Bessemer Group Inc. Grows Stock Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Bessemer Group Inc. grew its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 952.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 51,988 shares of the utilities provider’s stock after purchasing an additional 47,047 shares during the period. Bessemer Group Inc.’s holdings in Public Service Enterprise Group were worth $3,472,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Addison Advisors LLC purchased a new position in shares of Public Service Enterprise Group during the fourth quarter valued at approximately $31,000. Northwest Investment Counselors LLC purchased a new position in shares of Public Service Enterprise Group during the first quarter valued at approximately $36,000. Salomon & Ludwin LLC increased its position in shares of Public Service Enterprise Group by 1,866.7% during the first quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 560 shares in the last quarter. PFS Partners LLC increased its position in shares of Public Service Enterprise Group by 90.9% during the first quarter. PFS Partners LLC now owns 630 shares of the utilities provider’s stock valued at $42,000 after acquiring an additional 300 shares in the last quarter. Finally, YHB Investment Advisors Inc. bought a new stake in shares of Public Service Enterprise Group during the first quarter valued at approximately $45,000. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Public Service Enterprise Group Stock Performance

Shares of Public Service Enterprise Group stock traded down $0.73 on Thursday, hitting $75.22. 489,797 shares of the company’s stock were exchanged, compared to its average volume of 2,799,552. The company has a 50-day simple moving average of $74.28 and a 200-day simple moving average of $67.48. The stock has a market capitalization of $37.47 billion, a PE ratio of 21.04, a PEG ratio of 2.98 and a beta of 0.59. Public Service Enterprise Group Incorporated has a 1 year low of $53.71 and a 1 year high of $77.46. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.62 and a current ratio of 0.79.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.01). The business had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.99 billion. Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. The company’s revenue was down 26.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.39 EPS. As a group, equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date is Monday, September 9th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 66.48%.

Insider Activity at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,374 shares of Public Service Enterprise Group stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $69.55, for a total transaction of $95,561.70. Following the transaction, the chief executive officer now owns 150,973 shares in the company, valued at approximately $10,500,172.15. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.57% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PEG shares. Evercore ISI raised their price target on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Mizuho raised their price target on shares of Public Service Enterprise Group from $65.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. BMO Capital Markets raised their price target on shares of Public Service Enterprise Group from $69.00 to $74.00 and gave the company a “market perform” rating in a research report on Wednesday, July 3rd. Royal Bank of Canada raised their price target on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the company an “outperform” rating in a research report on Monday, July 15th. Finally, Morgan Stanley reduced their price target on shares of Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating for the company in a research report on Monday, June 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $74.17.

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.