Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. lowered its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 24.4% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,301,778 shares of the utilities provider’s stock after selling 419,264 shares during the period. Federated Hermes Inc. owned approximately 0.26% of Public Service Enterprise Group worth $79,604,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the company. Operose Advisors LLC lifted its position in shares of Public Service Enterprise Group by 435.0% during the 3rd quarter. Operose Advisors LLC now owns 535 shares of the utilities provider’s stock worth $30,000 after buying an additional 435 shares during the last quarter. ICA Group Wealth Management LLC purchased a new stake in shares of Public Service Enterprise Group during the 4th quarter worth approximately $31,000. Clear Street Markets LLC purchased a new stake in shares of Public Service Enterprise Group during the 4th quarter worth approximately $31,000. CNB Bank purchased a new stake in shares of Public Service Enterprise Group during the 3rd quarter worth approximately $34,000. Finally, Bruce G. Allen Investments LLC purchased a new stake in shares of Public Service Enterprise Group during the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Insider Transactions at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $63.00, for a total transaction of $86,562.00. Following the completion of the sale, the chief executive officer now owns 153,721 shares of the company’s stock, valued at approximately $9,684,423. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 4,800 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $64.18, for a total value of $308,064.00. Following the sale, the senior vice president now directly owns 31,122 shares in the company, valued at $1,997,409.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $63.00, for a total value of $86,562.00. Following the completion of the sale, the chief executive officer now owns 153,721 shares in the company, valued at $9,684,423. The disclosure for this sale can be found here. Insiders have sold a total of 7,948 shares of company stock worth $510,300 in the last three months. Company insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Stock Performance

NYSE:PEG opened at $65.10 on Friday. The company has a quick ratio of 0.46, a current ratio of 0.67 and a debt-to-equity ratio of 1.15. Public Service Enterprise Group Incorporated has a fifty-two week low of $53.71 and a fifty-two week high of $67.51. The stock has a market cap of $32.46 billion, a PE ratio of 12.69, a price-to-earnings-growth ratio of 2.84 and a beta of 0.58. The firm’s fifty day simple moving average is $63.69 and its 200-day simple moving average is $61.84.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Monday, February 26th. The utilities provider reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. Public Service Enterprise Group had a net margin of 22.81% and a return on equity of 11.53%. The business had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.45 billion. During the same period in the prior year, the company posted $0.64 EPS. The business’s revenue for the quarter was down 17.0% on a year-over-year basis. Analysts expect that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $2.40 dividend on an annualized basis and a yield of 3.69%. Public Service Enterprise Group’s dividend payout ratio (DPR) is 46.78%.

Wall Street Analysts Forecast Growth

PEG has been the subject of several recent analyst reports. Bank of America boosted their price objective on shares of Public Service Enterprise Group from $66.00 to $73.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Royal Bank of Canada upped their price target on shares of Public Service Enterprise Group from $70.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, March 7th. Guggenheim downgraded shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 price target for the company. in a research report on Monday, January 22nd. Barclays upped their price target on shares of Public Service Enterprise Group from $68.00 to $71.00 and gave the company an “overweight” rating in a research report on Monday. Finally, BMO Capital Markets reduced their price target on shares of Public Service Enterprise Group from $64.00 to $63.00 and set a “market perform” rating for the company in a research report on Tuesday, February 27th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Public Service Enterprise Group currently has a consensus rating of “Moderate Buy” and an average target price of $67.58.

About Public Service Enterprise Group

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.