Polymer Capital Management US LLC Makes New Investment in Public Service Enterprise Group Incorporated (NYSE:PEG)

Polymer Capital Management US LLC acquired a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 30,000 shares of the utilities provider’s stock, valued at approximately $2,535,000.

Several other large investors have also modified their holdings of PEG. Foundations Investment Advisors LLC increased its position in Public Service Enterprise Group by 27.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 87,621 shares of the utilities provider’s stock worth $7,403,000 after purchasing an additional 18,627 shares during the last quarter. Cullen Investment Group LTD. increased its holdings in shares of Public Service Enterprise Group by 65.3% during the 4th quarter. Cullen Investment Group LTD. now owns 26,867 shares of the utilities provider’s stock worth $2,270,000 after buying an additional 10,610 shares during the last quarter. Arvest Bank Trust Division purchased a new position in shares of Public Service Enterprise Group in the 3rd quarter worth $2,860,000. Parsons Capital Management Inc. RI acquired a new position in Public Service Enterprise Group in the fourth quarter valued at $2,565,000. Finally, Czech National Bank grew its position in Public Service Enterprise Group by 6.4% during the fourth quarter. Czech National Bank now owns 108,025 shares of the utilities provider’s stock valued at $9,127,000 after acquiring an additional 6,545 shares during the period. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $82.88, for a total value of $114,208.64. Following the completion of the transaction, the chief executive officer now owns 221,670 shares in the company, valued at approximately $18,372,009.60. This trade represents a 0.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.19% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PEG has been the topic of several research analyst reports. StockNews.com raised Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research note on Friday, March 14th. BMO Capital Markets boosted their price objective on shares of Public Service Enterprise Group from $85.00 to $86.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 26th. Morgan Stanley increased their price objective on shares of Public Service Enterprise Group from $96.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, March 20th. Barclays lowered shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $88.00 to $84.00 in a report on Monday, January 27th. Finally, Bank of America lowered their price target on Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and an average price target of $89.65.

Public Service Enterprise Group Price Performance

PEG stock opened at $77.83 on Monday. The stock’s 50 day moving average is $82.34 and its two-hundred day moving average is $86.04. Public Service Enterprise Group Incorporated has a 52-week low of $64.03 and a 52-week high of $95.22. The company has a market capitalization of $38.80 billion, a PE ratio of 19.12, a P/E/G ratio of 2.78 and a beta of 0.52. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the previous year, the firm earned $0.54 earnings per share. The business’s revenue was down 5.4% compared to the same quarter last year. Analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 10th were paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 3.24%. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Monday, March 10th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 71.19%.

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.