Erste Asset Management GmbH Takes Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Erste Asset Management GmbH purchased a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 98,500 shares of the utilities provider’s stock, valued at approximately $8,693,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PEG. Family Firm Inc. bought a new position in shares of Public Service Enterprise Group in the 2nd quarter valued at about $33,000. OFI Invest Asset Management bought a new position in Public Service Enterprise Group in the second quarter valued at approximately $35,000. Ashton Thomas Securities LLC acquired a new stake in Public Service Enterprise Group during the 3rd quarter worth $35,000. Northwest Investment Counselors LLC bought a new stake in shares of Public Service Enterprise Group during the 3rd quarter valued at $48,000. Finally, Country Trust Bank acquired a new position in shares of Public Service Enterprise Group in the 2nd quarter valued at $52,000. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. UBS Group lifted their price objective on Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. BMO Capital Markets boosted their target price on Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. Bank of America increased their price target on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Jefferies Financial Group started 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 objective for the company. Finally, Barclays cut their target price on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $88.08.

Public Service Enterprise Group Price Performance

Shares of NYSE PEG opened at $94.30 on Monday. The company has a fifty day moving average price of $89.31 and a 200 day moving average price of $81.44. Public Service Enterprise Group Incorporated has a 1-year low of $56.85 and a 1-year high of $95.22. The firm has a market cap of $46.98 billion, a PE ratio of 23.17, a PEG ratio of 3.46 and a beta of 0.61. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03. The business had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.44 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. Public Service Enterprise Group’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period last year, the company earned $0.85 earnings per share. Research analysts predict 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 Tuesday, December 31st. Stockholders of record on Tuesday, December 10th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend is Tuesday, December 10th. Public Service Enterprise Group’s dividend payout ratio is presently 58.97%.

Insider Buying and Selling

In related news, EVP Tamara Louise Linde sold 9,563 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $79.54, for a total transaction of $760,641.02. Following the completion of the transaction, the executive vice president now directly owns 57,961 shares of the company’s stock, valued at approximately $4,610,217.94. This represents a 14.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total value of $111,190.82. Following the transaction, the chief executive officer now directly owns 148,892 shares in the company, valued at $12,014,095.48. This trade represents a 0.92 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,739 shares of company stock worth $2,467,753. 0.57% of the stock is owned by insiders.

About Public Service Enterprise Group

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.