Intersect Capital Lowers stake in Public Service Enterprise Group (PEG)

Public Service Enterprise Group (PEG) : Intersect Capital reduced its stake in Public Service Enterprise Group by 1.92% during the most recent quarter end. The investment management company now holds a total of 20,420 shares of Public Service Enterprise Group which is valued at $896,846 after selling 400 shares in Public Service Enterprise Group , the firm said in a disclosure report filed with the SEC on Aug 9, 2016.Public Service Enterprise Group makes up approximately 0.53% of Intersect Capital’s portfolio.

Other Hedge Funds, Including , Victory Capital Management Inc boosted its stake in PEG in the latest quarter, The investment management firm added 14,974 additional shares and now holds a total of 84,472 shares of Public Service Enterprise Group which is valued at $3,710,010. Public Service Enterprise Group makes up approx 0.01% of Victory Capital Management Inc’s portfolio.First Citizens Bank Trust Co reduced its stake in PEG by selling 19,869 shares or 10.77% in the most recent quarter. The Hedge Fund company now holds 164,540 shares of PEG which is valued at $7,570,485. Public Service Enterprise Group makes up approx 0.66% of First Citizens Bank Trust Co’s portfolio.Sumitomo Life Insurance Co reduced its stake in PEG by selling 836 shares or 3.29% in the most recent quarter. The Hedge Fund company now holds 24,580 shares of PEG which is valued at $1,128,222. Public Service Enterprise Group makes up approx 0.15% of Sumitomo Life Insurance Co’s portfolio.

Public Service Enterprise Group opened for trading at $43.21 and hit $43.87 on the upside on Wednesday, eventually ending the session at $43.78, with a gain of 1.06% or 0.46 points. The heightened volatility saw the trading volume jump to 26,03,244 shares. Company has a market cap of $22,149 M.

On the company’s financial health, Public Service Enterprise Group reported $0.57 EPS for the quarter, missing the analyst consensus estimate by $ -0.01 based on the information available during the earnings call on Jul 29, 2016. Analyst had a consensus of $0.58.Analysts expectations of $ 2347.30.During the same quarter in the previous year, the company posted $0.57 EPS.

Investors should note that on Jul 19, 2016, Public Service Enterprise Group announced a cash dividend of $0.4100. The company’s management has announced Sep 7, 2016 as the ex-dividend date and fixed the record date on Sep 9, 2016. The payable date has been fixed on Sep 30, 2016.

Many Wall Street Analysts have commented on Public Service Enterprise Group. Public Service Enterprise Group was Upgraded by Morgan Stanley to ” Equal-Weight” on Jul 13, 2016. Public Service Enterprise Group was Downgraded by BofA/Merrill to ” Underperform” on Jun 7, 2016.

Public Service Enterprise Group Incorporated (PSEG) is an energy holding company engaged in the transmission of electricity and distribution of electricity and natural gas. Its operations are located in the Northeastern and Mid- Atlantic United States. It conducts its business through two direct wholly owned subsidiaries: PSEG Power LLC (Power) and Public Service Electric and Gas Company (PSE&G). The Company’s other direct wholly owned subsidiaries are PSEG Energy Holdings L.L.C. which owns and manages a portfolio of lease investments; PSEG Long Island LLC which operates the Long Island Power Authority’s (LIPA) transmission and distribution system under a contractual agreement and PSEG Services Corporation which provides certain management administrative and general services to PSEG and its subsidiaries.

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