Swedbank AB Increases Stock Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Swedbank AB raised its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 117.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 639,516 shares of the utilities provider’s stock after purchasing an additional 344,891 shares during the period. Swedbank AB owned 0.13% of Public Service Enterprise Group worth $47,132,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Addison Advisors LLC acquired a new stake in shares of Public Service Enterprise Group in the fourth quarter valued at approximately $31,000. Northwest Investment Counselors LLC acquired a new stake in shares of Public Service Enterprise Group in the first quarter valued at approximately $36,000. Salomon & Ludwin LLC boosted its holdings in shares of Public Service Enterprise Group by 1,866.7% in the first quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 560 shares during the period. Scarborough Advisors LLC acquired a new stake in shares of Public Service Enterprise Group in the fourth quarter valued at approximately $41,000. Finally, PFS Partners LLC boosted its holdings in shares of Public Service Enterprise Group by 90.9% in 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 during the period. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Barclays increased their price objective on Public Service Enterprise Group from $71.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. Morgan Stanley decreased their price objective on Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating for the company in a report on Monday, June 24th. BMO Capital Markets increased their price target on Public Service Enterprise Group from $78.00 to $86.00 and gave the stock a “market perform” rating in a report on Friday, August 2nd. 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 report on Monday, June 17th. Finally, Mizuho increased their price target on Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. One research analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $75.17.

Insider Activity

In other 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 transaction, the executive vice president now owns 67,524 shares in the company, valued at $5,419,476.24. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Trading Up 0.2 %

NYSE:PEG opened at $80.60 on Friday. The stock has a fifty day moving average price of $75.77 and a two-hundred day moving average price of $69.73. The stock has a market capitalization of $40.15 billion, a price-to-earnings ratio of 22.33, a PEG ratio of 2.97 and a beta of 0.59. 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 1 year low of $53.71 and a 1 year high of $81.89.

Public Service Enterprise Group (NYSE:PEG) last released 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). 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 during the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the previous year, the company posted $0.70 EPS. The company’s revenue was up .1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date is Monday, September 9th. Public Service Enterprise Group’s dividend payout ratio is currently 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.