Premier Fund Managers Ltd Grows Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Premier Fund Managers Ltd increased its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 8.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,500 shares of the utilities provider’s stock after buying an additional 2,500 shares during the quarter. Premier Fund Managers Ltd’s holdings in Public Service Enterprise Group were worth $2,868,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Raymond James & Associates boosted its stake in shares of Public Service Enterprise Group by 315.2% during the 2nd quarter. Raymond James & Associates now owns 2,206,101 shares of the utilities provider’s stock worth $162,590,000 after acquiring an additional 1,674,827 shares during the last quarter. Sound Shore Management Inc. CT purchased a new position in Public Service Enterprise Group during the second quarter valued at $71,298,000. Hsbc Holdings PLC lifted its position in Public Service Enterprise Group by 43.2% during the second quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock valued at $178,763,000 after purchasing an additional 732,443 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in Public Service Enterprise Group by 381.7% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 800,848 shares of the utilities provider’s stock valued at $59,023,000 after purchasing an additional 634,587 shares during the period. Finally, Zurich Insurance Group Ltd FI purchased a new stake in Public Service Enterprise Group in the first quarter worth about $28,132,000. 73.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PEG has been the topic of a number of analyst reports. LADENBURG THALM/SH SH raised Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 5th. Barclays lowered their price target on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Jefferies Financial Group began coverage on shares of Public Service Enterprise Group in a research note on Friday, September 13th. They issued a “hold” rating and a $85.00 price objective for the company. Scotiabank lifted their target price on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a research note on Tuesday, August 20th. Finally, BMO Capital Markets increased their price target on Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a research note on Monday, October 21st. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $86.69.

Public Service Enterprise Group Price Performance

NYSE:PEG opened at $90.09 on Wednesday. The company has a market capitalization of $44.89 billion, a P/E ratio of 22.14, a P/E/G ratio of 3.27 and a beta of 0.61. The business’s 50-day moving average is $87.87 and its 200 day moving average is $80.31. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. Public Service Enterprise Group Incorporated has a 12 month low of $56.85 and a 12 month high of $92.20.

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

Public Service Enterprise Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 10th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.66%. Public Service Enterprise Group’s dividend payout ratio is currently 58.97%.

Insiders Place Their Bets

In related news, EVP Tamara Louise Linde sold 9,564 shares of the stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $90.61, for a total transaction of $866,594.04. Following the sale, the executive vice president now owns 48,397 shares in the company, valued at approximately $4,385,252.17. This represents a 16.50 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total transaction of $111,190.82. Following the transaction, the chief executive officer now directly owns 148,892 shares of the company’s stock, valued at $12,014,095.48. The trade was a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,783 shares of company stock valued at $2,381,626 over the last ninety days. 0.18% of the stock is owned by insiders.

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.