TIAA Trust National Association increased its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG – Free Report) by 8.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 27,761 shares of the utilities provider’s stock after purchasing an additional 2,183 shares during the quarter. TIAA Trust National Association’s holdings in Public Service Enterprise Group were worth $1,698,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Modera Wealth Management LLC raised its holdings in Public Service Enterprise Group by 2.6% during the third quarter. Modera Wealth Management LLC now owns 6,647 shares of the utilities provider’s stock worth $378,000 after purchasing an additional 170 shares during the last quarter. IFP Advisors Inc increased its position in Public Service Enterprise Group by 14.2% during the second quarter. IFP Advisors Inc now owns 1,418 shares of the utilities provider’s stock worth $89,000 after buying an additional 176 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Public Service Enterprise Group by 0.3% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 62,686 shares of the utilities provider’s stock worth $3,567,000 after buying an additional 177 shares in the last quarter. Strategic Investment Advisors MI increased its position in Public Service Enterprise Group by 1.0% during the fourth quarter. Strategic Investment Advisors MI now owns 17,511 shares of the utilities provider’s stock worth $1,071,000 after buying an additional 179 shares in the last quarter. Finally, Lido Advisors LLC increased its position in Public Service Enterprise Group by 4.1% during the third quarter. Lido Advisors LLC now owns 4,622 shares of the utilities provider’s stock worth $263,000 after buying an additional 183 shares in the last quarter. 73.34% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research firms have weighed in on PEG. Barclays raised their price target on Public Service Enterprise Group from $65.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, March 14th. Wells Fargo & Company raised their price target on Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 19th. Royal Bank of Canada lifted their price objective on Public Service Enterprise Group from $70.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, March 7th. Bank of America lifted their price objective on Public Service Enterprise Group from $66.00 to $73.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $70.00 price objective (up previously from $61.00) on shares of Public Service Enterprise Group in a research report on Monday, March 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Public Service Enterprise Group has an average rating of “Moderate Buy” and a consensus target price of $66.91.
View Our Latest Report on Public Service Enterprise Group
Insider Transactions at Public Service Enterprise Group
In other news, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $63.00, for a total value of $86,562.00. Following the completion of the sale, the chief executive officer now owns 153,721 shares of the company’s stock, valued at $9,684,423. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $63.00, for a total value of $86,562.00. Following the completion of the sale, the chief executive officer now owns 153,721 shares of the company’s stock, valued at $9,684,423. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Richard T. Thigpen sold 4,800 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $64.18, for a total value of $308,064.00. Following the completion of the sale, the senior vice president now directly owns 31,122 shares of the company’s stock, valued at approximately $1,997,409.96. The disclosure for this sale can be found here. Insiders sold 7,948 shares of company stock valued at $510,300 over the last quarter. Company insiders own 0.57% of the company’s stock.
Public Service Enterprise Group Stock Performance
Shares of NYSE:PEG opened at $66.64 on Thursday. The firm has a market capitalization of $33.23 billion, a PE ratio of 12.99, a P/E/G ratio of 2.90 and a beta of 0.58. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.67 and a quick ratio of 0.46. The business has a 50-day moving average of $61.82 and a two-hundred day moving average of $61.32. Public Service Enterprise Group Incorporated has a 12 month low of $53.71 and a 12 month high of $67.51.
Public Service Enterprise Group (NYSE:PEG – Get Free Report) last announced its quarterly earnings results on Monday, February 26th. The utilities provider reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. The company had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.45 billion. Public Service Enterprise Group had a return on equity of 11.53% and a net margin of 22.81%. The firm’s revenue was down 17.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 earnings per share. As a group, research analysts forecast 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 announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were given a $0.60 dividend. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $2.40 annualized dividend and a dividend yield of 3.60%. Public Service Enterprise Group’s dividend payout ratio is presently 46.78%.
Public Service Enterprise Group Company 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.
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