Park Avenue Securities LLC Grows Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Park Avenue Securities LLC increased its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEGGet Rating) by 2.6% in the first quarter, Holdings Channel.com reports. The firm owned 11,109 shares of the utilities provider’s stock after purchasing an additional 285 shares during the quarter. Park Avenue Securities LLC’s holdings in Public Service Enterprise Group were worth $778,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in PEG. Capital Research Global Investors boosted its stake in shares of Public Service Enterprise Group by 24.0% during the 4th quarter. Capital Research Global Investors now owns 22,864,793 shares of the utilities provider’s stock worth $1,525,768,000 after purchasing an additional 4,425,830 shares during the period. Millennium Management LLC lifted its holdings in Public Service Enterprise Group by 181.5% during the 4th quarter. Millennium Management LLC now owns 2,016,315 shares of the utilities provider’s stock valued at $134,549,000 after buying an additional 1,300,108 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Public Service Enterprise Group by 8.3% during the 4th quarter. JPMorgan Chase & Co. now owns 8,329,900 shares of the utilities provider’s stock valued at $555,855,000 after buying an additional 640,728 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Public Service Enterprise Group by 616.7% during the 4th quarter. Renaissance Technologies LLC now owns 590,600 shares of the utilities provider’s stock valued at $39,411,000 after buying an additional 508,200 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in Public Service Enterprise Group during the 4th quarter valued at about $30,646,000. 70.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PEG has been the subject of a number of research analyst reports. Credit Suisse Group initiated coverage on shares of Public Service Enterprise Group in a report on Monday, April 25th. They set a “neutral” rating and a $76.00 price objective for the company. TheStreet lowered shares of Public Service Enterprise Group from a “b” rating to a “c” rating in a research note on Monday, June 13th. StockNews.com upgraded shares of Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research note on Monday, May 9th. Mizuho dropped their target price on shares of Public Service Enterprise Group from $73.00 to $68.00 and set a “buy” rating on the stock in a research report on Tuesday, July 12th. Finally, Barclays dropped their target price on shares of Public Service Enterprise Group from $75.00 to $66.00 and set an “equal weight” rating on the stock in a research report on Monday, July 18th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $72.45.

Insider Activity at Public Service Enterprise Group

In other news, CEO Ralph Izzo sold 9,883 shares of the company’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $64.15, for a total transaction of $633,994.45. Following the completion of the transaction, the chief executive officer now owns 447,656 shares of the company’s stock, valued at approximately $28,717,132.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In the last quarter, insiders sold 30,249 shares of company stock valued at $2,028,900. 0.55% of the stock is owned by insiders.

Public Service Enterprise Group Stock Up 0.8 %

Shares of NYSE:PEG opened at $60.10 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.89 and a debt-to-equity ratio of 1.25. Public Service Enterprise Group Incorporated has a fifty-two week low of $58.19 and a fifty-two week high of $75.61. The firm’s 50 day moving average price is $64.03 and its 200 day moving average price is $66.47. The stock has a market cap of $30.01 billion, a price-to-earnings ratio of -23.39, a price-to-earnings-growth ratio of 4.69 and a beta of 0.56.

Public Service Enterprise Group (NYSE:PEGGet Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The utilities provider reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.22. The firm had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.70 billion. Public Service Enterprise Group had a negative net margin of 14.19% and a positive return on equity of 12.94%. Public Service Enterprise Group’s quarterly revenue was down 19.9% on a year-over-year basis. During the same period last year, the firm posted $1.28 EPS. As a group, equities research analysts predict that Public Service Enterprise Group Incorporated will post 3.46 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 9th will be given a $0.54 dividend. The ex-dividend date of this dividend is Thursday, September 8th. This represents a $2.16 annualized dividend and a dividend yield of 3.59%. Public Service Enterprise Group’s dividend payout ratio is presently -84.05%.

Public Service Enterprise Group Company Profile

(Get Rating)

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 PSEG Power. The PSE&G segment transmits electricity; 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.

See Also

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

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