Argyle Capital Management LLC Buys 500 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Argyle Capital Management LLC lifted its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 12.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,525 shares of the utilities provider’s stock after purchasing an additional 500 shares during the period. Argyle Capital Management LLC’s holdings in Public Service Enterprise Group were worth $372,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of PEG. Norges Bank purchased a new stake in Public Service Enterprise Group in the fourth quarter worth $445,005,000. Raymond James Financial Inc. purchased a new stake in Public Service Enterprise Group in the 4th quarter worth about $376,209,000. Mitsubishi UFJ Trust & Banking Corp raised its stake in Public Service Enterprise Group by 604.5% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,004,100 shares of the utilities provider’s stock valued at $169,404,000 after acquiring an additional 1,719,614 shares during the period. Schroder Investment Management Group lifted its holdings in Public Service Enterprise Group by 234.1% during the fourth quarter. Schroder Investment Management Group now owns 2,117,411 shares of the utilities provider’s stock valued at $178,900,000 after purchasing an additional 1,483,662 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Public Service Enterprise Group by 476.9% during the first quarter. Assenagon Asset Management S.A. now owns 919,218 shares of the utilities provider’s stock worth $75,652,000 after purchasing an additional 759,873 shares during the period. Institutional investors own 73.34% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on PEG shares. BMO Capital Markets lowered their price target on shares of Public Service Enterprise Group from $86.00 to $83.00 and set a “market perform” rating on the stock in a research report on Thursday, April 10th. LADENBURG THALM/SH SH cut shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $82.50 target price on the stock. in a report on Wednesday, March 19th. Wall Street Zen lowered Public Service Enterprise Group from a “hold” rating to a “sell” rating in a report on Thursday, May 1st. Barclays decreased their price objective on Public Service Enterprise Group from $84.00 to $83.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 8th. Finally, Guggenheim cut their target price on Public Service Enterprise Group from $98.00 to $94.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $89.54.

Public Service Enterprise Group Stock Up 0.6%

PEG stock opened at $81.69 on Friday. The company has a quick ratio of 0.65, a current ratio of 0.82 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $40.76 billion, a PE ratio of 22.32, a PEG ratio of 2.91 and a beta of 0.48. Public Service Enterprise Group Incorporated has a twelve month low of $73.72 and a twelve month high of $95.22. The stock has a 50-day simple moving average of $80.43 and a two-hundred day simple moving average of $82.25.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.43. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.15 billion. Public Service Enterprise Group had a return on equity of 11.80% and a net margin of 17.01%. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter last year, the company posted $1.31 EPS. On average, equities analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 9th were given a dividend of $0.63 per share. The ex-dividend date of this dividend was Monday, June 9th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.09%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 68.85%.

Insider Activity

In other news, CEO Ralph A. Larossa sold 1,387 shares of Public Service Enterprise Group stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $83.12, for a total transaction of $115,287.44. Following the completion of the sale, the chief executive officer owned 218,328 shares in the company, valued at approximately $18,147,423.36. This trade represents a 0.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.19% of the company’s stock.

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.