First Manhattan CO. LLC. Acquires 3,707 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

First Manhattan CO. LLC. raised its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 61.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,731 shares of the utilities provider's stock after purchasing an additional 3,707 shares during the period. First Manhattan CO. LLC.'s holdings in Public Service Enterprise Group were worth $822,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Foundations Investment Advisors LLC increased its holdings in shares of Public Service Enterprise Group by 27.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 87,621 shares of the utilities provider's stock worth $7,403,000 after buying an additional 18,627 shares in the last quarter. Cullen Investment Group LTD. increased its holdings in shares of Public Service Enterprise Group by 65.3% during the fourth quarter. Cullen Investment Group LTD. now owns 26,867 shares of the utilities provider's stock worth $2,270,000 after buying an additional 10,610 shares in the last quarter. Parsons Capital Management Inc. RI acquired a new position in shares of Public Service Enterprise Group during the fourth quarter worth $2,565,000. Czech National Bank increased its holdings in shares of Public Service Enterprise Group by 6.4% during the fourth quarter. Czech National Bank now owns 108,025 shares of the utilities provider's stock worth $9,127,000 after buying an additional 6,545 shares in the last quarter. Finally, Avanza Fonder AB bought a new stake in shares of Public Service Enterprise Group in the fourth quarter worth $4,736,000. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of the firm's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $82.88, for a total value of $114,208.64. Following the transaction, the chief executive officer now owns 221,670 shares of the company's stock, valued at approximately $18,372,009.60. This trade represents a 0.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.19% of the stock is owned by insiders.

Analysts Set New Price Targets

PEG has been the topic of several analyst reports. StockNews.com cut shares of Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research note on Thursday, May 1st. LADENBURG THALM/SH SH cut shares of Public Service Enterprise Group from a "buy" rating to a "neutral" rating and set a $82.50 price objective on the stock. in a research note on Wednesday, March 19th. Bank of America reduced their price objective on shares of Public Service Enterprise Group from $95.00 to $92.00 and set a "buy" rating on the stock in a research note on Monday, March 3rd. Morgan Stanley upped their price target on shares of Public Service Enterprise Group from $96.00 to $100.00 and gave the company an "overweight" rating in a research report on Thursday, March 20th. Finally, Wells Fargo & Company cut their price target on shares of Public Service Enterprise Group from $100.00 to $95.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $88.81.

Public Service Enterprise Group Stock Up 1.1%

Shares of PEG stock traded up $0.89 on Friday, reaching $79.33. 3,990,107 shares of the company were exchanged, compared to its average volume of 2,735,432. The company has a market cap of $39.58 billion, a price-to-earnings ratio of 19.49, a PEG ratio of 2.78 and a beta of 0.48. The company has a 50-day moving average of $80.87 and a 200-day moving average of $84.12. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48. Public Service Enterprise Group Incorporated has a one year low of $71.89 and a one year high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.43. The company had revenue of $3.22 billion for the quarter, compared to analysts' expectations of $3.15 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The business's revenue was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.31 EPS. Analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 9th will be given a $0.63 dividend. The ex-dividend date of this dividend is Monday, June 9th. This represents a $2.52 annualized dividend and a yield of 3.18%. Public Service Enterprise Group's payout ratio is 68.85%.

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.