Citigroup Inc. Sells 339,630 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Citigroup Inc. decreased its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 56.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 263,873 shares of the utilities provider’s stock after selling 339,630 shares during the period. Citigroup Inc. owned approximately 0.05% of Public Service Enterprise Group worth $23,540,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Family Firm Inc. purchased a new stake in shares of Public Service Enterprise Group during the second quarter valued at approximately $33,000. OFI Invest Asset Management purchased a new stake in Public Service Enterprise Group during the 2nd quarter valued at $35,000. Ashton Thomas Securities LLC bought a new stake in shares of Public Service Enterprise Group in the 3rd quarter worth $35,000. Northwest Investment Counselors LLC purchased a new position in shares of Public Service Enterprise Group in the third quarter worth $48,000. Finally, Country Trust Bank bought a new position in shares of Public Service Enterprise Group during the second quarter valued at $52,000. 73.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Evercore ISI lifted their price objective on Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. LADENBURG THALM/SH SH raised shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 5th. Bank of America increased their price objective on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Wells Fargo & Company lifted their target price on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, Morgan Stanley increased their price target on Public Service Enterprise Group from $83.00 to $95.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $86.69.

Insiders Place Their Bets

In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 5,900 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $87.95, for a total value of $518,905.00. Following the completion of the transaction, the senior vice president now directly owns 25,829 shares in the company, valued at $2,271,660.55. This represents a 18.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Kim C. Hanemann sold 956 shares of Public Service Enterprise Group stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total transaction of $86,126.04. Following the sale, the chief operating officer now owns 70,011 shares in the company, valued at approximately $6,307,290.99. The trade was a 1.35 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,739 shares of company stock worth $2,467,753. Corporate insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Stock Performance

Shares of PEG opened at $94.51 on Wednesday. Public Service Enterprise Group Incorporated has a 52 week low of $56.85 and a 52 week high of $94.67. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. The stock has a market cap of $47.09 billion, a price-to-earnings ratio of 23.22, a PEG ratio of 3.39 and a beta of 0.61. The business has a 50-day simple moving average of $88.74 and a two-hundred day simple moving average of $81.01.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03. The company had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.44 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm’s revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.85 EPS. On average, analysts expect that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 10th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $2.40 dividend on an annualized basis and a yield of 2.54%. Public Service Enterprise Group’s payout ratio is presently 58.97%.

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.