Alta Fundamental Advisers LLC Acquires 121,632 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Alta Fundamental Advisers LLC lifted its stake in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 60.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 324,032 shares of the utilities provider's stock after purchasing an additional 121,632 shares during the quarter. Public Service Enterprise Group accounts for 8.1% of Alta Fundamental Advisers LLC's portfolio, making the stock its 3rd largest position. Alta Fundamental Advisers LLC owned about 0.07% of Public Service Enterprise Group worth $27,377,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Public Service Enterprise Group by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 60,775,030 shares of the utilities provider's stock valued at $5,134,882,000 after buying an additional 492,517 shares during the period. Geode Capital Management LLC raised its holdings in shares of Public Service Enterprise Group by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 12,195,300 shares of the utilities provider's stock worth $1,027,725,000 after acquiring an additional 365,666 shares in the last quarter. Invesco Ltd. boosted its position in Public Service Enterprise Group by 10.2% during the fourth quarter. Invesco Ltd. now owns 6,525,305 shares of the utilities provider's stock valued at $551,323,000 after purchasing an additional 604,978 shares during the last quarter. Northern Trust Corp grew its stake in Public Service Enterprise Group by 6.1% in the fourth quarter. Northern Trust Corp now owns 5,807,124 shares of the utilities provider's stock valued at $490,644,000 after purchasing an additional 335,135 shares in the last quarter. Finally, Norges Bank acquired a new position in Public Service Enterprise Group in the 4th quarter worth about $445,005,000. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,378 shares of the business's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $82.88, for a total transaction of $114,208.64. Following the transaction, the chief executive officer now directly owns 221,670 shares in the company, valued at $18,372,009.60. The trade was a 0.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Over the last 90 days, insiders sold 4,134 shares of company stock valued at $337,941. Insiders own 0.19% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on PEG. Wells Fargo & Company lowered their price target on Public Service Enterprise Group from $100.00 to $95.00 and set an "overweight" rating for the company in a research note on Wednesday, February 26th. Bank of America decreased their target price on shares of Public Service Enterprise Group from $95.00 to $92.00 and set a "buy" rating for the company in a research report on Monday, March 3rd. Guggenheim cut their price target on shares of Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating on the stock in a report on Thursday. Evercore ISI decreased their price objective on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating for the company in a report on Thursday. Finally, Morgan Stanley increased their target price 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. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Public Service Enterprise Group presently has a consensus rating of "Hold" and an average target price of $88.81.

Public Service Enterprise Group Price Performance

Shares of NYSE:PEG opened at $79.52 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. The business has a 50 day moving average price of $81.20 and a 200 day moving average price of $84.91. The company has a market cap of $39.65 billion, a price-to-earnings ratio of 19.54, a PEG ratio of 2.78 and a beta of 0.52. Public Service Enterprise Group Incorporated has a twelve month low of $69.71 and a twelve month high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.43. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.15 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 quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the company posted $1.31 earnings per share. Research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 9th will be issued a dividend of $0.63 per share. The ex-dividend date is Monday, June 9th. This represents a $2.52 annualized dividend and a dividend yield of 3.17%. Public Service Enterprise Group's payout ratio is 71.19%.

Public Service Enterprise Group 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.

Want to see what other hedge funds are holding PEG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.