Colonial River Investments LLC Acquires Shares of 7,111 Public Service Enterprise Group Incorporated (NYSE:PEG)

Colonial River Investments LLC bought a new position in Public Service Enterprise Group Incorporated (NYSE:PEG) in the 3rd quarter, Holdings Channel.com reports. The fund bought 7,111 shares of the utilities provider’s stock, valued at approximately $634,000.

Other institutional investors have also modified their holdings of the company. Raymond James & Associates lifted its stake in Public Service Enterprise Group by 30.1% during the third quarter. Raymond James & Associates now owns 2,869,113 shares of the utilities provider’s stock worth $255,954,000 after purchasing an additional 663,012 shares during the last quarter. Hamlin Capital Management LLC raised its holdings in shares of Public Service Enterprise Group by 7.2% during the third quarter. Hamlin Capital Management LLC now owns 2,427,336 shares of the utilities provider’s stock worth $216,543,000 after purchasing an additional 162,731 shares during the period. Hsbc Holdings PLC lifted its position in shares of Public Service Enterprise Group by 43.2% in the 2nd quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock worth $178,763,000 after buying an additional 732,443 shares during the last quarter. abrdn plc boosted its holdings in shares of Public Service Enterprise Group by 10.2% in the 3rd quarter. abrdn plc now owns 1,792,186 shares of the utilities provider’s stock valued at $159,074,000 after buying an additional 165,995 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Public Service Enterprise Group by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,734,257 shares of the utilities provider’s stock valued at $127,809,000 after buying an additional 163,333 shares during the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.

Public Service Enterprise Group Trading Up 1.9 %

Public Service Enterprise Group stock opened at $85.82 on Friday. Public Service Enterprise Group Incorporated has a 12-month low of $56.85 and a 12-month high of $92.20. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.46. The stock has a market capitalization of $42.76 billion, a PE ratio of 21.09, a price-to-earnings-growth ratio of 3.06 and a beta of 0.61. The firm has a 50 day simple moving average of $86.80 and a 200-day simple moving average of $79.19.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The firm had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.44 billion. During the same period last year, the company posted $0.85 EPS. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. As a group, equities research analysts expect that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current fiscal year.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 9,563 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $79.54, for a total value of $760,641.02. Following the sale, the executive vice president now directly owns 57,961 shares in the company, valued at approximately $4,610,217.94. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Tamara Louise Linde sold 9,563 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $79.54, for a total transaction of $760,641.02. Following the completion of the sale, the executive vice president now directly owns 57,961 shares in the company, valued at approximately $4,610,217.94. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $90.20, for a total value of $124,295.60. Following the completion of the transaction, the chief executive officer now directly owns 147,514 shares in the company, valued at $13,305,762.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 41,010 shares of company stock valued at $3,397,855 over the last 90 days. 0.57% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PEG shares. Royal Bank of Canada raised their target price on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a report on Monday, July 15th. Wells Fargo & Company raised their price target on Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Scotiabank upped their price objective on Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a research note on Tuesday, August 20th. UBS Group raised their target price on Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, Jefferies Financial Group initiated coverage on shares of Public Service Enterprise Group in a research report on Friday, September 13th. They set a “hold” rating and a $85.00 price target for the company. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Service Enterprise Group has an average rating of “Moderate Buy” and a consensus price target of $86.69.

About Public Service Enterprise Group

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.