Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG – Free Report) by 1,883.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 391,362 shares of the utilities provider’s stock after purchasing an additional 371,630 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Public Service Enterprise Group were worth $31,681,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Public Service Enterprise Group by 3.4% during the fourth quarter. Vanguard Group Inc. now owns 67,498,821 shares of the utilities provider’s stock valued at $5,420,155,000 after buying an additional 2,189,951 shares in the last quarter. State Street Corp lifted its stake in Public Service Enterprise Group by 2.8% in the 4th quarter. State Street Corp now owns 28,361,198 shares of the utilities provider’s stock worth $2,277,404,000 after acquiring an additional 762,591 shares in the last quarter. Bank of America Corp DE lifted its stake in Public Service Enterprise Group by 24.7% in the 2nd quarter. Bank of America Corp DE now owns 17,536,584 shares of the utilities provider’s stock worth $1,476,230,000 after acquiring an additional 3,469,886 shares in the last quarter. Geode Capital Management LLC boosted its position in Public Service Enterprise Group by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 12,771,343 shares of the utilities provider’s stock worth $1,021,475,000 after acquiring an additional 114,351 shares during the period. Finally, Ameriprise Financial Inc. boosted its position in Public Service Enterprise Group by 9.8% during the 2nd quarter. Ameriprise Financial Inc. now owns 8,009,067 shares of the utilities provider’s stock worth $674,218,000 after acquiring an additional 715,051 shares during the period. Institutional investors and hedge funds own 73.34% of the company’s stock.
Public Service Enterprise Group Stock Up 0.0%
PEG opened at $79.83 on Monday. Public Service Enterprise Group Incorporated has a fifty-two week low of $76.05 and a fifty-two week high of $91.25. The business has a 50-day moving average of $79.74 and a 200-day moving average of $80.84. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.97 and a quick ratio of 0.75. The company has a market capitalization of $39.78 billion, a PE ratio of 17.66, a price-to-earnings-growth ratio of 3.00 and a beta of 0.51.
Public Service Enterprise Group Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 9th will be given a $0.67 dividend. This represents a $2.68 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Wednesday, September 9th. Public Service Enterprise Group’s payout ratio is currently 59.29%.
Analysts Set New Price Targets
A number of brokerages have recently weighed in on PEG. Weiss Ratings downgraded Public Service Enterprise Group from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, June 8th. Jefferies Financial Group decreased their price target on shares of Public Service Enterprise Group from $89.00 to $78.00 and set a “hold” rating for the company in a report on Monday, July 20th. Truist Financial boosted their price objective on shares of Public Service Enterprise Group from $88.00 to $90.00 and gave the company a “hold” rating in a research report on Thursday, July 16th. BMO Capital Markets increased their target price on shares of Public Service Enterprise Group from $90.00 to $91.00 and gave the stock a “market perform” rating in a research report on Monday, April 13th. Finally, Royal Bank Of Canada started coverage on shares of Public Service Enterprise Group in a research report on Thursday, July 2nd. They issued a “sector perform” rating and a $81.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $91.25.
View Our Latest Research Report on PEG
Insider Activity at Public Service Enterprise Group
In related news, CEO Ralph A. Larossa sold 2,083 shares of Public Service Enterprise Group stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $80.51, for a total value of $167,702.33. Following the completion of the sale, the chief executive officer owned 285,149 shares of the company’s stock, valued at approximately $22,957,345.99. The trade was a 0.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kim C. Hanemann sold 3,035 shares of the company’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $82.00, for a total transaction of $248,870.00. Following the completion of the sale, the chief operating officer owned 98,815 shares of the company’s stock, valued at $8,102,830. This represents a 2.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 9,284 shares of company stock valued at $746,145 over the last three months. Insiders own 0.19% of the company’s stock.
Public Service Enterprise Group Company Profile
Public Service Enterprise Group (NYSE: PEG) is a diversified energy company that operates primarily in New Jersey. Its core businesses include a regulated utility that delivers electric and natural gas service to residential, commercial and industrial customers, as well as generation and energy services operations that participate in wholesale power markets. The company’s activities encompass transmission and distribution, power generation operations, and related energy infrastructure services.
The regulated utility arm, Public Service Electric and Gas Company (PSE&G), is responsible for owning and maintaining electric and gas networks, connecting customers, performing meter and billing services, and managing system reliability and storm response.
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