RWC Asset Management LLP Raises Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

RWC Asset Management LLP raised its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 230.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 219,967 shares of the utilities provider’s stock after buying an additional 153,318 shares during the quarter. RWC Asset Management LLP’s holdings in Public Service Enterprise Group were worth $18,585,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Ashton Thomas Securities LLC purchased a new stake in Public Service Enterprise Group during the 3rd quarter valued at about $35,000. Wingate Wealth Advisors Inc. purchased a new stake in shares of Public Service Enterprise Group in the fourth quarter valued at approximately $35,000. Stonebridge Financial Group LLC acquired a new stake in shares of Public Service Enterprise Group in the fourth quarter valued at approximately $54,000. Financial Life Planners purchased a new position in Public Service Enterprise Group during the fourth quarter worth approximately $56,000. Finally, Legacy Investment Solutions LLC acquired a new position in Public Service Enterprise Group during the third quarter worth $59,000. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on PEG shares. Scotiabank raised their target price on Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a research note on Thursday, December 12th. Barclays lowered shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $88.00 to $84.00 in a report on Monday, January 27th. UBS Group raised their target price 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. Finally, Guggenheim restated a “buy” rating on shares of Public Service Enterprise Group in a research report on Wednesday, December 11th. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $88.83.

Public Service Enterprise Group Stock Performance

Shares of Public Service Enterprise Group stock opened at $83.82 on Monday. The business has a 50-day simple moving average of $84.99 and a 200-day simple moving average of $85.99. 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 Incorporated has a one year low of $59.29 and a one year high of $95.22. The company has a market cap of $41.76 billion, a PE ratio of 20.59, a P/E/G ratio of 2.78 and a beta of 0.64.

Public Service Enterprise Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 3.01%. The ex-dividend date of this dividend is Monday, March 10th. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.60. Public Service Enterprise Group’s payout ratio is 61.92%.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $83.10, for a total transaction of $114,511.80. Following the completion of the sale, the chief executive officer now owns 126,791 shares in the company, valued at $10,536,332.10. The trade was a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.57% of the company’s stock.

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.