Cullen Investment Group LTD. Raises Stock Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Cullen Investment Group LTD. grew its stake in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 100.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 53,862 shares of the utilities provider's stock after buying an additional 26,995 shares during the period. Cullen Investment Group LTD.'s holdings in Public Service Enterprise Group were worth $4,433,000 at the end of the most recent quarter.

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

Public Service Enterprise Group Stock Performance

Shares of NYSE:PEG traded up $1.43 on Friday, hitting $80.98. 12,247,488 shares of the company were exchanged, compared to its average volume of 2,776,646. The company's 50 day moving average price is $80.29 and its two-hundred day moving average price is $83.65. Public Service Enterprise Group Incorporated has a one year low of $71.89 and a one year high of $95.22. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. The firm has a market capitalization of $40.41 billion, a price-to-earnings ratio of 19.90, a PEG ratio of 2.78 and a beta of 0.48.

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

Public Service Enterprise Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 9th will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 3.11%. The ex-dividend date is Monday, June 9th. Public Service Enterprise Group's dividend payout ratio (DPR) is 68.85%.

Insiders Place Their Bets

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $79.26, for a total transaction of $109,220.28. Following the completion of the sale, the chief executive officer now owns 221,093 shares in the company, valued at approximately $17,523,831.18. The trade was a 0.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.19% of the company's stock.

Analyst Ratings Changes

PEG has been the subject of several research analyst reports. Wall Street Zen cut shares of Public Service Enterprise Group from a "hold" rating to a "sell" rating in a report on Thursday, May 1st. BMO Capital Markets cut their price target on shares of Public Service Enterprise Group from $86.00 to $83.00 and set a "market perform" rating for the company in a report on Thursday, April 10th. Guggenheim cut their price target on shares of Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Morgan Stanley cut their price target on shares of Public Service Enterprise Group from $102.00 to $101.00 and set an "overweight" rating for the company in a report on Thursday, May 22nd. Finally, Barclays cut their price target on shares of Public Service Enterprise Group from $84.00 to $83.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $89.63.

Public Service Enterprise Group Company 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.