Community Bank N.A. Lowers Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Community Bank N.A. lowered its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 3.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 67,654 shares of the utilities provider’s stock after selling 2,745 shares during the period. Community Bank N.A.’s holdings in Public Service Enterprise Group were worth $6,035,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Heritage Wealth Management Inc. purchased a new position in shares of Public Service Enterprise Group in the 2nd quarter worth about $422,000. DRW Securities LLC acquired a new stake in shares of Public Service Enterprise Group in the third quarter worth $8,244,000. QRG Capital Management Inc. raised its stake in shares of Public Service Enterprise Group by 28.0% in the 2nd quarter. QRG Capital Management Inc. now owns 70,927 shares of the utilities provider’s stock valued at $5,227,000 after acquiring an additional 15,505 shares during the period. Cerity Partners LLC lifted its stake in shares of Public Service Enterprise Group by 36.1% during the third quarter. Cerity Partners LLC now owns 96,118 shares of the utilities provider’s stock worth $8,575,000 after purchasing an additional 25,503 shares in the last quarter. Finally, CWM LLC boosted its position in shares of Public Service Enterprise Group by 72.3% in the second quarter. CWM LLC now owns 20,786 shares of the utilities provider’s stock worth $1,532,000 after buying an additional 8,723 shares during the period. 73.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Bank of America increased their price objective on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Wells Fargo & Company raised their price target on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Barclays cut 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 report on Tuesday, November 5th. LADENBURG THALM/SH SH upgraded Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 5th. Finally, Scotiabank lifted their target price on Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $88.08.

Public Service Enterprise Group Stock Up 0.1 %

PEG stock opened at $94.30 on Monday. The firm has a market cap of $46.98 billion, a price-to-earnings ratio of 23.17, a PEG ratio of 3.46 and a beta of 0.61. Public Service Enterprise Group Incorporated has a 1-year low of $56.85 and a 1-year high of $95.22. The firm has a fifty day moving average price of $89.31 and a two-hundred day moving average price of $81.44. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 earnings per share 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 firm had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the prior year, the business earned $0.85 earnings per share. Public Service Enterprise Group’s quarterly revenue was up 7.6% on a year-over-year basis. Research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS 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. Investors of record on Tuesday, December 10th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $2.40 dividend on an annualized basis and a yield of 2.55%. Public Service Enterprise Group’s dividend payout ratio is currently 58.97%.

Insider Buying and Selling

In related news, EVP Tamara Louise Linde sold 9,564 shares of the stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $90.61, for a total value of $866,594.04. Following the completion of the transaction, the executive vice president now directly owns 48,397 shares of the company’s stock, valued at $4,385,252.17. This represents a 16.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the sale, the chief executive officer now directly owns 148,892 shares in the company, valued at $12,014,095.48. The trade was a 0.92 % 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 in the last three months. 0.57% of the stock is owned by insiders.

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.