Verition Fund Management LLC Cuts Position in Public Service Enterprise Group Inc. (PEG)

Verition Fund Management LLC cut its stake in Public Service Enterprise Group Inc. (NYSE:PEG) by 72.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 85,000 shares of the utilities provider’s stock after selling 224,538 shares during the period. Verition Fund Management LLC’s holdings in Public Service Enterprise Group were worth $4,270,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the stock. BlackRock Inc. grew its position in Public Service Enterprise Group by 2.5% in the first quarter. BlackRock Inc. now owns 49,608,001 shares of the utilities provider’s stock worth $2,492,306,000 after acquiring an additional 1,187,565 shares in the last quarter. Bank of New York Mellon Corp grew its position in Public Service Enterprise Group by 14.7% in the fourth quarter. Bank of New York Mellon Corp now owns 6,947,022 shares of the utilities provider’s stock worth $357,772,000 after acquiring an additional 892,228 shares in the last quarter. JPMorgan Chase & Co. grew its position in Public Service Enterprise Group by 174.3% in the first quarter. JPMorgan Chase & Co. now owns 5,306,316 shares of the utilities provider’s stock worth $266,590,000 after acquiring an additional 3,372,101 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in Public Service Enterprise Group by 0.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,820,656 shares of the utilities provider’s stock worth $191,950,000 after acquiring an additional 15,388 shares in the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in Public Service Enterprise Group by 14.0% in the fourth quarter. Allianz Asset Management GmbH now owns 3,590,147 shares of the utilities provider’s stock worth $184,892,000 after purchasing an additional 441,556 shares during the last quarter. Institutional investors own 68.23% of the company’s stock.

In related news, EVP Tamara Louise Linde sold 16,400 shares of the business’s stock in a transaction dated Monday, April 16th. The shares were sold at an average price of $50.36, for a total transaction of $825,904.00. Following the transaction, the executive vice president now owns 51,604 shares in the company, valued at $2,598,777.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ralph Izzo sold 20,833 shares of the business’s stock in a transaction dated Tuesday, May 1st. The shares were sold at an average price of $52.02, for a total transaction of $1,083,732.66. Following the transaction, the chief executive officer now owns 610,514 shares in the company, valued at approximately $31,758,938.28. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 78,899 shares of company stock valued at $4,042,936. Insiders own 0.58% of the company’s stock.

Shares of Public Service Enterprise Group opened at $52.04 on Thursday, Marketbeat reports. The stock has a market cap of $25.67 billion, a PE ratio of 17.76, a PEG ratio of 2.67 and a beta of 0.41. The company has a quick ratio of 0.52, a current ratio of 0.71 and a debt-to-equity ratio of 0.86. Public Service Enterprise Group Inc. has a 12 month low of $41.67 and a 12 month high of $53.33.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Monday, April 30th. The utilities provider reported $0.97 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.02). The firm had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.74 billion. Public Service Enterprise Group had a net margin of 21.68% and a return on equity of 11.22%. During the same period last year, the company posted $0.92 earnings per share. equities analysts anticipate that Public Service Enterprise Group Inc. will post 3.11 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 8th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend is Thursday, June 7th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 61.43%.

Several analysts have weighed in on PEG shares. Zacks Investment Research downgraded shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating in a research note on Monday, February 19th. Guggenheim reissued a “buy” rating and issued a $56.00 price target on shares of Public Service Enterprise Group in a research note on Friday, February 23rd. Wells Fargo & Co reissued an “outperform” rating and issued a $56.00 price target (down from $59.00) on shares of Public Service Enterprise Group in a research note on Monday, February 26th. Mizuho reissued a “hold” rating and issued a $47.00 price target on shares of Public Service Enterprise Group in a research note on Friday, March 2nd. Finally, JPMorgan Chase & Co. lowered their price target on shares of Public Service Enterprise Group from $53.00 to $50.00 and set an “overweight” rating for the company in a research note on Monday, March 5th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $52.32.

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.

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

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