Public Service Enterprise Group Incorporated (NYSE:PEG) Position Boosted by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board increased its stake in Public Service Enterprise Group by 3.0%, holding 133,176 shares valued at $10.96 million at the close of the first quarter.
• Public Service Enterprise Group reported a quarterly earnings of $0.77 per share, surpassing analyst expectations, with a revenue of $2.81 billion, an increase of 15.8% year-over-year.
• Institutional investors own 73.34% of Public Service Enterprise Group's stock, showcasing strong hedge fund interest in the company.

Public Sector Pension Investment Board grew its position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 3.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 133,176 shares of the utilities provider's stock after buying an additional 3,919 shares during the quarter. Public Sector Pension Investment Board's holdings in Public Service Enterprise Group were worth $10,960,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. boosted its holdings in Public Service Enterprise Group by 6.2% in the first quarter. Robeco Institutional Asset Management B.V. now owns 47,659 shares of the utilities provider's stock valued at $3,922,000 after purchasing an additional 2,803 shares during the period. Sowell Financial Services LLC acquired a new stake in shares of Public Service Enterprise Group during the first quarter worth about $298,000. Exchange Traded Concepts LLC increased its position in shares of Public Service Enterprise Group by 12.7% during the first quarter. Exchange Traded Concepts LLC now owns 3,977 shares of the utilities provider's stock worth $327,000 after purchasing an additional 447 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Public Service Enterprise Group by 4.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 90,126 shares of the utilities provider's stock valued at $7,417,000 after acquiring an additional 3,601 shares during the period. Finally, Vontobel Holding Ltd. acquired a new position in Public Service Enterprise Group in the 1st quarter valued at about $329,000. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,387 shares of the business's stock in a transaction on Tuesday, July 1st. The stock was 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 directly owned 218,328 shares in the company, valued at approximately $18,147,423.36. The trade was a 0.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.19% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Evercore ISI dropped their price target on Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Morgan Stanley dropped their price target on Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 18th. UBS Group boosted their price target on Public Service Enterprise Group from $97.00 to $103.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Barclays dropped their target price on Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 10th. Finally, Guggenheim dropped their target price on Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $90.95.

Public Service Enterprise Group Price Performance

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

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

Public Service Enterprise Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be paid a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $2.52 dividend on an annualized basis and a yield of 3.0%. Public Service Enterprise Group's dividend payout ratio is presently 63.64%.

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.