Envestnet Asset Management Inc. boosted its position in Public Service Enterprise Group Incorporated (NYSE:PEG – Get Rating) by 11.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 495,858 shares of the utilities provider’s stock after purchasing an additional 51,291 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.10% of Public Service Enterprise Group worth $27,882,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in PEG. Legal & General Group Plc increased its stake in shares of Public Service Enterprise Group by 24.4% in the 2nd quarter. Legal & General Group Plc now owns 6,965,031 shares of the utilities provider’s stock worth $440,749,000 after acquiring an additional 1,363,974 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Public Service Enterprise Group by 48.8% during the second quarter. Goldman Sachs Group Inc. now owns 4,089,778 shares of the utilities provider’s stock valued at $258,802,000 after purchasing an additional 1,341,818 shares in the last quarter. Prudential Financial Inc. increased its stake in shares of Public Service Enterprise Group by 196.2% during the first quarter. Prudential Financial Inc. now owns 1,892,166 shares of the utilities provider’s stock valued at $132,451,000 after purchasing an additional 1,253,283 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Public Service Enterprise Group by 2.7% during the first quarter. Vanguard Group Inc. now owns 43,654,799 shares of the utilities provider’s stock valued at $3,055,836,000 after purchasing an additional 1,159,331 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its stake in Public Service Enterprise Group by 130.5% during the second quarter. Point72 Asset Management L.P. now owns 1,817,300 shares of the utilities provider’s stock valued at $114,999,000 after buying an additional 1,029,000 shares during the last quarter. Hedge funds and other institutional investors own 70.67% of the company’s stock.
Analysts Set New Price Targets
A number of research firms have recently commented on PEG. Morgan Stanley increased their target price on Public Service Enterprise Group from $69.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday, January 23rd. Guggenheim reduced their price objective on shares of Public Service Enterprise Group to $67.00 in a research note on Friday, November 4th. UBS Group decreased their target price on shares of Public Service Enterprise Group to $74.00 in a report on Friday, November 4th. Wells Fargo & Company cut their price target on shares of Public Service Enterprise Group from $69.00 to $68.00 and set an “overweight” rating on the stock in a report on Tuesday, November 1st. Finally, Credit Suisse Group boosted their price objective on shares of Public Service Enterprise Group to $63.00 in a report on Friday, November 4th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $67.20.
Public Service Enterprise Group Price Performance
NYSE PEG opened at $61.15 on Wednesday. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.60 and a quick ratio of 0.46. Public Service Enterprise Group Incorporated has a 1-year low of $52.51 and a 1-year high of $75.61. The stock has a market capitalization of $30.51 billion, a price-to-earnings ratio of 44.96, a PEG ratio of 7.69 and a beta of 0.56. The business’s fifty day moving average price is $61.36 and its 200-day moving average price is $61.12.
Public Service Enterprise Group (NYSE:PEG – Get Rating) last announced its earnings results on Tuesday, February 21st. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.02. Public Service Enterprise Group had a return on equity of 12.96% and a net margin of 7.08%. The business had revenue of $3.14 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same period last year, the firm posted $0.69 earnings per share. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, equities analysts predict that Public Service Enterprise Group Incorporated will post 3.46 earnings per share for the current year.
Public Service Enterprise Group Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Friday, March 10th will be issued a dividend of $0.57 per share. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.54. This represents a $2.28 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date is Thursday, March 9th. Public Service Enterprise Group’s dividend payout ratio is currently 158.82%.
Public Service Enterprise Group Profile
Public Service Enterprise Group, Inc is a holding company, which engages in the provision of electric and gas services. The firm operates through the following two segments: Public Service Electric & Gas Co (PSE&G) and PSEG Power. The PSE&G segment engages in the transmission of electricity and distribution of electricity and natural gas.
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