Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Bought by Magellan Asset Management Ltd

Magellan Asset Management Ltd lifted its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 4.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 391,673 shares of the utilities provider’s stock after acquiring an additional 16,278 shares during the period. Magellan Asset Management Ltd’s holdings in Public Service Enterprise Group were worth $24,523,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in PEG. HighTower Advisors LLC lifted its position in shares of Public Service Enterprise Group by 12.1% in the 1st quarter. HighTower Advisors LLC now owns 306,534 shares of the utilities provider’s stock worth $19,084,000 after buying an additional 33,063 shares during the last quarter. PDS Planning Inc lifted its holdings in Public Service Enterprise Group by 12.4% in the second quarter. PDS Planning Inc now owns 4,246 shares of the utilities provider’s stock worth $266,000 after acquiring an additional 468 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its stake in Public Service Enterprise Group by 0.6% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 592,061 shares of the utilities provider’s stock valued at $36,974,000 after acquiring an additional 3,727 shares during the period. MGO One Seven LLC grew its holdings in shares of Public Service Enterprise Group by 26.7% during the first quarter. MGO One Seven LLC now owns 5,708 shares of the utilities provider’s stock valued at $356,000 after purchasing an additional 1,202 shares during the last quarter. Finally, Arizona State Retirement System raised its position in shares of Public Service Enterprise Group by 4.7% during the 2nd quarter. Arizona State Retirement System now owns 142,571 shares of the utilities provider’s stock worth $8,926,000 after purchasing an additional 6,337 shares during the period. 72.28% of the stock is currently owned by institutional investors.

Public Service Enterprise Group Price Performance

Shares of NYSE:PEG traded down $0.14 during trading on Tuesday, reaching $63.87. The company had a trading volume of 608,075 shares, compared to its average volume of 2,470,875. Public Service Enterprise Group Incorporated has a twelve month low of $53.71 and a twelve month high of $65.46. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.45 and a current ratio of 0.63. The firm has a market capitalization of $31.83 billion, a PE ratio of 11.38, a price-to-earnings-growth ratio of 3.72 and a beta of 0.60. The firm’s fifty day moving average is $60.40 and its 200 day moving average is $61.36.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, October 31st. The utilities provider reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.10. The firm had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.42 billion. Public Service Enterprise Group had a return on equity of 12.20% and a net margin of 23.83%. On average, equities analysts forecast that Public Service Enterprise Group Incorporated will post 3.45 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 8th will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.57%. Public Service Enterprise Group’s payout ratio is 40.64%.

Analyst Upgrades and Downgrades

PEG has been the subject of a number of analyst reports. BMO Capital Markets boosted their price objective on Public Service Enterprise Group from $59.00 to $63.00 and gave the company a “market perform” rating in a research report on Wednesday, November 1st. Royal Bank of Canada reduced their price target on shares of Public Service Enterprise Group from $70.00 to $69.00 and set an “outperform” rating for the company in a report on Wednesday, September 6th. JPMorgan Chase & Co. increased their price objective on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, August 17th. UBS Group reduced their target price on shares of Public Service Enterprise Group from $65.00 to $60.00 and set a “neutral” rating for the company in a research note on Wednesday, October 4th. Finally, Guggenheim dropped their price target on shares of Public Service Enterprise Group from $70.00 to $64.00 in a research note on Monday, October 9th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $64.15.

Insiders Place Their Bets

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 4,122 shares of Public Service Enterprise Group stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $63.00, for a total transaction of $259,686.00. Following the transaction, the chief executive officer now directly owns 112,076 shares in the company, valued at approximately $7,060,788. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last quarter, insiders have sold 4,522 shares of company stock worth $283,500. Company insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in Mid-Atlantic United States. The company operates through PSE&G and PSEG Power. The PSE&G segment transmits electricity; distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs.