Assetmark Inc. Has $70.73 Million Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Key Points

• Assetmark Inc. increased its stake in Public Service Enterprise Group (PEG) by 0.8%, owning approximately 859,365 shares worth about $70.7 million as of its latest SEC filing.
• Public Service Enterprise Group reported $1.43 earnings per share for the last quarter, matching the consensus estimate and showing a revenue increase of 16.7% year-over-year.
• The company announced a quarterly dividend of $0.63 per share, with a dividend yield of 2.87%, scheduled for payment on September 30th.

Assetmark Inc. lifted its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 0.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 859,365 shares of the utilities provider's stock after buying an additional 7,052 shares during the quarter. Assetmark Inc. owned about 0.17% of Public Service Enterprise Group worth $70,726,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of PEG. Centre Asset Management LLC grew its holdings in Public Service Enterprise Group by 3.2% during the first quarter. Centre Asset Management LLC now owns 3,933 shares of the utilities provider's stock valued at $324,000 after purchasing an additional 121 shares during the period. Oregon Public Employees Retirement Fund grew its holdings in Public Service Enterprise Group by 0.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 42,803 shares of the utilities provider's stock valued at $3,523,000 after purchasing an additional 130 shares during the period. Apella Capital LLC grew its holdings in Public Service Enterprise Group by 2.7% during the first quarter. Apella Capital LLC now owns 5,418 shares of the utilities provider's stock valued at $443,000 after purchasing an additional 144 shares during the period. Net Worth Advisory Group grew its holdings in Public Service Enterprise Group by 5.6% during the first quarter. Net Worth Advisory Group now owns 2,809 shares of the utilities provider's stock valued at $231,000 after purchasing an additional 148 shares during the period. Finally, HM Payson & Co. grew its holdings in Public Service Enterprise Group by 4.5% during the first quarter. HM Payson & Co. now owns 3,635 shares of the utilities provider's stock valued at $299,000 after purchasing an additional 158 shares during the period. Institutional investors and hedge funds own 73.34% of the company's stock.

Insider Buying and Selling

In other news, CEO Ralph A. Larossa sold 1,387 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $83.12, for a total value of $115,287.44. Following the transaction, the chief executive officer directly owned 218,328 shares of the company's stock, valued at $18,147,423.36. This represents a 0.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.19% of the stock is currently owned by corporate insiders.

Public Service Enterprise Group Stock Down 0.9%

PEG traded down $0.75 during trading hours on Monday, hitting $86.83. 444,408 shares of the company's stock were exchanged, compared to its average volume of 2,898,189. Public Service Enterprise Group Incorporated has a 1-year low of $74.67 and a 1-year high of $95.22. The stock's 50-day moving average is $81.79 and its two-hundred day moving average is $82.08. The stock has a market cap of $43.33 billion, a price-to-earnings ratio of 23.71, a PEG ratio of 3.14 and a beta of 0.48. The company has a quick ratio of 0.65, a current ratio of 0.82 and a debt-to-equity ratio of 1.25.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last announced its earnings results on Wednesday, April 30th. The utilities provider reported $1.43 EPS for the quarter, hitting the consensus estimate of $1.43. The business had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.15 billion. Public Service Enterprise Group had a net margin of 17.01% and a return on equity of 11.80%. The firm's revenue was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.31 earnings per share. Sell-side analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend is Tuesday, September 9th. Public Service Enterprise Group's dividend payout ratio is currently 68.85%.

Analyst Upgrades and Downgrades

PEG has been the subject of a number of analyst reports. Morgan Stanley decreased their price objective on shares of Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, June 18th. Evercore ISI reduced their price target 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, May 1st. Wall Street Zen cut shares of Public Service Enterprise Group from a "hold" rating to a "sell" rating in a report on Sunday, July 20th. UBS Group upped their price target on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the company a "buy" rating in a report on Friday. Finally, Barclays reduced their price target on shares of Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating for the company in a report on Thursday, July 10th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, Public Service Enterprise Group presently has an average rating of "Hold" and an average price target of $90.50.

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.