Cadence Bank Reduces Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Cadence Bank lowered its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 2.0% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 27,176 shares of the utilities provider’s stock after selling 556 shares during the period. Cadence Bank’s holdings in Public Service Enterprise Group were worth $2,296,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Public Service Enterprise Group by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 60,775,030 shares of the utilities provider’s stock valued at $5,134,882,000 after purchasing an additional 492,517 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Public Service Enterprise Group by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 12,195,300 shares of the utilities provider’s stock worth $1,027,725,000 after buying an additional 365,666 shares during the last quarter. Invesco Ltd. raised its holdings in Public Service Enterprise Group by 10.2% in the fourth quarter. Invesco Ltd. now owns 6,525,305 shares of the utilities provider’s stock valued at $551,323,000 after acquiring an additional 604,978 shares in the last quarter. Norges Bank bought a new position in Public Service Enterprise Group during the 4th quarter valued at $445,005,000. Finally, Raymond James Financial Inc. acquired a new position in Public Service Enterprise Group during the 4th quarter worth $376,209,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PEG shares. StockNews.com upgraded shares of Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research note on Wednesday. Wells Fargo & Company cut their price objective on Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. BMO Capital Markets reduced their target price on Public Service Enterprise Group from $86.00 to $83.00 and set a “market perform” rating on the stock in a report on Thursday, April 10th. Morgan Stanley boosted their price target on Public Service Enterprise Group from $96.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, March 20th. Finally, Barclays reduced their price objective on Public Service Enterprise Group from $84.00 to $83.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 8th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $89.35.

Insider Activity at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $82.88, for a total value of $114,208.64. Following the completion of the transaction, the chief executive officer now owns 221,670 shares of the company’s stock, valued at approximately $18,372,009.60. This represents a 0.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.19% of the stock is owned by insiders.

Public Service Enterprise Group Stock Performance

PEG stock opened at $83.33 on Friday. The stock’s fifty day moving average is $81.90 and its two-hundred day moving average is $85.60. The stock has a market capitalization of $41.55 billion, a price-to-earnings ratio of 20.47, a PEG ratio of 2.78 and a beta of 0.52. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. Public Service Enterprise Group Incorporated has a 1 year low of $64.81 and a 1 year high of $95.22.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.01. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.03 billion. During the same period last year, the firm posted $0.54 EPS. Public Service Enterprise Group’s quarterly revenue was down 5.4% compared to the same quarter last year. On average, research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 10th were issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 3.02%. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.60. The ex-dividend date was Monday, March 10th. Public Service Enterprise Group’s dividend payout ratio is 71.19%.

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.