Peapack Gladstone Financial Corp Sells 892 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Peapack Gladstone Financial Corp reduced its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.4% during the third quarter, Holdings Channel reports. The institutional investor owned 198,032 shares of the utilities provider’s stock after selling 892 shares during the period. Peapack Gladstone Financial Corp’s holdings in Public Service Enterprise Group were worth $17,667,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in PEG. Dynamic Advisor Solutions LLC lifted its position in shares of Public Service Enterprise Group by 18.7% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 5,149 shares of the utilities provider’s stock valued at $380,000 after buying an additional 812 shares in the last quarter. Diversified Trust Co purchased a new position in Public Service Enterprise Group in the 2nd quarter worth approximately $585,000. Wealth Enhancement Advisory Services LLC lifted its holdings in Public Service Enterprise Group by 3.6% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 76,507 shares of the utilities provider’s stock worth $5,639,000 after purchasing an additional 2,674 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in Public Service Enterprise Group by 3.7% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 28,118 shares of the utilities provider’s stock worth $2,072,000 after purchasing an additional 997 shares in the last quarter. Finally, Swedbank AB lifted its holdings in Public Service Enterprise Group by 117.1% in the 2nd quarter. Swedbank AB now owns 639,516 shares of the utilities provider’s stock worth $47,132,000 after purchasing an additional 344,891 shares in the last quarter. 73.34% of the stock is owned by hedge funds and other institutional investors.

Public Service Enterprise Group Price Performance

Shares of PEG stock opened at $85.95 on Friday. Public Service Enterprise Group Incorporated has a twelve month low of $56.85 and a twelve month high of $95.22. The stock has a market capitalization of $42.82 billion, a price-to-earnings ratio of 21.12, a P/E/G ratio of 3.14 and a beta of 0.62. The stock has a fifty day simple moving average of $89.32 and a two-hundred day simple moving average of $82.26. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03. The firm had revenue of $2.64 billion during 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 firm’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.85 EPS. On average, analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors 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 2.79%. The ex-dividend date is Tuesday, December 10th. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 58.97%.

Insider Buying and Selling

In other Public Service Enterprise Group news, COO Kim C. Hanemann sold 956 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.09, for a total value of $86,126.04. Following the completion of the sale, the chief operating officer now directly owns 70,011 shares in the company, valued at approximately $6,307,290.99. This trade represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Tamara Louise Linde sold 9,564 shares of the stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $90.61, for a total value of $866,594.04. Following the completion of the sale, the executive vice president now owns 48,397 shares of the company’s stock, valued at approximately $4,385,252.17. This trade represents a 16.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,798 shares of company stock worth $1,595,921 in the last three months. 0.57% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PEG has been the topic of several recent research reports. Wells Fargo & Company upped their price objective on Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Jefferies Financial Group initiated coverage on Public Service Enterprise Group in a report on Friday, September 13th. They set a “hold” rating and a $85.00 price objective on the stock. Bank of America upped their price objective on Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. UBS Group boosted their target price on Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Guggenheim reissued a “buy” rating on shares of Public Service Enterprise Group in a research report on Wednesday. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Public Service Enterprise Group has a consensus rating of “Moderate Buy” and an average target price of $89.17.

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.