capital Advisors LLC Lowers Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Transcend Capital Advisors LLC lowered its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 2.3% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 12,888 shares of the utilities provider’s stock after selling 305 shares during the quarter. Transcend Capital Advisors LLC’s holdings in Public Service Enterprise Group were worth $950,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PEG. Norges Bank bought a new position in shares of Public Service Enterprise Group during the 4th quarter valued at about $215,074,000. Reaves W H & Co. Inc. increased its position in shares of Public Service Enterprise Group by 73.9% during the 1st quarter. Reaves W H & Co. Inc. now owns 1,572,001 shares of the utilities provider’s stock valued at $104,978,000 after purchasing an additional 667,773 shares during the last quarter. Cohen & Steers Inc. increased its position in shares of Public Service Enterprise Group by 23.6% during the 4th quarter. Cohen & Steers Inc. now owns 2,389,722 shares of the utilities provider’s stock valued at $146,132,000 after purchasing an additional 455,693 shares during the last quarter. Zurich Insurance Group Ltd FI bought a new position in shares of Public Service Enterprise Group during the 1st quarter valued at about $28,132,000. Finally, Yaupon Capital Management LP bought a new position in shares of Public Service Enterprise Group during the 1st quarter valued at about $27,425,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on PEG shares. Barclays increased their price objective on Public Service Enterprise Group from $71.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Guggenheim upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price target on the stock in a research report on Monday, June 17th. Morgan Stanley cut their price objective on Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating on the stock in a research report on Monday, June 24th. Mizuho lifted their price objective on Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Finally, Scotiabank lowered their target price on Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating for the company in a research note on Monday, April 22nd. One analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. According to MarketBeat, Public Service Enterprise Group presently has a consensus rating of “Moderate Buy” and an average price target of $75.17.

Public Service Enterprise Group Trading Down 0.8 %

NYSE:PEG traded down $0.66 during midday trading on Monday, hitting $78.17. The stock had a trading volume of 1,071,889 shares, compared to its average volume of 2,851,680. Public Service Enterprise Group Incorporated has a one year low of $53.71 and a one year high of $81.89. The company has a market capitalization of $38.94 billion, a price-to-earnings ratio of 21.84, a PEG ratio of 2.97 and a beta of 0.59. The stock has a 50-day moving average of $74.72 and a 200 day moving average of $68.37. The company has a quick ratio of 0.62, a current ratio of 0.65 and a debt-to-equity ratio of 1.16.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.01). The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.03 billion. Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The firm’s revenue was up .1% compared to the same quarter last year. During the same period last year, the business posted $0.70 EPS. As a group, sell-side analysts forecast that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $2.40 annualized dividend and a dividend yield of 3.07%. Public Service Enterprise Group’s dividend payout ratio is presently 66.48%.

Public Service Enterprise Group 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.