Canandaigua National Bank & Trust Co. Boosts Position in Public Service Enterprise Group Inc. (PEG)

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Canandaigua National Bank & Trust Co. lifted its position in shares of Public Service Enterprise Group Inc. (NYSE:PEG) by 49.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,968 shares of the utilities provider’s stock after acquiring an additional 1,962 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Public Service Enterprise Group were worth $315,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. American Research & Management Co. acquired a new stake in Public Service Enterprise Group in the second quarter worth $108,000. NuWave Investment Management LLC acquired a new stake in Public Service Enterprise Group in the second quarter worth $118,000. Squar Milner Financial Services LLC acquired a new stake in Public Service Enterprise Group in the second quarter worth $149,000. Cordasco Financial Network increased its position in Public Service Enterprise Group by 63.1% in the second quarter. Cordasco Financial Network now owns 2,842 shares of the utilities provider’s stock worth $154,000 after buying an additional 1,100 shares during the period. Finally, Reilly Financial Advisors LLC increased its position in Public Service Enterprise Group by 49.2% in the third quarter. Reilly Financial Advisors LLC now owns 3,031 shares of the utilities provider’s stock worth $160,000 after buying an additional 1,000 shares during the period. 69.00% of the stock is currently owned by institutional investors and hedge funds.

In other news, Chairman Ralph Izzo sold 52,406 shares of the stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $52.95, for a total value of $2,774,897.70. Following the completion of the transaction, the chairman now owns 538,647 shares of the company’s stock, valued at $28,521,358.65. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Derek M. Dirisio sold 2,300 shares of the stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $53.02, for a total value of $121,946.00. The disclosure for this sale can be found here. In the last three months, insiders sold 156,942 shares of company stock valued at $8,272,885. Company insiders own 0.58% of the company’s stock.

PEG has been the topic of several analyst reports. Wells Fargo & Co dropped their target price on Public Service Enterprise Group from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Monday, September 17th. Goldman Sachs Group lowered Public Service Enterprise Group from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $55.00 to $53.00 in a research report on Thursday, July 19th. Macquarie increased their target price on Public Service Enterprise Group from $55.50 to $57.00 and gave the stock an “outperform” rating in a research report on Monday, September 24th. ValuEngine raised Public Service Enterprise Group from a “hold” rating to a “buy” rating in a research report on Thursday, October 11th. Finally, Deutsche Bank dropped their target price on Public Service Enterprise Group from $58.00 to $57.00 and set a “hold” rating on the stock in a research report on Wednesday, October 31st. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Public Service Enterprise Group presently has a consensus rating of “Buy” and a consensus target price of $56.46.

NYSE:PEG opened at $53.00 on Wednesday. Public Service Enterprise Group Inc. has a 1 year low of $46.19 and a 1 year high of $56.68. The firm has a market capitalization of $26.78 billion, a PE ratio of 18.09, a price-to-earnings-growth ratio of 2.54 and a beta of 0.28. The company has a quick ratio of 0.51, a current ratio of 0.72 and a debt-to-equity ratio of 0.90.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Tuesday, October 30th. The utilities provider reported $0.95 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.91 by $0.04. Public Service Enterprise Group had a return on equity of 11.24% and a net margin of 23.54%. The company had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.62 billion. During the same quarter in the prior year, the business posted $0.82 earnings per share. As a group, sell-side analysts predict that Public Service Enterprise Group Inc. will post 3.1 earnings per share for the current year.

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Public Service Enterprise Group Company Profile

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.

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

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