Sound Shore Management Inc. CT Increases Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Sound Shore Management Inc. CT boosted its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 41.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 773,096 shares of the utilities provider's stock after purchasing an additional 226,124 shares during the quarter. Public Service Enterprise Group makes up approximately 2.2% of Sound Shore Management Inc. CT's holdings, making the stock its 27th biggest position. Sound Shore Management Inc. CT owned 0.15% of Public Service Enterprise Group worth $63,626,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Geode Capital Management LLC increased its stake in Public Service Enterprise Group by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 12,195,300 shares of the utilities provider's stock worth $1,027,725,000 after purchasing an additional 365,666 shares during the period. Invesco Ltd. raised its holdings in shares of Public Service Enterprise Group by 10.2% in the 4th quarter. Invesco Ltd. now owns 6,525,305 shares of the utilities provider's stock valued at $551,323,000 after purchasing an additional 604,978 shares in the last quarter. Northern Trust Corp raised its position in shares of Public Service Enterprise Group by 6.1% in the 4th quarter. Northern Trust Corp now owns 5,807,124 shares of the utilities provider's stock worth $490,644,000 after acquiring an additional 335,135 shares in the last quarter. Norges Bank purchased a new stake in shares of Public Service Enterprise Group during the fourth quarter valued at about $445,005,000. Finally, Capital Research Global Investors lifted its holdings in shares of Public Service Enterprise Group by 0.3% during the 4th quarter. Capital Research Global Investors now owns 4,756,965 shares of the utilities provider's stock valued at $401,916,000 after purchasing an additional 15,332 shares during the last quarter. 73.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on PEG. BMO Capital Markets boosted their target price on shares of Public Service Enterprise Group from $83.00 to $84.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 22nd. Barclays dropped their price objective on shares of Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 10th. UBS Group increased their target price on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a "buy" rating in a research note on Friday. 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 research note on Thursday, May 1st. Finally, Guggenheim decreased their price target on shares of Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Public Service Enterprise Group has an average rating of "Hold" and a consensus target price of $90.50.

Public Service Enterprise Group Stock Performance

NYSE:PEG traded down $0.68 during mid-day trading on Monday, reaching $86.91. The stock had a trading volume of 531,345 shares, compared to its average volume of 2,898,676. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.65 and a current ratio of 0.82. The business has a 50 day simple moving average of $81.79 and a 200 day simple moving average of $82.08. The firm has a market capitalization of $43.37 billion, a price-to-earnings ratio of 23.75, a PEG ratio of 3.14 and a beta of 0.48. Public Service Enterprise Group Incorporated has a twelve month low of $74.67 and a twelve month high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.43 EPS for the quarter, meeting the consensus estimate of $1.43. Public Service Enterprise Group had a net margin of 17.01% and a return on equity of 11.80%. The firm had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.15 billion. During the same quarter last year, the business earned $1.31 earnings per share. The business's revenue for the quarter was up 16.7% compared to the same quarter last year. On average, analysts expect that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be paid a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $2.52 annualized dividend and a dividend yield of 2.90%. Public Service Enterprise Group's dividend payout ratio is currently 68.85%.

Insider Transactions at Public Service Enterprise Group

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

Public Service Enterprise Group 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.