Mackenzie Financial Corp Purchases 566 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Mackenzie Financial Corp raised its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 1.1% in the 2nd quarter, Holdings Channel.com reports. The fund owned 51,118 shares of the utilities provider’s stock after buying an additional 566 shares during the period. Mackenzie Financial Corp’s holdings in Public Service Enterprise Group were worth $3,767,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Family Firm Inc. acquired a new position in Public Service Enterprise Group during the second quarter valued at approximately $33,000. OFI Invest Asset Management acquired a new position in Public Service Enterprise Group in the 2nd quarter valued at about $35,000. Northwest Investment Counselors LLC bought a new position in shares of Public Service Enterprise Group during the first quarter worth approximately $36,000. Salomon & Ludwin LLC lifted its holdings in shares of 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 buying an additional 560 shares in the last quarter. Finally, PFS Partners LLC boosted its holdings in Public Service Enterprise Group by 90.9% in the 1st quarter. PFS Partners LLC now owns 630 shares of the utilities provider’s stock valued at $42,000 after purchasing an additional 300 shares during the period. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Tamara Louise Linde sold 19,127 shares of the business’s stock in a transaction dated 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 transaction, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the completion of the sale, the chief executive officer now directly owns 148,892 shares in the company, valued at $12,014,095.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Tamara Louise Linde sold 19,127 shares of Public Service Enterprise Group stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $80.26, for a total transaction 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 $5,419,476.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,068 shares of company stock valued at $2,406,965. 0.57% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PEG has been the topic of a number of analyst reports. LADENBURG THALM/SH SH upgraded shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 5th. Morgan Stanley upped their price objective on Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Jefferies Financial Group started coverage on Public Service Enterprise Group in a research note on Friday, September 13th. They issued a “hold” rating and a $85.00 price objective on the stock. 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 report on Tuesday, August 20th. Finally, BMO Capital Markets lifted 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 investment analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $81.46.

Public Service Enterprise Group Stock Performance

NYSE PEG opened at $90.74 on Wednesday. The company has a market capitalization of $45.20 billion, a price-to-earnings ratio of 25.14, a PEG ratio of 3.20 and a beta of 0.60. The company has a quick ratio of 0.46, a current ratio of 0.65 and a debt-to-equity ratio of 1.16. Public Service Enterprise Group Incorporated has a twelve month low of $53.71 and a twelve month high of $91.04. The stock has a fifty day simple moving average of $81.61 and a 200 day simple moving average of $74.86.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.01). The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The company’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the previous year, the company posted $0.70 EPS. Sell-side analysts expect that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 9th were given a $0.60 dividend. The ex-dividend date of this dividend was Monday, September 9th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.64%. Public Service Enterprise Group’s dividend payout ratio (DPR) 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.