Mackenzie Financial Corp Acquires 3,902 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Key Points

• Mackenzie Financial Corp has increased its holdings in Public Service Enterprise Group by 6.3%, acquiring an additional 3,902 shares during the first quarter, bringing its total ownership to 65,593 shares valued at $5.4 million.
• The company's CEO, Ralph A. Larossa, sold 1,387 shares for approximately $115,287, reducing his stake by 0.63% while still holding a total of 218,328 shares.
• Public Service Enterprise Group will pay a quarterly dividend of $0.63, translating into an annualized dividend of $2.52 and a yield of 2.8%.

Mackenzie Financial Corp boosted its position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 6.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,593 shares of the utilities provider's stock after buying an additional 3,902 shares during the quarter. Mackenzie Financial Corp's holdings in Public Service Enterprise Group were worth $5,398,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Summit Financial LLC increased its holdings in shares of Public Service Enterprise Group by 11.7% during the fourth quarter. Summit Financial LLC now owns 6,033 shares of the utilities provider's stock valued at $510,000 after acquiring an additional 630 shares in the last quarter. OneAscent Financial Services LLC grew its holdings in Public Service Enterprise Group by 11.4% during the fourth quarter. OneAscent Financial Services LLC now owns 3,657 shares of the utilities provider's stock worth $309,000 after acquiring an additional 374 shares during the period. Nicolet Advisory Services LLC grew its holdings in Public Service Enterprise Group by 8.1% during the fourth quarter. Nicolet Advisory Services LLC now owns 2,381 shares of the utilities provider's stock worth $201,000 after acquiring an additional 179 shares during the period. World Investment Advisors increased its position in shares of Public Service Enterprise Group by 3.5% in the fourth quarter. World Investment Advisors now owns 51,088 shares of the utilities provider's stock valued at $4,316,000 after buying an additional 1,732 shares in the last quarter. Finally, Arete Wealth Advisors LLC increased its position in shares of Public Service Enterprise Group by 9.8% during the fourth quarter. Arete Wealth Advisors LLC now owns 7,518 shares of the utilities provider's stock worth $634,000 after purchasing an additional 672 shares in the last quarter. Hedge funds and other institutional investors own 73.34% of the company's stock.

Public Service Enterprise Group Trading Up 1.4%

Shares of PEG traded up $1.26 during trading hours on Monday, hitting $90.23. 2,475,718 shares of the stock were exchanged, compared to its average volume of 2,407,687. Public Service Enterprise Group Incorporated has a fifty-two week low of $74.67 and a fifty-two week high of $95.22. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.82 and a quick ratio of 0.65. The business has a 50-day moving average of $82.79 and a 200-day moving average of $82.19. The firm has a market capitalization of $45.03 billion, a P/E ratio of 24.65, a price-to-earnings-growth ratio of 3.19 and a beta of 0.45.

Public Service Enterprise Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 9th. Public Service Enterprise Group's dividend payout ratio (DPR) is presently 68.85%.

Insider Buying and Selling at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,387 shares of Public Service Enterprise Group 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 completion of the transaction, the chief executive officer owned 218,328 shares in the company, valued at $18,147,423.36. This trade represents a 0.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.19% of the stock is owned by insiders.

Analysts Set New Price Targets

PEG has been the subject of a number of recent research reports. Guggenheim decreased their price objective on Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Barclays dropped their price objective on Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating on the stock in a report on Thursday, July 10th. Evercore ISI cut their price objective on Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. BMO Capital Markets increased their price objective on Public Service Enterprise Group from $83.00 to $84.00 and gave the stock a "market perform" rating in a report on Tuesday, July 22nd. Finally, Wall Street Zen downgraded shares of Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research note on Sunday, July 20th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Public Service Enterprise Group presently has a consensus 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.