Verition Fund Management LLC Makes New Investment in Public Service Enterprise Group Incorporated (NYSE:PEG)

Verition Fund Management LLC acquired a new position in Public Service Enterprise Group Incorporated (NYSE:PEGGet Rating) during the first quarter, Holdings Channel.com reports. The firm acquired 25,574 shares of the utilities provider’s stock, valued at approximately $1,790,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Public Service Enterprise Group by 32.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 42,808 shares of the utilities provider’s stock worth $2,997,000 after purchasing an additional 10,412 shares during the last quarter. Gradient Investments LLC increased its position in shares of Public Service Enterprise Group by 132.4% in the 1st quarter. Gradient Investments LLC now owns 11,358 shares of the utilities provider’s stock worth $795,000 after purchasing an additional 6,471 shares during the last quarter. Advisory Services Network LLC increased its position in shares of Public Service Enterprise Group by 10.6% in the 1st quarter. Advisory Services Network LLC now owns 36,383 shares of the utilities provider’s stock worth $2,548,000 after purchasing an additional 3,501 shares during the last quarter. Neuberger Berman Group LLC increased its position in shares of Public Service Enterprise Group by 4.1% in the 1st quarter. Neuberger Berman Group LLC now owns 252,779 shares of the utilities provider’s stock worth $17,756,000 after purchasing an additional 9,925 shares during the last quarter. Finally, Toroso Investments LLC increased its position in shares of Public Service Enterprise Group by 4.8% in the 1st quarter. Toroso Investments LLC now owns 6,409 shares of the utilities provider’s stock worth $449,000 after purchasing an additional 293 shares during the last quarter. Institutional investors and hedge funds own 71.01% of the company’s stock.

Public Service Enterprise Group Price Performance

NYSE PEG opened at $66.36 on Monday. Public Service Enterprise Group Incorporated has a 52 week low of $58.19 and a 52 week high of $75.61. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 1.23. The stock has a market cap of $33.10 billion, a price-to-earnings ratio of -33.86, a price-to-earnings-growth ratio of 6.14 and a beta of 0.55. The company has a 50-day moving average price of $65.06 and a two-hundred day moving average price of $66.66.

Public Service Enterprise Group (NYSE:PEGGet Rating) last issued its quarterly earnings results on Tuesday, August 2nd. The utilities provider reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.01). Public Service Enterprise Group had a positive return on equity of 13.25% and a negative net margin of 10.59%. The company had revenue of $2.08 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same period in the prior year, the company posted $0.70 earnings per share. The company’s revenue was up 10.8% on a year-over-year basis. Analysts forecast that Public Service Enterprise Group Incorporated will post 3.48 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 9th will be paid a $0.54 dividend. The ex-dividend date of this dividend is Thursday, September 8th. This represents a $2.16 annualized dividend and a yield of 3.25%. Public Service Enterprise Group’s dividend payout ratio is presently -110.20%.

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, COO Ralph A. Larossa sold 1,054 shares of the company’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $65.75, for a total value of $69,300.50. Following the transaction, the chief operating officer now owns 62,313 shares in the company, valued at approximately $4,097,079.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, COO Ralph A. Larossa sold 1,054 shares of the company’s stock in a transaction on Friday, July 29th. The shares were sold at an average price of $65.75, for a total transaction of $69,300.50. Following the completion of the sale, the chief operating officer now directly owns 62,313 shares of the company’s stock, valued at approximately $4,097,079.75. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ralph Izzo sold 9,883 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $65.58, for a total transaction of $648,127.14. Following the completion of the sale, the chief executive officer now directly owns 441,613 shares of the company’s stock, valued at $28,960,980.54. The disclosure for this sale can be found here. In the last quarter, insiders have sold 22,274 shares of company stock worth $1,446,725. 0.55% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. TheStreet downgraded shares of Public Service Enterprise Group from a “b” rating to a “c” rating in a research report on Monday, June 13th. Credit Suisse Group boosted their price objective on shares of Public Service Enterprise Group to $69.00 in a research report on Tuesday, August 9th. Mizuho lowered their price objective on shares of Public Service Enterprise Group from $73.00 to $68.00 and set a “buy” rating for the company in a research report on Tuesday, July 12th. Barclays lowered their price objective on shares of Public Service Enterprise Group from $75.00 to $66.00 and set an “equal weight” rating for the company in a research report on Monday, July 18th. Finally, Wells Fargo & Company lowered their price objective on shares of Public Service Enterprise Group from $65.00 to $64.00 and set an “overweight” rating for the company in a research report on Wednesday, August 3rd. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $69.64.

Public Service Enterprise Group 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.

Featured Articles

Want to see what other hedge funds are holding PEG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Service Enterprise Group Incorporated (NYSE:PEGGet Rating).

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

Receive News & Ratings for Public Service Enterprise Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Service Enterprise Group and related companies with MarketBeat.com's FREE daily email newsletter.