Fifth Third Wealth Advisors LLC Decreases Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Fifth Third Wealth Advisors LLC lessened its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 17.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,006 shares of the utilities provider’s stock after selling 862 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Public Service Enterprise Group were worth $357,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Raymond James & Associates increased its position in shares of Public Service Enterprise Group by 30.1% in the third quarter. Raymond James & Associates now owns 2,869,113 shares of the utilities provider’s stock valued at $255,954,000 after buying an additional 663,012 shares in the last quarter. Hamlin Capital Management LLC lifted its stake in shares of Public Service Enterprise Group by 7.2% in the third quarter. Hamlin Capital Management LLC now owns 2,427,336 shares of the utilities provider’s stock worth $216,543,000 after acquiring an additional 162,731 shares in the last quarter. Hsbc Holdings PLC grew its stake in Public Service Enterprise Group by 43.2% in the second quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock worth $178,763,000 after purchasing an additional 732,443 shares in the last quarter. abrdn plc lifted its position in shares of Public Service Enterprise Group by 10.2% in the 3rd quarter. abrdn plc now owns 1,792,186 shares of the utilities provider’s stock worth $159,074,000 after buying an additional 165,995 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Public Service Enterprise Group by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,734,257 shares of the utilities provider’s stock worth $127,809,000 after buying an additional 163,333 shares during the last quarter. 73.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Public Service Enterprise Group

In related news, EVP Tamara Louise Linde sold 9,563 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $79.54, for a total value of $760,641.02. Following the completion of the transaction, the executive vice president now owns 57,961 shares in the company, valued at $4,610,217.94. This trade represents a 14.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Kim C. Hanemann sold 956 shares of the company’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 completion of the sale, the chief operating officer now owns 70,011 shares in the company, valued at $6,307,290.99. This trade represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,739 shares of company stock worth $2,467,753 over the last quarter. Company insiders own 0.57% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. LADENBURG THALM/SH SH upgraded shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 5th. 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 on the stock. Morgan Stanley raised their price target on 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. BMO Capital Markets raised their price objective on Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. Finally, Scotiabank increased their price objective on Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a research note 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 assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.69.

Public Service Enterprise Group Price Performance

Shares of PEG stock opened at $92.35 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. Public Service Enterprise Group Incorporated has a 12-month low of $56.85 and a 12-month high of $92.41. The firm has a fifty day moving average of $88.21 and a 200-day moving average of $80.46. The firm has a market capitalization of $46.01 billion, a price-to-earnings ratio of 22.69, a price-to-earnings-growth ratio of 3.31 and a beta of 0.61.

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

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 10th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.60%. The ex-dividend date is Tuesday, December 10th. Public Service Enterprise Group’s dividend payout ratio is 58.97%.

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.