Jennison Associates LLC Increases Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Jennison Associates LLC increased its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 79.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,502,136 shares of the utilities provider’s stock after purchasing an additional 665,105 shares during the period. Jennison Associates LLC’s holdings in Public Service Enterprise Group were worth $134,006,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in PEG. Heritage Wealth Management Inc. acquired a new stake in shares of Public Service Enterprise Group during the second quarter worth approximately $422,000. QRG Capital Management Inc. increased its position in Public Service Enterprise Group by 28.0% in the second quarter. QRG Capital Management Inc. now owns 70,927 shares of the utilities provider’s stock worth $5,227,000 after buying an additional 15,505 shares during the last quarter. CWM LLC lifted its stake in shares of Public Service Enterprise Group by 72.3% in the 2nd quarter. CWM LLC now owns 20,786 shares of the utilities provider’s stock valued at $1,532,000 after acquiring an additional 8,723 shares during the last quarter. Czech National Bank lifted its stake in shares of Public Service Enterprise Group by 8.3% in the second quarter. Czech National Bank now owns 94,913 shares of the utilities provider’s stock worth $6,995,000 after buying an additional 7,235 shares in the last quarter. Finally, Colonial River Investments LLC purchased a new stake in shares of Public Service Enterprise Group during the third quarter worth about $634,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on PEG shares. Barclays cut their price objective on Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Morgan Stanley upped their price target on Public Service Enterprise Group from $83.00 to $95.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Scotiabank upped their price objective on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a report on Tuesday, August 20th. Bank of America raised their price objective on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Finally, LADENBURG THALM/SH SH raised Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 5th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $86.69.

Public Service Enterprise Group Trading Up 0.7 %

Shares of PEG opened at $90.09 on Wednesday. Public Service Enterprise Group Incorporated has a one year low of $56.85 and a one year high of $92.20. The company has a market capitalization of $44.89 billion, a P/E ratio of 22.14, a P/E/G ratio of 3.27 and a beta of 0.61. The stock has a 50-day moving average price of $87.87 and a 200 day moving average price of $80.31. 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 (NYSE:PEG) last posted its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.87 by $0.03. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The business had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same period in the previous year, the firm posted $0.85 EPS. The firm’s revenue was up 7.6% compared to the same quarter last year. Sell-side analysts forecast that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 10th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.66%. Public Service Enterprise Group’s dividend payout ratio (DPR) is 58.97%.

Insider Buying and Selling

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 9,563 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $79.54, for a total value of $760,641.02. Following the transaction, the executive vice president now owns 57,961 shares in the company, valued at approximately $4,610,217.94. This represents a 14.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Richard T. Thigpen sold 5,900 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $87.95, for a total value of $518,905.00. Following the completion of the transaction, the senior vice president now directly owns 25,829 shares in the company, valued at approximately $2,271,660.55. This represents a 18.59 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,783 shares of company stock worth $2,381,626. Corporate insiders own 0.18% of the company’s stock.

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.