Rakuten Investment Management Inc. Acquires 7,925 Shares of Public Service Enterprise Group Incorporated $PEG

Rakuten Investment Management Inc. raised its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 9.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 89,455 shares of the utilities provider’s stock after buying an additional 7,925 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Public Service Enterprise Group were worth $6,054,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. MFG Investments LLC acquired a new stake in Public Service Enterprise Group in the 3rd quarter worth $201,000. Provenance Wealth Advisors LLC increased its holdings in shares of Public Service Enterprise Group by 5,964.7% during the 3rd quarter. Provenance Wealth Advisors LLC now owns 1,031 shares of the utilities provider’s stock worth $69,000 after purchasing an additional 1,014 shares during the period. VCI Wealth Management LLC bought a new position in shares of Public Service Enterprise Group during the 3rd quarter worth about $1,588,000. Salomon & Ludwin LLC raised its position in shares of Public Service Enterprise Group by 17,533.3% during the third quarter. Salomon & Ludwin LLC now owns 1,058 shares of the utilities provider’s stock valued at $71,000 after buying an additional 1,052 shares during the last quarter. Finally, Hennessy Advisors Inc. raised its position in shares of Public Service Enterprise Group by 0.6% during the third quarter. Hennessy Advisors Inc. now owns 164,790 shares of the utilities provider’s stock valued at $11,097,000 after buying an additional 1,000 shares during the last quarter. 73.34% of the stock is owned by institutional investors.

Public Service Enterprise Group Price Performance

Public Service Enterprise Group stock opened at $73.08 on Friday. Public Service Enterprise Group Incorporated has a one year low of $66.15 and a one year high of $87.63. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.01 and a quick ratio of 0.67. The business has a 50 day simple moving average of $71.20 and a 200 day simple moving average of $77.93. The company has a market capitalization of $36.43 billion, a PE ratio of 20.64, a price-to-earnings-growth ratio of 2.51 and a beta of 0.48.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Monday, November 2nd. The utilities provider reported $1.15 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.04). The firm had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $3.19 billion. Public Service Enterprise Group had a return on equity of 12.40% and a net margin of 14.31%. The firm’s revenue for the quarter was down 6.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.13 EPS. On average, sell-side analysts forecast that Public Service Enterprise Group Incorporated will post 4.37 EPS for the current fiscal year.

Insider Buying and Selling at Public Service Enterprise Group

In other news, SVP Richard Thigpen sold 8,000 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $74.56, for a total transaction of $596,480.00. Following the sale, the senior vice president owned 20,970 shares in the company, valued at approximately $1,563,523.20. This represents a 27.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ralph LaRossa sold 2,083 shares of the stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $73.60, for a total transaction of $153,308.80. Following the sale, the chief executive officer directly owned 276,487 shares in the company, valued at approximately $20,349,443.20. This represents a 0.75% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 12,166 shares of company stock worth $890,350 in the last 90 days. Company insiders own 0.19% of the company’s stock.

Analyst Upgrades and Downgrades

PEG has been the subject of several research reports. The Goldman Sachs Group reduced their target price on shares of Public Service Enterprise Group from $86.00 to $83.00 in a research note on Thursday, October 15th. Wells Fargo & Company lowered their price target on Public Service Enterprise Group from $89.00 to $87.00 and set an “overweight” rating on the stock in a research note on Tuesday. Jefferies Financial Group cut their price target on Public Service Enterprise Group from $73.00 to $69.00 and set a “hold” rating for the company in a report on Friday, October 9th. Bank of America cut their price target on Public Service Enterprise Group from $87.00 to $85.00 and set a “buy” rating for the company in a report on Tuesday, October 27th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Public Service Enterprise Group in a research report on Tuesday. Seven research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, Public Service Enterprise Group has a consensus rating of “Hold” and a consensus price target of $79.32.

About Public Service Enterprise Group

Public Service Enterprise Group Incorporated (NYSE: PEG), commonly known as PSEG, is an energy company headquartered in Newark, New Jersey. Through its subsidiaries, the company is primarily involved in electric and natural gas utility operations, power generation, and related energy services.

Public Service Electric & Gas Company (PSE&G), PSEG’s principal utility subsidiary, serves residential, commercial, and industrial customers throughout New Jersey. Its activities include the transmission and distribution of electricity, the distribution of natural gas, energy-efficiency programs, and infrastructure modernization.