Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Bought by Fifth Third Bancorp

Fifth Third Bancorp raised its stake in Public Service Enterprise Group Incorporated (NYSE:PEGFree Report) by 3.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 39,922 shares of the utilities provider’s stock after acquiring an additional 1,371 shares during the quarter. Fifth Third Bancorp’s holdings in Public Service Enterprise Group were worth $2,441,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. D.A. Davidson & CO. increased its stake in Public Service Enterprise Group by 7.5% in the first quarter. D.A. Davidson & CO. now owns 3,657 shares of the utilities provider’s stock valued at $256,000 after purchasing an additional 256 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Public Service Enterprise Group by 6.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,318,721 shares of the utilities provider’s stock valued at $92,310,000 after purchasing an additional 83,174 shares during the last quarter. Prudential PLC acquired a new position in Public Service Enterprise Group in the first quarter valued at $798,000. Cetera Investment Advisers increased its stake in Public Service Enterprise Group by 1.3% in the first quarter. Cetera Investment Advisers now owns 25,619 shares of the utilities provider’s stock valued at $1,793,000 after purchasing an additional 332 shares during the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new position in Public Service Enterprise Group in the first quarter valued at $214,000. 73.34% of the stock is owned by institutional investors and hedge funds.

Public Service Enterprise Group Trading Up 0.3 %

Shares of PEG opened at $66.64 on Thursday. The company has a market capitalization of $33.23 billion, a P/E ratio of 12.99, a P/E/G ratio of 2.91 and a beta of 0.58. Public Service Enterprise Group Incorporated has a one year low of $53.71 and a one year high of $67.51. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.46 and a current ratio of 0.67. The stock has a 50-day moving average price of $61.82 and a 200 day moving average price of $61.32.

Public Service Enterprise Group (NYSE:PEGGet Free Report) last issued its quarterly earnings results on Monday, February 26th. The utilities provider reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The firm had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.45 billion. Public Service Enterprise Group had a return on equity of 11.53% and a net margin of 22.81%. Public Service Enterprise Group’s revenue for the quarter was down 17.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.64 earnings per share. Sell-side analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal 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 $0.60 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $2.40 dividend on an annualized basis and a yield of 3.60%. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.57. Public Service Enterprise Group’s dividend payout ratio is currently 46.78%.

Insider Activity at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $63.00, for a total value of $86,562.00. Following the completion of the transaction, the chief executive officer now owns 153,721 shares of the company’s stock, valued at $9,684,423. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 4,800 shares of the 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 transaction, the senior vice president now owns 31,122 shares of the company’s stock, valued at approximately $1,997,409.96. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $63.00, for a total value of $86,562.00. Following the transaction, the chief executive officer now directly owns 153,721 shares in the company, valued at approximately $9,684,423. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,948 shares of company stock valued at $510,300. Insiders own 0.18% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the company. TheStreet upgraded Public Service Enterprise Group from a “c+” rating to a “b-” rating in a research note on Wednesday, March 6th. Wells Fargo & Company upped their price target on Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 19th. Barclays upped their price target on Public Service Enterprise Group from $65.00 to $68.00 and gave the stock an “overweight” rating in a research note on Thursday, March 14th. Bank of America upped their price target on Public Service Enterprise Group from $66.00 to $73.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Finally, BMO Capital Markets dropped their price target on Public Service Enterprise Group from $64.00 to $63.00 and set a “market perform” rating for the company in a research note on Tuesday, February 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Public Service Enterprise Group has an average rating of “Moderate Buy” and an average price target of $66.91.

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Public Service Enterprise Group Company Profile

(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.

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

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