Pinnacle Financial Partners Inc Boosts Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Pinnacle Financial Partners Inc raised its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 6.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,200 shares of the utilities provider’s stock after acquiring an additional 189 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Public Service Enterprise Group were worth $270,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in PEG. Jennison Associates LLC increased its holdings in Public Service Enterprise Group by 125.3% during the 4th quarter. Jennison Associates LLC now owns 3,384,803 shares of the utilities provider’s stock valued at $285,982,000 after acquiring an additional 1,882,667 shares in the last quarter. FMR LLC increased its holdings in Public Service Enterprise Group by 19.4% during the 3rd quarter. FMR LLC now owns 5,401,024 shares of the utilities provider’s stock valued at $481,825,000 after acquiring an additional 877,345 shares in the last quarter. National Bank of Canada FI grew its holdings in shares of Public Service Enterprise Group by 376.3% during the third quarter. National Bank of Canada FI now owns 810,694 shares of the utilities provider’s stock worth $72,321,000 after buying an additional 640,485 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Public Service Enterprise Group by 103.6% during the fourth quarter. Van ECK Associates Corp now owns 950,556 shares of the utilities provider’s stock worth $80,313,000 after buying an additional 483,795 shares in the last quarter. Finally, Verition Fund Management LLC grew its holdings in shares of Public Service Enterprise Group by 179.5% during the third quarter. Verition Fund Management LLC now owns 706,884 shares of the utilities provider’s stock worth $63,061,000 after buying an additional 453,985 shares in the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PEG. Scotiabank lifted their price target on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a report on Thursday, December 12th. Guggenheim reiterated a “buy” rating on shares of Public Service Enterprise Group in a report on Wednesday, December 11th. UBS Group lifted their price target on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Finally, Barclays downgraded shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $88.00 to $84.00 in a report on Monday, January 27th. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $88.83.

Public Service Enterprise Group Price Performance

Public Service Enterprise Group stock opened at $83.82 on Monday. The company has a market cap of $41.76 billion, a price-to-earnings ratio of 20.59, a PEG ratio of 2.78 and a beta of 0.64. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. Public Service Enterprise Group Incorporated has a 1 year low of $59.29 and a 1 year high of $95.22. The firm has a 50 day moving average price of $84.99 and a 200 day moving average price of $85.99.

Public Service Enterprise Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 3.01%. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, March 10th. Public Service Enterprise Group’s payout ratio is 61.92%.

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $84.91, for a total transaction of $117,005.98. Following the transaction, the chief executive officer now directly owns 144,212 shares of the company’s stock, valued at $12,245,040.92. The trade was a 0.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.57% of the stock is currently owned by corporate insiders.

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.