Kayne Anderson Rudnick Investment Management LLC Purchases 13,763 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 314.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,144 shares of the utilities provider’s stock after buying an additional 13,763 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Public Service Enterprise Group were worth $1,337,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in shares of Public Service Enterprise Group by 1.8% during the second quarter. Brighton Jones LLC now owns 7,430 shares of the utilities provider’s stock valued at $548,000 after buying an additional 131 shares during the period. Bryn Mawr Capital Management LLC increased its position in Public Service Enterprise Group by 0.5% during the 2nd quarter. Bryn Mawr Capital Management LLC now owns 25,739 shares of the utilities provider’s stock valued at $1,905,000 after purchasing an additional 135 shares during the period. Crestwood Advisors Group LLC raised its holdings in shares of Public Service Enterprise Group by 4.1% in the 2nd quarter. Crestwood Advisors Group LLC now owns 3,853 shares of the utilities provider’s stock valued at $284,000 after purchasing an additional 153 shares in the last quarter. Evergreen Wealth Solutions LLC lifted its position in shares of Public Service Enterprise Group by 1.7% in the 1st quarter. Evergreen Wealth Solutions LLC now owns 9,697 shares of the utilities provider’s stock worth $648,000 after purchasing an additional 159 shares during the period. Finally, Coldstream Capital Management Inc. boosted its stake in shares of Public Service Enterprise Group by 1.9% during the second quarter. Coldstream Capital Management Inc. now owns 9,144 shares of the utilities provider’s stock valued at $674,000 after purchasing an additional 172 shares in the last quarter. Institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Price Performance

NYSE PEG opened at $87.90 on Tuesday. The company has a market cap of $43.78 billion, a price-to-earnings ratio of 24.35, a PEG ratio of 3.09 and a beta of 0.60. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.65 and a quick ratio of 0.46. The stock’s fifty day moving average price is $79.97 and its 200 day moving average price is $73.83. Public Service Enterprise Group Incorporated has a 1 year low of $53.71 and a 1 year high of $88.48.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.01). The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.70 earnings per share. As a group, equities research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be paid a $0.60 dividend. The ex-dividend date is Monday, September 9th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.73%. Public Service Enterprise Group’s payout ratio is currently 66.48%.

Insider Buying and Selling

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 stock was sold at an average price of $79.54, for a total transaction of $760,641.02. Following the sale, 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 Securities & Exchange Commission, which is available through the SEC website. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 148,892 shares of the company’s stock, valued at $12,014,095.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Tamara Louise Linde sold 9,563 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 57,961 shares in the company, valued at approximately $4,610,217.94. The disclosure for this sale can be found here. Insiders sold a total of 30,068 shares of company stock valued at $2,406,965 over the last 90 days. Insiders own 0.57% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on PEG shares. Bank of America boosted their price objective on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Guggenheim upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price objective for the company in a research note on Monday, June 17th. Royal Bank of Canada raised their price objective on Public Service Enterprise Group from $80.00 to $84.00 and gave the company an “outperform” rating in a research report on Monday, July 15th. Scotiabank boosted their target price on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 20th. Finally, BMO Capital Markets raised their price target on shares of Public Service Enterprise Group from $78.00 to $86.00 and gave the company a “market perform” rating in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $78.85.

About Public Service Enterprise Group

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.