Drake & Associates LLC Makes New Investment in Public Service Enterprise Group Incorporated $PEG

Drake & Associates LLC bought a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 28,879 shares of the utilities provider’s stock, valued at approximately $2,306,000.

Several other large investors also recently modified their holdings of PEG. Norges Bank purchased a new position in Public Service Enterprise Group in the second quarter valued at approximately $564,238,000. Bank of America Corp DE raised its stake in shares of Public Service Enterprise Group by 24.7% in the second quarter. Bank of America Corp DE now owns 17,536,584 shares of the utilities provider’s stock valued at $1,476,230,000 after buying an additional 3,469,886 shares during the period. Invesco Ltd. lifted its position in shares of Public Service Enterprise Group by 27.8% during the 2nd quarter. Invesco Ltd. now owns 6,473,897 shares of the utilities provider’s stock valued at $544,973,000 after buying an additional 1,408,707 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Public Service Enterprise Group by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 64,961,047 shares of the utilities provider’s stock worth $5,468,421,000 after acquiring an additional 1,199,371 shares during the period. Finally, Railway Pension Investments Ltd grew its stake in shares of Public Service Enterprise Group by 97.5% during the 3rd quarter. Railway Pension Investments Ltd now owns 1,897,800 shares of the utilities provider’s stock worth $158,390,000 after acquiring an additional 937,100 shares during the period. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on PEG. TD Cowen upped their price objective on shares of Public Service Enterprise Group from $93.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Argus upgraded shares of Public Service Enterprise Group to a “strong-buy” rating in a research note on Wednesday, January 14th. BMO Capital Markets cut their price objective on shares of Public Service Enterprise Group from $85.00 to $83.00 and set a “market perform” rating for the company in a report on Tuesday, November 4th. Wells Fargo & Company raised shares of Public Service Enterprise Group from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $88.00 to $92.00 in a report on Tuesday, January 20th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $85.00 target price (down previously from $88.00) on shares of Public Service Enterprise Group in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $90.96.

Public Service Enterprise Group Trading Up 1.2%

Shares of PEG stock opened at $84.17 on Thursday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.69 and a current ratio of 0.93. Public Service Enterprise Group Incorporated has a 52-week low of $74.67 and a 52-week high of $91.25. The company has a market capitalization of $42.01 billion, a PE ratio of 20.23, a price-to-earnings-growth ratio of 2.69 and a beta of 0.59. The business’s fifty day moving average is $80.02 and its 200 day moving average is $82.06.

Public Service Enterprise Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 10th were issued a dividend of $0.63 per share. The ex-dividend date of this dividend was Wednesday, December 10th. This represents a $2.52 annualized dividend and a dividend yield of 3.0%. Public Service Enterprise Group’s payout ratio is presently 60.58%.

Public Service Enterprise Group Profile

Public Service Enterprise Group (NYSE: PEG) is a diversified energy company that operates primarily in New Jersey. Its core businesses include a regulated utility that delivers electric and natural gas service to residential, commercial and industrial customers, as well as generation and energy services operations that participate in wholesale power markets. The company’s activities encompass transmission and distribution, power generation operations, and related energy infrastructure services.

The regulated utility arm, Public Service Electric and Gas Company (PSE&G), is responsible for owning and maintaining electric and gas networks, connecting customers, performing meter and billing services, and managing system reliability and storm response.