Nuveen LLC Takes Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Key Points

• Nuveen LLC has purchased a significant stake in Public Service Enterprise Group, acquiring over 1.15 million shares valued at approximately $95 million.
• Institutional investors collectively own 73.34% of Public Service Enterprise Group's stock, indicating strong interest from the financial sector.
• The company reported earnings per share of $0.77 for the previous quarter, exceeding analysts' expectations of $0.70, alongside a year-over-year revenue increase of 15.8%.

Nuveen LLC bought a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,155,231 shares of the utilities provider's stock, valued at approximately $95,076,000. Nuveen LLC owned 0.23% of Public Service Enterprise Group at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Transce3nd LLC bought a new position in shares of Public Service Enterprise Group in the fourth quarter worth $25,000. Chapman Financial Group LLC bought a new position in shares of Public Service Enterprise Group in the fourth quarter worth $25,000. REAP Financial Group LLC increased its holdings in shares of Public Service Enterprise Group by 105.9% in the fourth quarter. REAP Financial Group LLC now owns 315 shares of the utilities provider's stock worth $27,000 after purchasing an additional 162 shares during the period. Headlands Technologies LLC bought a new position in shares of Public Service Enterprise Group in the first quarter worth $32,000. Finally, Optiver Holding B.V. bought a new position in shares of Public Service Enterprise Group in the fourth quarter worth $50,000. Institutional investors own 73.34% of the company's stock.

Public Service Enterprise Group Trading Down 1.7%

NYSE PEG traded down $1.46 during trading on Friday, hitting $85.34. 2,922,549 shares of the company's stock traded hands, compared to its average volume of 2,581,507. The stock has a fifty day moving average of $84.23 and a two-hundred day moving average of $82.29. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.00 and a quick ratio of 0.76. Public Service Enterprise Group Incorporated has a 12-month low of $74.67 and a 12-month high of $95.22. The firm has a market cap of $42.59 billion, a P/E ratio of 21.55, a PEG ratio of 2.97 and a beta of 0.45.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.07. Public Service Enterprise Group had a net margin of 17.78% and a return on equity of 12.08%. The business had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.49 billion. During the same period in the prior year, the business posted $0.63 earnings per share. The company's revenue was up 15.8% on a year-over-year basis. As a group, sell-side analysts expect that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 3.0%. The ex-dividend date is Tuesday, September 9th. Public Service Enterprise Group's dividend payout ratio is presently 63.64%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. BMO Capital Markets upped their price target on shares of Public Service Enterprise Group from $84.00 to $89.00 and gave the stock a "market perform" rating in a report on Wednesday, August 6th. Evercore ISI decreased their price target on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Barclays decreased their price target on shares of 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. Morgan Stanley decreased their price target on shares of Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating on the stock in a report on Wednesday, June 18th. Finally, Guggenheim cut their target price on shares of 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $90.95.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,387 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $83.12, for a total transaction of $115,287.44. Following the completion of the sale, the chief executive officer directly owned 218,328 shares in the company, valued at $18,147,423.36. This represents a 0.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.19% of the stock is currently owned by insiders.

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.