Public Service Enterprise Group Inc. (NYSE:PEG) Shares Bought by Pinnacle Associates Ltd.
Pinnacle Associates Ltd. lifted its stake in shares of Public Service Enterprise Group Inc. (NYSE:PEG) by 3.9% in the second quarter, Holdings Channel reports. The institutional investor owned 34,547 shares of the utilities provider’s stock after buying an additional 1,303 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Public Service Enterprise Group were worth $2,032,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Zions Bancorporation N.A. acquired a new stake in shares of Public Service Enterprise Group during the first quarter worth approximately $25,000. Berman Capital Advisors LLC grew its position in shares of Public Service Enterprise Group by 79.0% during the second quarter. Berman Capital Advisors LLC now owns 460 shares of the utilities provider’s stock worth $27,000 after buying an additional 203 shares in the last quarter. Thor Advisors LLC bought a new position in Public Service Enterprise Group during the first quarter worth $45,000. Executive Wealth Management LLC lifted its stake in Public Service Enterprise Group by 137.4% during the second quarter. Executive Wealth Management LLC now owns 781 shares of the utilities provider’s stock worth $46,000 after purchasing an additional 452 shares during the last quarter. Finally, Icon Wealth Partners LLC bought a new position in Public Service Enterprise Group during the first quarter worth $58,000. 68.74% of the stock is owned by institutional investors and hedge funds.
In other Public Service Enterprise Group news, VP Daniel J. Cregg sold 625 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $60.92, for a total transaction of $38,075.00. Following the completion of the sale, the vice president now directly owns 60,833 shares in the company, valued at approximately $3,705,946.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Ralph A. Larossa sold 1,650 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $58.80, for a total value of $97,020.00. Following the sale, the chief operating officer now owns 85,068 shares of the company’s stock, valued at $5,001,998.40. The disclosure for this sale can be found here. Insiders have sold a total of 164,046 shares of company stock valued at $9,529,482 over the last 90 days. Corporate insiders own 0.51% of the company’s stock.
PEG traded up $0.14 during trading on Thursday, reaching $59.01. The company had a trading volume of 2,999 shares, compared to its average volume of 2,555,935. The firm’s 50-day simple moving average is $58.86 and its 200 day simple moving average is $58.94. The company has a market cap of $29.61 billion, a price-to-earnings ratio of 18.90, a PEG ratio of 7.99 and a beta of 0.33. Public Service Enterprise Group Inc. has a 12-month low of $49.22 and a 12-month high of $61.63. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.59 and a current ratio of 0.79.
Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.04). Public Service Enterprise Group had a return on equity of 11.02% and a net margin of 14.41%. The company had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.23 billion. During the same period in the prior year, the business posted $0.64 EPS. On average, sell-side analysts expect that Public Service Enterprise Group Inc. will post 3.23 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be given a dividend of $0.47 per share. The ex-dividend date is Friday, September 6th. This represents a $1.88 dividend on an annualized basis and a yield of 3.19%. Public Service Enterprise Group’s payout ratio is presently 60.26%.
About Public Service Enterprise Group
Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid- Atlantic United States. It operates through two segments, PSE&G and Power. The PSE&G segment transmits electricity; distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs to customers.
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