Bowling Portfolio Management LLC Grows Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Bowling Portfolio Management LLC boosted its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEGGet Rating) by 2.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 14,644 shares of the utilities provider’s stock after purchasing an additional 319 shares during the period. Bowling Portfolio Management LLC’s holdings in Public Service Enterprise Group were worth $1,025,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Gateway Investment Advisers LLC grew its position in Public Service Enterprise Group by 10.8% during the 4th quarter. Gateway Investment Advisers LLC now owns 455,661 shares of the utilities provider’s stock worth $30,406,000 after purchasing an additional 44,510 shares during the last quarter. CIBC Asset Management Inc lifted its stake in Public Service Enterprise Group by 1.8% during the 4th quarter. CIBC Asset Management Inc now owns 86,445 shares of the utilities provider’s stock valued at $5,768,000 after acquiring an additional 1,499 shares during the period. Allegheny Financial Group LTD acquired a new stake in Public Service Enterprise Group during the 4th quarter valued at approximately $57,000. JT Stratford LLC lifted its stake in Public Service Enterprise Group by 68.7% during the 4th quarter. JT Stratford LLC now owns 7,535 shares of the utilities provider’s stock valued at $503,000 after acquiring an additional 3,069 shares during the period. Finally, Adage Capital Partners GP L.L.C. lifted its stake in Public Service Enterprise Group by 28.4% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,538,784 shares of the utilities provider’s stock valued at $102,683,000 after acquiring an additional 339,900 shares during the period. 70.82% of the stock is currently owned by institutional investors.

In other news, CEO Ralph Izzo sold 9,883 shares of the company’s stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $68.95, for a total transaction of $681,432.85. Following the completion of the sale, the chief executive officer now owns 464,270 shares of the company’s stock, valued at $32,011,416.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders sold 30,249 shares of company stock valued at $2,092,304. 0.55% of the stock is owned by insiders.

Several analysts have commented on PEG shares. Credit Suisse Group started coverage on shares of Public Service Enterprise Group in a research note on Monday, April 25th. They set a “neutral” rating and a $76.00 price objective for the company. StockNews.com upgraded shares of Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research note on Monday, May 9th. Citigroup started coverage on shares of Public Service Enterprise Group in a research note on Tuesday, March 22nd. They set a “neutral” rating and a $69.00 price objective for the company. Wells Fargo & Company boosted their target price on shares of Public Service Enterprise Group from $82.00 to $87.00 and gave the company an “overweight” rating in a research note on Tuesday, April 12th. Finally, TheStreet cut shares of Public Service Enterprise Group from a “b” rating to a “c” rating in a research note on Monday, June 13th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $73.09.

Shares of NYSE PEG opened at $59.82 on Thursday. The firm has a market cap of $29.87 billion, a PE ratio of -23.28, a PEG ratio of 2.93 and a beta of 0.55. The firm has a fifty day moving average of $67.98 and a 200 day moving average of $66.94. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.79 and a current ratio of 0.89. Public Service Enterprise Group Incorporated has a one year low of $58.19 and a one year high of $75.61.

Public Service Enterprise Group (NYSE:PEGGet Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The utilities provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.11 by $0.22. The company had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.70 billion. Public Service Enterprise Group had a negative net margin of 14.19% and a positive return on equity of 12.94%. The firm’s revenue was down 19.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.28 EPS. On average, equities analysts predict that Public Service Enterprise Group Incorporated will post 3.48 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Thursday, June 9th will be issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 3.61%. The ex-dividend date of this dividend is Wednesday, June 8th. Public Service Enterprise Group’s payout ratio is presently -84.05%.

Public Service Enterprise Group Company Profile (Get Rating)

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid-Atlantic United States. It operates through two segments, PSE&G and PSEG Power. The PSE&G segment transmits electricity; distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs.

Further Reading

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Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

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