Empirical Finance LLC Grows Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Empirical Finance LLC boosted its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 2.3% during the 3rd quarter, Holdings Channel reports. The fund owned 17,282 shares of the utilities provider’s stock after buying an additional 381 shares during the period. Empirical Finance LLC’s holdings in Public Service Enterprise Group were worth $1,542,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PEG. Raymond James & Associates boosted its stake in shares of Public Service Enterprise Group by 30.1% during the third quarter. Raymond James & Associates now owns 2,869,113 shares of the utilities provider’s stock valued at $255,954,000 after purchasing an additional 663,012 shares in the last quarter. Hamlin Capital Management LLC boosted its position in Public Service Enterprise Group by 7.2% during the 3rd quarter. Hamlin Capital Management LLC now owns 2,427,336 shares of the utilities provider’s stock valued at $216,543,000 after acquiring an additional 162,731 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of 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 acquiring an additional 732,443 shares during the period. abrdn plc raised its position in shares of Public Service Enterprise Group by 10.2% in the 3rd quarter. abrdn plc now owns 1,792,186 shares of the utilities provider’s stock worth $159,074,000 after acquiring an additional 165,995 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Public Service Enterprise Group by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,734,257 shares of the utilities provider’s stock worth $127,809,000 after purchasing an additional 163,333 shares during the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Up 2.3 %

Public Service Enterprise Group stock opened at $88.99 on Friday. Public Service Enterprise Group Incorporated has a fifty-two week low of $56.85 and a fifty-two week high of $92.20. The company has a market cap of $44.34 billion, a PE ratio of 21.86, a PEG ratio of 3.20 and a beta of 0.61. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. The business’s 50-day simple moving average is $87.50 and its two-hundred day simple moving average is $79.89.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The firm had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the prior year, the firm earned $0.85 earnings per share. Public Service Enterprise Group’s revenue for the quarter was up 7.6% on a year-over-year basis. Equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current year.

Analysts Set New Price Targets

PEG has been the subject of a number of recent research reports. Evercore ISI boosted their target price on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. LADENBURG THALM/SH SH raised shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 5th. Jefferies Financial Group assumed coverage on shares of Public Service Enterprise Group in a report on Friday, September 13th. They issued a “hold” rating and a $85.00 price target on the stock. BMO Capital Markets increased their price objective on Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a report on Monday, October 21st. Finally, Wells Fargo & Company boosted their target price on Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Public Service Enterprise Group has an average rating of “Moderate Buy” and an average price target of $86.69.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total transaction of $111,190.82. Following the completion of the transaction, the chief executive officer now directly owns 148,892 shares in the company, valued at approximately $12,014,095.48. This trade represents a 0.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Tamara Louise Linde sold 9,564 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $90.61, for a total value of $866,594.04. Following the completion of the sale, the executive vice president now owns 48,397 shares in the company, valued at approximately $4,385,252.17. This represents a 16.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,783 shares of company stock valued at $2,381,626 in the last ninety days. Insiders own 0.57% of the company’s stock.

About Public Service Enterprise Group

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.