Meiji Yasuda Asset Management Co Ltd. Acquires 1,576 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Meiji Yasuda Asset Management Co Ltd. grew its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 8.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,138 shares of the utilities provider’s stock after acquiring an additional 1,576 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Public Service Enterprise Group were worth $1,558,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of PEG. Family Firm Inc. bought a new stake in Public Service Enterprise Group during the 2nd quarter worth approximately $33,000. OFI Invest Asset Management acquired a new position in shares of Public Service Enterprise Group in the second quarter valued at approximately $35,000. Northwest Investment Counselors LLC bought a new stake in shares of Public Service Enterprise Group during the first quarter worth $36,000. Salomon & Ludwin LLC raised its holdings 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 worth $39,000 after acquiring an additional 560 shares during the period. Finally, Scarborough Advisors LLC bought a new stake in Public Service Enterprise Group in the 4th quarter valued at $41,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 9,563 shares of the stock in a transaction dated 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 directly owns 57,961 shares of the company’s stock, valued at approximately $4,610,217.94. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 9,563 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $79.54, for a total value of $760,641.02. Following the transaction, the executive vice president now directly owns 57,961 shares of the company’s stock, valued at approximately $4,610,217.94. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total value of $111,190.82. Following the transaction, the chief executive officer now owns 148,892 shares in the company, valued at approximately $12,014,095.48. The disclosure for this sale can be found here. In the last 90 days, insiders sold 30,068 shares of company stock worth $2,406,965. 0.57% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on PEG. Jefferies Financial Group initiated coverage on Public Service Enterprise Group in a report on Friday, September 13th. They set a “hold” rating and a $85.00 target price for the company. Mizuho lifted their target price on 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. Guggenheim raised Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price target for the company in a research report on Monday, June 17th. LADENBURG THALM/SH SH upgraded shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 5th. Finally, Royal Bank of Canada increased their target price on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a report on Monday, July 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Public Service Enterprise Group currently has an average rating of “Moderate Buy” and an average price target of $77.92.

Public Service Enterprise Group Trading Down 1.0 %

Public Service Enterprise Group stock opened at $83.41 on Friday. The stock has a 50-day simple moving average of $79.49 and a 200 day simple moving average of $73.38. The stock has a market capitalization of $41.55 billion, a P/E ratio of 23.11, a PEG ratio of 3.03 and a beta of 0.60. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.46 and a current ratio of 0.65. Public Service Enterprise Group Incorporated has a 52 week low of $53.71 and a 52 week high of $85.31.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.01). Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the prior year, the firm posted $0.70 earnings per share. The business’s revenue was up .1% compared to the same quarter last year. Analysts expect that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.88%. The ex-dividend date of this dividend is Monday, September 9th. Public Service Enterprise Group’s payout ratio is presently 66.48%.

Public Service Enterprise Group 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.