Blueshift Asset Management LLC Buys New Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Blueshift Asset Management LLC acquired a new position in Public Service Enterprise Group Incorporated (NYSE:PEG) during the 3rd quarter, HoldingsChannel reports. The fund acquired 5,885 shares of the utilities provider’s stock, valued at approximately $525,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Raymond James & Associates grew its position in shares of Public Service Enterprise Group by 315.2% in the second quarter. Raymond James & Associates now owns 2,206,101 shares of the utilities provider’s stock valued at $162,590,000 after purchasing an additional 1,674,827 shares during the period. Sound Shore Management Inc. CT purchased a new stake in shares of Public Service Enterprise Group in the 2nd quarter valued at approximately $71,298,000. FMR LLC increased its stake in Public Service Enterprise Group by 19.4% during the third quarter. FMR LLC now owns 5,401,024 shares of the utilities provider’s stock worth $481,825,000 after acquiring an additional 877,345 shares during the last quarter. Hsbc Holdings PLC raised its holdings in Public Service Enterprise Group by 43.2% in the 2nd quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock valued at $178,763,000 after buying an additional 732,443 shares during the period. Finally, Jennison Associates LLC lifted its holdings in shares of Public Service Enterprise Group by 79.5% in the 3rd quarter. Jennison Associates LLC now owns 1,502,136 shares of the utilities provider’s stock worth $134,006,000 after acquiring an additional 665,105 shares during the last quarter. 73.34% of the stock is owned by hedge funds and other institutional investors.

Public Service Enterprise Group Trading Down 0.3 %

NYSE:PEG opened at $94.20 on Thursday. The firm has a market capitalization of $46.93 billion, a P/E ratio of 23.15, a P/E/G ratio of 3.41 and a beta of 0.61. The business has a 50 day simple moving average of $88.94 and a 200 day simple moving average of $81.10. Public Service Enterprise Group Incorporated has a 12-month low of $56.85 and a 12-month high of $95.22. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.03. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The business had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter in the prior year, the company posted $0.85 earnings per share. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. Equities research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 10th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend is Tuesday, December 10th. Public Service Enterprise Group’s dividend payout ratio is 58.97%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PEG. Scotiabank lifted their target price on Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 20th. Bank of America raised their target price on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, August 29th. BMO Capital Markets lifted their price target on Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a report on Monday, October 21st. Evercore ISI upped 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 research note on Tuesday, October 8th. Finally, Barclays dropped their price objective on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $86.69.

Insider Transactions at Public Service Enterprise Group

In related news, EVP Tamara Louise Linde sold 9,563 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $79.54, for a total transaction of $760,641.02. Following the completion of the sale, the executive vice president now directly owns 57,961 shares of the company’s stock, valued at approximately $4,610,217.94. This represents a 14.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total value of $111,190.82. Following the transaction, the chief executive officer now owns 148,892 shares of the company’s stock, valued at approximately $12,014,095.48. This trade represents a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,739 shares of company stock valued at $2,467,753 over the last quarter. Company insiders own 0.18% 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.