Hancock Whitney Corp Cuts Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Hancock Whitney Corp reduced its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 78.9% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 32,498 shares of the utilities provider’s stock after selling 121,466 shares during the quarter. Hancock Whitney Corp’s holdings in Public Service Enterprise Group were worth $2,899,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of PEG. Heritage Wealth Management Inc. purchased a new position in Public Service Enterprise Group in the second quarter worth $422,000. QRG Capital Management Inc. grew its stake in shares of Public Service Enterprise Group by 28.0% during the 2nd quarter. QRG Capital Management Inc. now owns 70,927 shares of the utilities provider’s stock worth $5,227,000 after purchasing an additional 15,505 shares during the period. CWM LLC increased its holdings in shares of Public Service Enterprise Group by 72.3% in the 2nd quarter. CWM LLC now owns 20,786 shares of the utilities provider’s stock valued at $1,532,000 after purchasing an additional 8,723 shares in the last quarter. Czech National Bank lifted its stake in shares of Public Service Enterprise Group by 8.3% in the second quarter. Czech National Bank now owns 94,913 shares of the utilities provider’s stock valued at $6,995,000 after purchasing an additional 7,235 shares during the period. Finally, Meridian Wealth Management LLC acquired a new position in Public Service Enterprise Group during the third quarter worth about $2,965,000. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total value of $111,190.82. Following the transaction, the chief executive officer now directly owns 148,892 shares of the company’s stock, valued at approximately $12,014,095.48. This trade represents a 0.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Kim C. Hanemann sold 956 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total value of $86,126.04. Following the sale, the chief operating officer now directly owns 70,011 shares of the company’s stock, valued at approximately $6,307,290.99. This trade represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,739 shares of company stock worth $2,467,753 in the last three months. Company insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Stock Up 0.7 %

Shares of NYSE PEG opened at $93.01 on Tuesday. The firm has a market cap of $46.34 billion, a P/E ratio of 22.85, a price-to-earnings-growth ratio of 3.39 and a beta of 0.61. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. Public Service Enterprise Group Incorporated has a 1 year low of $56.85 and a 1 year high of $93.11. The firm’s 50 day moving average price is $88.54 and its 200 day moving average price is $80.86.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.03. The business had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.44 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The business’s revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.85 earnings per share. As a group, sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 10th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date is Tuesday, December 10th. Public Service Enterprise Group’s dividend payout ratio is currently 58.97%.

Analysts Set New Price Targets

A number of brokerages have issued reports on PEG. Jefferies Financial Group started coverage on shares of Public Service Enterprise Group in a report on Friday, September 13th. They issued a “hold” rating and a $85.00 target price for the company. BMO Capital Markets raised their price objective on Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. LADENBURG THALM/SH SH upgraded Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 5th. Bank of America lifted their price target on Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Finally, Barclays decreased their price objective on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $86.69.

About Public Service Enterprise Group

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.