Thrivent Financial for Lutherans decreased its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG – Free Report) by 97.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 24,868 shares of the utilities provider’s stock after selling 1,085,299 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Public Service Enterprise Group were worth $2,075,000 as of its most recent SEC filing.
A number of other hedge funds have also recently bought and sold shares of the business. Norges Bank purchased a new stake in Public Service Enterprise Group during the 2nd quarter worth approximately $564,238,000. Bank of America Corp DE increased its stake in shares of Public Service Enterprise Group by 24.7% in the second quarter. Bank of America Corp DE now owns 17,536,584 shares of the utilities provider’s stock worth $1,476,230,000 after buying an additional 3,469,886 shares during the last quarter. Invesco Ltd. raised its holdings in Public Service Enterprise Group by 27.8% in the second quarter. Invesco Ltd. now owns 6,473,897 shares of the utilities provider’s stock valued at $544,973,000 after acquiring an additional 1,408,707 shares in the last quarter. Vanguard Group Inc. boosted its stake in Public Service Enterprise Group by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 64,961,047 shares of the utilities provider’s stock valued at $5,468,421,000 after acquiring an additional 1,199,371 shares during the last quarter. Finally, Railway Pension Investments Ltd grew its holdings in Public Service Enterprise Group by 97.5% during the 3rd quarter. Railway Pension Investments Ltd now owns 1,897,800 shares of the utilities provider’s stock worth $158,390,000 after acquiring an additional 937,100 shares in the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on PEG shares. Weiss Ratings restated a “buy (b)” rating on shares of Public Service Enterprise Group in a research note on Monday, December 29th. UBS Group lowered their price objective on Public Service Enterprise Group from $105.00 to $98.00 and set a “buy” rating for the company in a report on Wednesday, December 17th. Argus raised Public Service Enterprise Group to a “strong-buy” rating in a report on Wednesday, January 14th. Jefferies Financial Group upgraded Public Service Enterprise Group from a “hold” rating to a “buy” rating and lifted their target price for the stock from $89.00 to $90.00 in a research report on Thursday, November 6th. Finally, LADENBURG THALM/SH SH raised Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $87.50 price target on the stock in a research report on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $90.96.
Public Service Enterprise Group Trading Up 1.2%
Shares of NYSE PEG opened at $84.17 on Thursday. Public Service Enterprise Group Incorporated has a 12-month low of $74.67 and a 12-month high of $91.25. The company has a market cap of $42.01 billion, a price-to-earnings ratio of 20.23, a price-to-earnings-growth ratio of 2.69 and a beta of 0.59. The company has a current ratio of 0.93, a quick ratio of 0.69 and a debt-to-equity ratio of 1.27. The stock’s 50 day simple moving average is $80.02 and its 200 day simple moving average is $82.06.
Public Service Enterprise Group Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 10th were issued a dividend of $0.63 per share. The ex-dividend date of this dividend was Wednesday, December 10th. This represents a $2.52 annualized dividend and a dividend yield of 3.0%. Public Service Enterprise Group’s payout ratio is 60.58%.
About Public Service Enterprise Group
Public Service Enterprise Group (NYSE: PEG) is a diversified energy company that operates primarily in New Jersey. Its core businesses include a regulated utility that delivers electric and natural gas service to residential, commercial and industrial customers, as well as generation and energy services operations that participate in wholesale power markets. The company’s activities encompass transmission and distribution, power generation operations, and related energy infrastructure services.
The regulated utility arm, Public Service Electric and Gas Company (PSE&G), is responsible for owning and maintaining electric and gas networks, connecting customers, performing meter and billing services, and managing system reliability and storm response.
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