Wellington Management Group LLP Lowers Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Wellington Management Group LLP trimmed its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 44.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 592,649 shares of the utilities provider’s stock after selling 469,731 shares during the period. Wellington Management Group LLP owned about 0.12% of Public Service Enterprise Group worth $50,073,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of PEG. Vanguard Group Inc. raised its position in Public Service Enterprise Group by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 60,775,030 shares of the utilities provider’s stock worth $5,134,882,000 after acquiring an additional 492,517 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Public Service Enterprise Group by 0.4% during the 3rd quarter. Geode Capital Management LLC now owns 11,829,634 shares of the utilities provider’s stock worth $1,051,744,000 after purchasing an additional 49,285 shares during the period. Norges Bank purchased a new position in shares of Public Service Enterprise Group in the 4th quarter valued at about $445,005,000. Raymond James Financial Inc. acquired a new stake in shares of Public Service Enterprise Group in the fourth quarter valued at about $376,209,000. Finally, Jennison Associates LLC boosted its holdings in Public Service Enterprise Group by 125.3% during the fourth quarter. Jennison Associates LLC now owns 3,384,803 shares of the utilities provider’s stock worth $285,982,000 after buying an additional 1,882,667 shares in the last quarter. 73.34% of the stock is owned by institutional investors and hedge funds.

Public Service Enterprise Group Price Performance

Public Service Enterprise Group stock opened at $77.83 on Friday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. The company has a market cap of $38.80 billion, a price-to-earnings ratio of 19.12, a PEG ratio of 2.78 and a beta of 0.52. Public Service Enterprise Group Incorporated has a 1 year low of $64.03 and a 1 year high of $95.22. The firm has a 50 day moving average price of $82.34 and a 200 day moving average price of $86.03.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the previous year, the firm earned $0.54 earnings per share. Public Service Enterprise Group’s revenue for the quarter was down 5.4% on a year-over-year basis. Sell-side analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 10th were given a $0.63 dividend. The ex-dividend date of this dividend was Monday, March 10th. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.60. This represents a $2.52 annualized dividend and a yield of 3.24%. Public Service Enterprise Group’s dividend payout ratio (DPR) is 71.19%.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Morgan Stanley increased their target price on shares of Public Service Enterprise Group from $96.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, March 20th. Wells Fargo & Company cut their price target on Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Guggenheim reiterated a “buy” rating and issued a $98.00 price objective on shares of Public Service Enterprise Group in a research report on Wednesday, February 26th. Barclays downgraded shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $88.00 to $84.00 in a report on Monday, January 27th. Finally, Scotiabank upped their price target on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a report on Thursday, December 12th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $89.65.

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.