Amalgamated Bank Has $7.60 Million Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Amalgamated Bank decreased its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 2.6% in the 4th quarter, HoldingsChannel reports. The fund owned 124,311 shares of the utilities provider’s stock after selling 3,315 shares during the period. Amalgamated Bank’s holdings in Public Service Enterprise Group were worth $7,602,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in PEG. Vanguard Group Inc. boosted its holdings in shares of Public Service Enterprise Group by 13.0% in the 3rd quarter. Vanguard Group Inc. now owns 61,673,935 shares of the utilities provider’s stock worth $3,509,864,000 after buying an additional 7,103,657 shares during the last quarter. Hsbc Holdings PLC boosted its position in Public Service Enterprise Group by 118.1% during the third quarter. Hsbc Holdings PLC now owns 1,364,088 shares of the utilities provider’s stock valued at $77,544,000 after buying an additional 738,684 shares during the period. Assetmark Inc. raised its stake in shares of Public Service Enterprise Group by 562.8% during the third quarter. Assetmark Inc. now owns 869,856 shares of the utilities provider’s stock valued at $49,504,000 after acquiring an additional 738,619 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Public Service Enterprise Group by 2.2% during the third quarter. JPMorgan Chase & Co. now owns 33,020,997 shares of the utilities provider’s stock valued at $1,879,225,000 after acquiring an additional 726,613 shares during the last quarter. Finally, Bank of Nova Scotia raised its stake in Public Service Enterprise Group by 1,350.4% in the third quarter. Bank of Nova Scotia now owns 533,354 shares of the utilities provider’s stock worth $30,353,000 after buying an additional 496,581 shares in the last quarter. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Public Service Enterprise Group Price Performance

PEG stock opened at $70.45 on Friday. Public Service Enterprise Group Incorporated has a 12 month low of $53.71 and a 12 month high of $70.54. The company has a current ratio of 0.79, a quick ratio of 0.46 and a debt-to-equity ratio of 1.19. The company has a 50-day moving average price of $65.56 and a 200 day moving average price of $62.60. The stock has a market cap of $35.09 billion, a PE ratio of 19.52, a P/E/G ratio of 3.08 and a beta of 0.56.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.31 EPS for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). The firm had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.99 billion. Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. Public Service Enterprise Group’s revenue for the quarter was down 26.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.39 earnings per share. Equities research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $2.40 annualized dividend and a dividend yield of 3.41%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 66.48%.

Insider Buying and Selling

In related news, SVP Richard T. Thigpen sold 4,800 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $64.18, for a total transaction of $308,064.00. Following the completion of the transaction, the senior vice president now owns 31,122 shares in the company, valued at approximately $1,997,409.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, SVP Richard T. Thigpen sold 4,800 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were 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 of the company’s stock, valued at approximately $1,997,409.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction 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 directly owns 153,721 shares in the company, valued at $9,684,423. The disclosure for this sale can be found here. Insiders sold a total of 9,322 shares of company stock worth $607,376 in the last 90 days. 0.57% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Bank of America raised their target price on shares of Public Service Enterprise Group from $66.00 to $73.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Morgan Stanley reiterated an “overweight” rating and set a $70.00 price target (up previously from $61.00) on shares of Public Service Enterprise Group in a report on Monday, March 25th. TheStreet upgraded shares of Public Service Enterprise Group from a “c+” rating to a “b-” rating in a report on Wednesday, March 6th. BMO Capital Markets dropped their price target on shares of Public Service Enterprise Group from $64.00 to $63.00 and set a “market perform” rating on the stock in a research note on Tuesday, February 27th. Finally, Evercore ISI raised their price objective on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $67.15.

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.