SPX Gestao de Recursos Ltda Takes Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

SPX Gestao de Recursos Ltda acquired a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 113,630 shares of the utilities provider’s stock, valued at approximately $10,137,000. Public Service Enterprise Group makes up about 1.3% of SPX Gestao de Recursos Ltda’s investment portfolio, making the stock its 16th largest position.

Other institutional investors also recently bought and sold shares of the company. Ashton Thomas Securities LLC purchased a new position in Public Service Enterprise Group during the third quarter valued at approximately $35,000. Family Firm Inc. purchased a new position in Public Service Enterprise Group in the second quarter worth $33,000. OFI Invest Asset Management purchased a new position in Public Service Enterprise Group in the second quarter worth $35,000. Northwest Investment Counselors LLC purchased a new position in Public Service Enterprise Group in the third quarter worth $48,000. Finally, Legacy Investment Solutions LLC purchased a new position in Public Service Enterprise Group in the third quarter worth $59,000. 73.34% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Tamara Louise Linde sold 9,564 shares of the business’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $90.61, for a total transaction of $866,594.04. Following the completion of the sale, the executive vice president now owns 48,397 shares of the company’s stock, valued at $4,385,252.17. The trade was a 16.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $90.20, for a total transaction of $124,295.60. Following the sale, the chief executive officer now directly owns 147,514 shares of the company’s stock, valued at $13,305,762.80. This represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,798 shares of company stock worth $1,595,921. Company insiders own 0.57% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on PEG shares. Barclays cut their price target 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. Bank of America lifted their price target on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Evercore ISI boosted their price objective on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. BMO Capital Markets boosted their price objective on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a report on Monday, October 21st. Finally, UBS Group boosted their price objective on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Four 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. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $89.17.

Public Service Enterprise Group Stock Performance

NYSE PEG traded up $0.58 on Friday, reaching $86.53. 558,847 shares of the company’s stock traded hands, compared to its average volume of 2,742,841. The firm has a market cap of $43.11 billion, a price-to-earnings ratio of 21.12, a P/E/G ratio of 3.14 and a beta of 0.62. The stock has a 50 day moving average price of $89.32 and a 200-day moving average price of $82.26. Public Service Enterprise Group Incorporated has a fifty-two week low of $56.85 and a fifty-two week high of $95.22. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 earnings per share 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 net margin of 19.48% and a return on equity of 10.70%. The company’s revenue was up 7.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.85 earnings per share. Equities research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 10th will be given a $0.60 dividend. The ex-dividend date is Tuesday, December 10th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.77%. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 58.97%.

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.