Martingale Asset Management L P Sells 76,292 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Martingale Asset Management L P trimmed its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 24.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 240,489 shares of the utilities provider’s stock after selling 76,292 shares during the quarter. Martingale Asset Management L P’s holdings in Public Service Enterprise Group were worth $21,454,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Raymond James & Associates raised its stake in shares of Public Service Enterprise Group by 315.2% in the 2nd quarter. Raymond James & Associates now owns 2,206,101 shares of the utilities provider’s stock valued at $162,590,000 after buying an additional 1,674,827 shares in the last quarter. Sound Shore Management Inc. CT acquired a new position in Public Service Enterprise Group in the second quarter worth about $71,298,000. FMR LLC lifted its stake in Public Service Enterprise Group by 19.4% during the third quarter. FMR LLC now owns 5,401,024 shares of the utilities provider’s stock worth $481,825,000 after purchasing an additional 877,345 shares during the period. Hsbc Holdings PLC boosted its holdings in Public Service Enterprise Group by 43.2% during the second quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock valued at $178,763,000 after purchasing an additional 732,443 shares in the last quarter. Finally, Jennison Associates LLC grew its stake in shares of Public Service Enterprise Group by 79.5% in the 3rd quarter. Jennison Associates LLC now owns 1,502,136 shares of the utilities provider’s stock valued at $134,006,000 after purchasing an additional 665,105 shares during the period. 73.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. UBS Group raised their target price on Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Jefferies Financial Group assumed coverage on Public Service Enterprise Group in a research report on Friday, September 13th. They issued a “hold” rating and a $85.00 price target on the stock. BMO Capital Markets increased their target price on shares of 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. Barclays cut their price target on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Finally, Morgan Stanley lifted their price target on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Service Enterprise Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.69.

Public Service Enterprise Group Stock Performance

Shares of PEG opened at $94.20 on Friday. 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 twelve month low of $56.85 and a twelve month high of $95.22. The firm’s 50 day moving average price is $89.15 and its two-hundred day moving average price is $81.19. The firm has a market cap of $46.93 billion, a P/E ratio of 23.15, a PEG ratio of 3.46 and a beta of 0.61.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. The firm had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.44 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The business’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.85 earnings per share. On average, analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 10th will be issued 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 payout ratio is 58.97%.

Insider Buying and Selling

In related news, EVP Tamara Louise Linde sold 9,563 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $79.54, for a total value of $760,641.02. Following the transaction, the executive vice president now directly owns 57,961 shares in the company, valued at approximately $4,610,217.94. This represents a 14.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Richard T. Thigpen sold 5,900 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $87.95, for a total transaction of $518,905.00. Following the sale, the senior vice president now directly owns 25,829 shares of the company’s stock, valued at $2,271,660.55. This represents a 18.59 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,739 shares of company stock worth $2,467,753. Insiders own 0.57% of the company’s stock.

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.