Cadence Bank NA Increases Holdings in Public Service Enterprise Group Inc. (PEG)

Cadence Bank NA boosted its holdings in shares of Public Service Enterprise Group Inc. (NYSE:PEG) by 4.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 49,927 shares of the utilities provider’s stock after acquiring an additional 2,286 shares during the quarter. Public Service Enterprise Group accounts for about 1.0% of Cadence Bank NA’s investment portfolio, making the stock its 25th largest holding. Cadence Bank NA’s holdings in Public Service Enterprise Group were worth $2,636,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. FCG Advisors LLC raised its stake in shares of Public Service Enterprise Group by 7.8% during the 3rd quarter. FCG Advisors LLC now owns 12,910 shares of the utilities provider’s stock worth $682,000 after purchasing an additional 938 shares in the last quarter. Pinnacle Associates Ltd. raised its stake in shares of Public Service Enterprise Group by 3.3% during the 2nd quarter. Pinnacle Associates Ltd. now owns 30,718 shares of the utilities provider’s stock worth $1,663,000 after purchasing an additional 993 shares in the last quarter. Hudson Capital Management LLC raised its stake in shares of Public Service Enterprise Group by 20.5% during the 2nd quarter. Hudson Capital Management LLC now owns 5,886 shares of the utilities provider’s stock worth $319,000 after purchasing an additional 1,000 shares in the last quarter. State Treasurer State of Michigan raised its stake in shares of Public Service Enterprise Group by 0.7% during the 2nd quarter. State Treasurer State of Michigan now owns 149,622 shares of the utilities provider’s stock worth $8,101,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Hartford Financial Management Inc. raised its stake in shares of Public Service Enterprise Group by 40.0% during the 2nd quarter. Hartford Financial Management Inc. now owns 3,500 shares of the utilities provider’s stock worth $189,000 after purchasing an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 69.00% of the company’s stock.

Shares of PEG stock opened at $52.97 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.51 and a debt-to-equity ratio of 0.90. Public Service Enterprise Group Inc. has a twelve month low of $46.19 and a twelve month high of $56.68. The company has a market capitalization of $26.79 billion, a P/E ratio of 18.08, a P/E/G ratio of 2.54 and a beta of 0.28.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Tuesday, October 30th. The utilities provider reported $0.95 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.04. Public Service Enterprise Group had a return on equity of 11.24% and a net margin of 23.54%. The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.62 billion. During the same period last year, the business earned $0.82 EPS. On average, research analysts forecast that Public Service Enterprise Group Inc. will post 3.1 EPS for the current year.

A number of research analysts recently weighed in on the company. Mizuho reissued a “hold” rating and issued a $50.00 price objective on shares of Public Service Enterprise Group in a research note on Monday, August 6th. Citigroup raised Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $60.00 price objective on the stock in a research note on Tuesday, October 9th. Argus raised their price objective on Public Service Enterprise Group from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, October 17th. Morgan Stanley cut their price objective on Public Service Enterprise Group from $60.00 to $59.00 and set a “buy” rating on the stock in a research note on Friday, September 21st. Finally, UBS Group raised Public Service Enterprise Group from a “neutral” rating to a “buy” rating and raised their price objective for the company from $56.00 to $60.00 in a research note on Wednesday, October 10th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $56.46.

In other Public Service Enterprise Group news, Chairman Ralph Izzo sold 49,829 shares of Public Service Enterprise Group stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $52.60, for a total value of $2,621,005.40. Following the transaction, the chairman now directly owns 578,910 shares of the company’s stock, valued at approximately $30,450,666. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Derek M. Dirisio sold 2,300 shares of Public Service Enterprise Group stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $53.02, for a total value of $121,946.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 156,942 shares of company stock worth $8,272,885. Company insiders own 0.58% of the company’s stock.

TRADEMARK VIOLATION NOTICE: “Cadence Bank NA Increases Holdings in Public Service Enterprise Group Inc. (PEG)” was reported by WKRB News and is the sole property of of WKRB News. If you are reading this article on another site, it was illegally stolen and republished in violation of international copyright & trademark law. The correct version of this article can be accessed at https://www.wkrb13.com/2018/11/09/cadence-bank-na-increases-holdings-in-public-service-enterprise-group-inc-peg.html.

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; and 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.

See Also: What are the components of an earnings report?

Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

Receive News & Ratings for Public Service Enterprise Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Service Enterprise Group and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply