Public Service Enterprise Group (PEG) Shares Gap Down Following Insider Selling

Public Service Enterprise Group Incorporated (NYSE:PEG) gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $53.48, but opened at $50.74. Public Service Enterprise Group shares last traded at $49.25, with a volume of 8168742 shares trading hands.

Specifically, insider Derek M. Dirisio sold 2,185 shares of Public Service Enterprise Group stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $51.50, for a total transaction of $112,527.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Ralph Izzo sold 20,833 shares of Public Service Enterprise Group stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $51.25, for a total transaction of $1,067,691.25. Following the sale, the chairman now owns 645,934 shares of the company’s stock, valued at $33,104,117.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 263,951 shares of company stock valued at $13,143,997. Insiders own 0.61% of the company’s stock.

A number of equities research analysts have recently commented on PEG shares. Morgan Stanley lifted their price target on shares of Public Service Enterprise Group from $51.00 to $53.00 and gave the stock an “equal weight” rating in a report on Friday, September 8th. Zacks Investment Research upgraded shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating and set a $51.00 price target for the company in a report on Thursday, September 14th. Barclays upgraded shares of Public Service Enterprise Group from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $49.00 to $51.00 in a report on Friday, September 22nd. Evercore ISI upgraded shares of Public Service Enterprise Group from an “in-line” rating to an “outperform” rating and lifted their price target for the stock from $46.75 to $50.00 in a report on Monday, September 25th. Finally, Royal Bank of Canada reiterated a “hold” rating and set a $47.00 price target on shares of Public Service Enterprise Group in a report on Tuesday, October 10th. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Public Service Enterprise Group currently has an average rating of “Buy” and an average price target of $51.32.

The company has a debt-to-equity ratio of 0.86, a current ratio of 0.80 and a quick ratio of 0.56. The company has a market cap of $25,050.00, a PE ratio of 48.28, a PEG ratio of 6.23 and a beta of 0.41.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Tuesday, October 31st. The utilities provider reported $0.82 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.84 by ($0.02). Public Service Enterprise Group had a return on equity of 11.33% and a net margin of 5.73%. The company had revenue of $2.26 billion during the quarter, compared to analyst estimates of $2.62 billion. During the same period in the prior year, the business posted $0.88 earnings per share. Public Service Enterprise Group’s revenue was down 7.6% on a year-over-year basis. research analysts forecast that Public Service Enterprise Group Incorporated will post 2.93 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, December 8th were given a $0.43 dividend. The ex-dividend date of this dividend was Thursday, December 7th. This represents a $1.72 annualized dividend and a dividend yield of 3.49%. Public Service Enterprise Group’s dividend payout ratio is presently 168.63%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PEG. Advisory Services Network LLC lifted its position in Public Service Enterprise Group by 11.7% during the second quarter. Advisory Services Network LLC now owns 5,149 shares of the utilities provider’s stock valued at $221,000 after buying an additional 541 shares in the last quarter. Rench Wealth Management Inc. lifted its position in Public Service Enterprise Group by 1.1% during the second quarter. Rench Wealth Management Inc. now owns 43,151 shares of the utilities provider’s stock valued at $1,856,000 after buying an additional 470 shares in the last quarter. Commerzbank Aktiengesellschaft FI acquired a new position in Public Service Enterprise Group during the third quarter valued at approximately $340,000. People s United Financial Inc. lifted its position in Public Service Enterprise Group by 174.1% during the second quarter. People s United Financial Inc. now owns 8,059 shares of the utilities provider’s stock valued at $347,000 after buying an additional 5,119 shares in the last quarter. Finally, Reaves W H & Co. Inc. acquired a new position in Public Service Enterprise Group during the third quarter valued at approximately $22,266,000. 66.65% of the stock is currently owned by institutional investors and hedge funds.

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Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated (PSEG) is a holding company. The Company is an energy company with operations located primarily in the Northeastern and Mid-Atlantic United States. The Company’s segments include Public Service Electric and Gas Company (PSE&G), PSEG Power LLC (Power) and Other.

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