Resona Asset Management Co. Ltd. Increases Holdings in Public Service Enterprise Group Incorporated $PEG

Key Points

• Resona Asset Management Co. Ltd. increased its stake in Public Service Enterprise Group Incorporated (PEG) by 7.3%, acquiring an additional 11,386 shares during the first quarter, bringing its total holdings to $13.7 million.
• Public Service Enterprise Group reported earnings per share of $0.77 for the last quarter, exceeding consensus estimates by 7 cents, with revenue increasing 15.8% year-over-year.
• The company also announced a quarterly dividend of $0.63 per share, representing an annualized yield of 2.9%, to be paid on September 30.

Resona Asset Management Co. Ltd. raised its stake in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 7.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 166,982 shares of the utilities provider's stock after buying an additional 11,386 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Public Service Enterprise Group were worth $13,727,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Public Service Enterprise Group by 4.9% in the first quarter. Vanguard Group Inc. now owns 63,761,676 shares of the utilities provider's stock valued at $5,247,586,000 after purchasing an additional 2,986,646 shares during the period. Northern Trust Corp increased its position in Public Service Enterprise Group by 6.1% during the 4th quarter. Northern Trust Corp now owns 5,807,124 shares of the utilities provider's stock valued at $490,644,000 after purchasing an additional 335,135 shares during the period. Capital Research Global Investors lifted its position in shares of Public Service Enterprise Group by 0.3% in the 4th quarter. Capital Research Global Investors now owns 4,756,965 shares of the utilities provider's stock worth $401,916,000 after purchasing an additional 15,332 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Public Service Enterprise Group by 15.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,997,028 shares of the utilities provider's stock valued at $337,709,000 after purchasing an additional 542,671 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Public Service Enterprise Group by 1.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,061,714 shares of the utilities provider's stock worth $251,979,000 after buying an additional 31,631 shares during the period. Institutional investors own 73.34% of the company's stock.

Public Service Enterprise Group Stock Performance

Shares of NYSE PEG traded down $1.15 during trading on Monday, reaching $84.17. 930,727 shares of the stock traded hands, compared to its average volume of 2,870,650. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.00 and a quick ratio of 0.76. The stock has a market capitalization of $42.01 billion, a P/E ratio of 21.26, a price-to-earnings-growth ratio of 2.97 and a beta of 0.45. 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 50-day moving average of $84.23 and a 200-day moving average of $82.28.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $2.81 billion for the quarter, compared to analysts' expectations of $2.49 billion. Public Service Enterprise Group had a return on equity of 12.08% and a net margin of 17.78%. The firm's quarterly revenue was up 15.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.63 EPS. Analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be paid a $0.63 dividend. 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 payout ratio is 63.64%.

Insider Buying and Selling at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,387 shares of Public Service Enterprise Group stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $83.12, for a total value of $115,287.44. Following the transaction, the chief executive officer directly owned 218,328 shares of the company's stock, valued at $18,147,423.36. The trade was a 0.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Morgan Stanley lowered their price objective on Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating for the company in a research report on Wednesday, June 18th. Evercore ISI cut their target price on 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. Wall Street Zen lowered Public Service Enterprise Group from a "hold" rating to a "sell" rating in a report on Sunday, July 20th. BMO Capital Markets raised their price target on shares of 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, UBS Group upped their price objective on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. One investment 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's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $90.95.

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.