Sei Investments Co. Boosts Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Sei Investments Co. raised its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 26.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 308,490 shares of the utilities provider’s stock after acquiring an additional 65,338 shares during the period. Sei Investments Co. owned approximately 0.06% of Public Service Enterprise Group worth $22,736,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Family Firm Inc. purchased a new stake in Public Service Enterprise Group in the second quarter valued at $33,000. OFI Invest Asset Management acquired a new position in shares of Public Service Enterprise Group in the 2nd quarter valued at about $35,000. Northwest Investment Counselors LLC purchased a new stake in shares of Public Service Enterprise Group in the first quarter worth about $36,000. Salomon & Ludwin LLC grew its holdings in 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, PFS Partners LLC raised its position in Public Service Enterprise Group by 90.9% during the first quarter. PFS Partners LLC now owns 630 shares of the utilities provider’s stock valued at $42,000 after acquiring an additional 300 shares in the last quarter. 73.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Guggenheim upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price objective on the stock in a research report on Monday, June 17th. Jefferies Financial Group assumed coverage on shares of Public Service Enterprise Group in a report on Friday, September 13th. They set a “hold” rating and a $85.00 price target on the stock. BMO Capital Markets lifted their price objective 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. Scotiabank increased 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 research note on Tuesday, August 20th. Finally, Royal Bank of Canada raised their target price 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $81.46.

Public Service Enterprise Group Stock Performance

Shares of NYSE:PEG opened at $87.73 on Wednesday. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.65 and a quick ratio of 0.46. Public Service Enterprise Group Incorporated has a 1 year low of $53.71 and a 1 year high of $88.86. The firm has a market capitalization of $43.70 billion, a PE ratio of 24.30, a P/E/G ratio of 3.09 and a beta of 0.60. The business’s 50 day moving average price is $80.23 and its 200-day moving average price is $73.99.

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 for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the previous year, the business posted $0.70 EPS. The company’s revenue for the quarter was up .1% on a year-over-year basis. As a group, equities research analysts expect that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be paid a dividend of $0.60 per share. The ex-dividend date is Monday, September 9th. This represents a $2.40 annualized dividend and a yield of 2.74%. Public Service Enterprise Group’s dividend payout ratio is presently 66.48%.

Insider Buying and Selling at Public Service Enterprise Group

In other news, EVP Tamara Louise Linde sold 19,127 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $80.26, for a total transaction of $1,535,133.02. Following the transaction, the executive vice president now directly owns 67,524 shares in the company, valued at approximately $5,419,476.24. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 19,127 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $80.26, for a total value of $1,535,133.02. Following the completion of the sale, the executive vice president now directly owns 67,524 shares of the company’s stock, valued at approximately $5,419,476.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total transaction of $111,190.82. Following the transaction, the chief executive officer now directly 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 quarter, insiders sold 30,068 shares of company stock worth $2,406,965. Insiders own 0.57% 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.