Crestline Management LP Purchases New Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Crestline Management LP acquired a new position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 81,676 shares of the utilities provider's stock, valued at approximately $6,901,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in PEG. Norges Bank purchased a new stake in shares of Public Service Enterprise Group in the fourth quarter valued at about $445,005,000. Raymond James Financial Inc. acquired a new position in Public Service Enterprise Group in the 4th quarter valued at about $376,209,000. Jennison Associates LLC raised its stake in Public Service Enterprise Group by 125.3% during the 4th quarter. Jennison Associates LLC now owns 3,384,803 shares of the utilities provider's stock valued at $285,982,000 after acquiring an additional 1,882,667 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its position in Public Service Enterprise Group by 604.5% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,004,100 shares of the utilities provider's stock worth $169,404,000 after acquiring an additional 1,719,614 shares during the period. Finally, Schroder Investment Management Group grew its stake in shares of Public Service Enterprise Group by 234.1% in the 4th quarter. Schroder Investment Management Group now owns 2,117,411 shares of the utilities provider's stock valued at $178,900,000 after purchasing an additional 1,483,662 shares during the last quarter. Institutional investors and hedge funds own 73.34% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PEG. StockNews.com downgraded Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research note on Thursday, May 1st. Wells Fargo & Company reduced their target price on Public Service Enterprise Group from $100.00 to $95.00 and set an "overweight" rating for the company in a report on Wednesday, February 26th. Barclays lowered their price target on shares of Public Service Enterprise Group from $84.00 to $83.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Evercore ISI reduced 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 research note on Thursday, May 1st. Finally, Guggenheim decreased their price objective 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, May 1st. 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. According to MarketBeat.com, Public Service Enterprise Group currently has a consensus rating of "Hold" and a consensus price target of $88.81.

Public Service Enterprise Group Trading Down 1.4 %

Shares of NYSE:PEG opened at $78.34 on Tuesday. The firm has a fifty day moving average of $81.11 and a two-hundred day moving average of $84.76. 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 Incorporated has a 12-month low of $70.28 and a 12-month high of $95.22. The firm has a market capitalization of $39.09 billion, a P/E ratio of 19.25, a price-to-earnings-growth ratio of 2.78 and a beta of 0.48.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.43 earnings per share for the quarter, meeting the consensus estimate of $1.43. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.15 billion. During the same quarter last year, the firm earned $1.31 earnings per share. The company's revenue for the quarter was up 16.7% on a year-over-year basis. On average, equities analysts expect that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm 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. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date of this dividend is Monday, June 9th. Public Service Enterprise Group's payout ratio is 68.85%.

Insiders Place Their Bets

In other news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction 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 sale, the chief executive officer now directly owns 221,670 shares of the company's stock, valued at approximately $18,372,009.60. This trade represents a 0.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.19% of the company's stock.

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.

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