Russell Investments Group Ltd. Grows Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Key Points

• Russell Investments Group Ltd. increased its stake in Public Service Enterprise Group by 9.8%, owning approximately 1,168,797 shares valued at $96.2 million.
• Public Service Enterprise Group declared a quarterly dividend of $0.63 per share, with an annualized dividend yield of 2.9% and a payout ratio of 63.64%.
• The company reported $0.77 EPS for the recent quarter, exceeding expectations, with a revenue of $2.81 billion, a significant increase of 15.8% compared to the previous year.

Russell Investments Group Ltd. grew its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 9.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,168,797 shares of the utilities provider's stock after purchasing an additional 103,968 shares during the quarter. Russell Investments Group Ltd. owned about 0.23% of Public Service Enterprise Group worth $96,188,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Transce3nd LLC acquired a new position in shares of Public Service Enterprise Group during the 4th quarter worth approximately $25,000. Chapman Financial Group LLC acquired a new position in shares of Public Service Enterprise Group during the 4th quarter worth approximately $25,000. REAP Financial Group LLC increased its holdings in shares of Public Service Enterprise Group by 105.9% during the 4th quarter. REAP Financial Group LLC now owns 315 shares of the utilities provider's stock worth $27,000 after acquiring an additional 162 shares during the last quarter. Headlands Technologies LLC acquired a new position in Public Service Enterprise Group in the 1st quarter valued at $32,000. Finally, Optiver Holding B.V. acquired a new position in Public Service Enterprise Group in the 4th quarter valued at $50,000. Institutional investors and hedge funds own 73.34% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Wall Street Zen lowered Public Service Enterprise Group from a "hold" rating to a "sell" rating in a report on Sunday, July 20th. Barclays decreased 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. Morgan Stanley decreased their price objective on 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. BMO Capital Markets upped their target price on Public Service Enterprise Group from $84.00 to $89.00 and gave the company a "market perform" rating in a research report on Wednesday, August 6th. Finally, Evercore ISI cut their target price on Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $90.95.

Public Service Enterprise Group Stock Down 1.7%

Public Service Enterprise Group stock traded down $1.46 during trading on Friday, hitting $85.34. 2,922,549 shares of the company were exchanged, compared to its average volume of 2,581,507. The business's 50 day moving average is $84.23 and its 200 day moving average is $82.29. Public Service Enterprise Group Incorporated has a 52 week low of $74.67 and a 52 week high of $95.22. The company has a market capitalization of $42.59 billion, a P/E ratio of 21.55, a PEG 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 (NYSE:PEG - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $2.81 billion for the quarter, compared to analysts' expectations of $2.49 billion. During the same quarter in the previous year, the firm earned $0.63 earnings per share. The business's revenue was up 15.8% on a year-over-year basis. Analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders 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 3.0%. The ex-dividend date of this dividend is Tuesday, September 9th. Public Service Enterprise Group's dividend payout ratio is currently 63.64%.

Insider Activity at Public Service Enterprise Group

In related 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 transaction of $115,287.44. Following the sale, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.19% of the stock is owned by corporate insiders.

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.