State of Michigan Retirement System Boosts Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

State of Michigan Retirement System grew its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEGFree Report) by 17.6% during the 4th quarter, HoldingsChannel reports. The fund owned 160,966 shares of the utilities provider’s stock after buying an additional 24,100 shares during the period. State of Michigan Retirement System’s holdings in Public Service Enterprise Group were worth $9,843,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Fifth Third Bancorp lifted its position in shares of Public Service Enterprise Group by 3.6% during the fourth quarter. Fifth Third Bancorp now owns 39,922 shares of the utilities provider’s stock worth $2,441,000 after acquiring an additional 1,371 shares in the last quarter. State of Alaska Department of Revenue raised its position in shares of Public Service Enterprise Group by 2.2% in the fourth quarter. State of Alaska Department of Revenue now owns 73,926 shares of the utilities provider’s stock worth $4,520,000 after buying an additional 1,565 shares in the last quarter. Symphony Financial Ltd. Co. purchased a new stake in shares of Public Service Enterprise Group in the fourth quarter worth $655,000. Caprock Group LLC raised its position in shares of Public Service Enterprise Group by 23.6% in the fourth quarter. Caprock Group LLC now owns 4,514 shares of the utilities provider’s stock worth $276,000 after buying an additional 862 shares in the last quarter. Finally, Blue Trust Inc. raised its position in shares of Public Service Enterprise Group by 6.7% in the fourth quarter. Blue Trust Inc. now owns 8,482 shares of the utilities provider’s stock worth $483,000 after buying an additional 534 shares in the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Down 0.3 %

Shares of NYSE:PEG opened at $66.42 on Wednesday. Public Service Enterprise Group Incorporated has a 1 year low of $53.71 and a 1 year high of $67.51. The company has a market cap of $33.12 billion, a PE ratio of 12.95, a P/E/G ratio of 2.91 and a beta of 0.58. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.67 and a quick ratio of 0.46. The stock’s 50-day moving average is $61.65 and its 200 day moving average is $61.28.

Public Service Enterprise Group (NYSE:PEGGet Free Report) last announced its quarterly earnings results on Monday, February 26th. The utilities provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. Public Service Enterprise Group had a return on equity of 11.53% and a net margin of 22.81%. The company had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.45 billion. During the same quarter in the previous year, the business earned $0.64 EPS. Public Service Enterprise Group’s revenue was down 17.0% compared to the same quarter last year. Sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date of this dividend was Thursday, March 7th. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.57. Public Service Enterprise Group’s payout ratio is currently 46.78%.

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 4,800 shares of Public Service Enterprise Group stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $64.18, for a total transaction of $308,064.00. Following the sale, the senior vice president now directly owns 31,122 shares of the company’s stock, valued at approximately $1,997,409.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of Public Service Enterprise Group stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $66.37, for a total transaction of $91,192.38. Following the sale, the chief executive officer now directly owns 152,347 shares of the company’s stock, valued at approximately $10,111,270.39. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Richard T. Thigpen sold 4,800 shares of Public Service Enterprise Group stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $64.18, for a total value of $308,064.00. Following the sale, the senior vice president now directly owns 31,122 shares in the company, valued at $1,997,409.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,948 shares of company stock valued at $510,300. 0.18% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on PEG. Morgan Stanley reiterated an “overweight” rating and issued a $70.00 price objective (up previously from $61.00) on shares of Public Service Enterprise Group in a research report on Monday, March 25th. Bank of America increased their target price on Public Service Enterprise Group from $66.00 to $73.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Royal Bank of Canada increased their target price on Public Service Enterprise Group from $70.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, March 7th. Guggenheim cut Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 target price on the stock. in a research note on Monday, January 22nd. Finally, TheStreet raised Public Service Enterprise Group from a “c+” rating to a “b-” rating in a research note on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $66.38.

Get Our Latest Stock Analysis on Public Service Enterprise Group

About Public Service Enterprise Group

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

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