Jennison Associates LLC Has $162.59 Million Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Jennison Associates LLC lowered its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 41.6% during the first quarter, according to its most recent filing with the SEC. The firm owned 1,975,626 shares of the utilities provider’s stock after selling 1,409,177 shares during the period. Jennison Associates LLC’s holdings in Public Service Enterprise Group were worth $162,594,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Robeco Institutional Asset Management B.V. increased its stake in shares of Public Service Enterprise Group by 6.2% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 47,659 shares of the utilities provider’s stock valued at $3,922,000 after acquiring an additional 2,803 shares in the last quarter. Sowell Financial Services LLC bought a new stake in shares of Public Service Enterprise Group in the 1st quarter valued at $298,000. Exchange Traded Concepts LLC increased its stake in shares of Public Service Enterprise Group by 12.7% in the 1st quarter. Exchange Traded Concepts LLC now owns 3,977 shares of the utilities provider’s stock valued at $327,000 after acquiring an additional 447 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Public Service Enterprise Group by 4.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 90,126 shares of the utilities provider’s stock valued at $7,417,000 after acquiring an additional 3,601 shares in the last quarter. Finally, Vontobel Holding Ltd. bought a new stake in shares of Public Service Enterprise Group in the 1st quarter valued at $329,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

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 value of $115,287.44. Following the completion of the transaction, the chief executive officer owned 218,328 shares of the company’s stock, valued at $18,147,423.36. The trade was a 0.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.19% of the stock is currently owned by corporate insiders.

Public Service Enterprise Group Stock Performance

Shares of PEG stock opened at $84.21 on Friday. Public Service Enterprise Group Incorporated has a 12 month low of $73.72 and a 12 month high of $95.22. The stock has a market cap of $42.02 billion, a PE ratio of 22.85, a price-to-earnings-growth ratio of 2.94 and a beta of 0.48. The company has a current ratio of 0.82, a quick ratio of 0.65 and a debt-to-equity ratio of 1.25. The company’s fifty day moving average price is $80.88 and its 200-day moving average price is $82.09.

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

Public Service Enterprise Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 9th were given a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 2.99%. The ex-dividend date was Monday, June 9th. Public Service Enterprise Group’s dividend payout ratio is presently 68.85%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PEG. Barclays lowered their price objective on shares of Public Service Enterprise Group from $83.00 to $82.00 and set an “equal weight” rating for the company in a research note on Thursday, July 10th. Morgan Stanley decreased their price target on shares of Public Service Enterprise Group from $101.00 to $100.00 and set an “overweight” rating for the company in a research note on Wednesday, June 18th. Evercore ISI decreased their price target on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an “outperform” rating for the company in a research note on Thursday, May 1st. UBS Group upgraded shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and upped their target price for the stock from $86.00 to $97.00 in a research note on Monday, July 7th. Finally, Guggenheim cut their price target on shares of Public Service Enterprise Group from $98.00 to $94.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $89.86.

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.