New York State Teachers Retirement System raised its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG – Free Report) by 12.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 442,520 shares of the utilities provider’s stock after purchasing an additional 48,004 shares during the period. New York State Teachers Retirement System owned approximately 0.09% of Public Service Enterprise Group worth $35,822,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. JPL Wealth Management LLC increased its position in shares of Public Service Enterprise Group by 0.4% during the 3rd quarter. JPL Wealth Management LLC now owns 32,758 shares of the utilities provider’s stock valued at $2,734,000 after purchasing an additional 122 shares during the last quarter. Strategic Investment Advisors MI lifted its position in Public Service Enterprise Group by 0.8% in the 3rd quarter. Strategic Investment Advisors MI now owns 15,954 shares of the utilities provider’s stock worth $1,331,000 after buying an additional 127 shares during the last quarter. Simplicity Wealth LLC lifted its position in Public Service Enterprise Group by 3.3% in the 4th quarter. Simplicity Wealth LLC now owns 3,990 shares of the utilities provider’s stock worth $320,000 after buying an additional 129 shares during the last quarter. Key Financial Inc boosted its stake in Public Service Enterprise Group by 2.6% in the fourth quarter. Key Financial Inc now owns 5,221 shares of the utilities provider’s stock worth $419,000 after buying an additional 133 shares in the last quarter. Finally, Benjamin Edwards Inc. boosted its stake in Public Service Enterprise Group by 4.3% in the second quarter. Benjamin Edwards Inc. now owns 3,231 shares of the utilities provider’s stock worth $272,000 after buying an additional 134 shares in the last quarter. Institutional investors own 73.34% of the company’s stock.
Public Service Enterprise Group Trading Down 0.1%
Shares of PEG stock opened at $81.55 on Friday. The business has a 50-day moving average of $79.48 and a 200 day moving average of $80.90. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.97 and a quick ratio of 0.75. Public Service Enterprise Group Incorporated has a 1-year low of $76.05 and a 1-year high of $91.25. The stock has a market capitalization of $40.64 billion, a PE ratio of 18.04, a P/E/G ratio of 3.07 and a beta of 0.51.
Public Service Enterprise Group Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 9th were issued a $0.67 dividend. The ex-dividend date was Tuesday, June 9th. This represents a $2.68 annualized dividend and a dividend yield of 3.3%. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 59.29%.
Analyst Upgrades and Downgrades
Several research firms have commented on PEG. Jefferies Financial Group downgraded shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating and decreased their price target for the stock from $90.00 to $89.00 in a research note on Wednesday, April 15th. Wall Street Zen raised shares of Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Royal Bank Of Canada began coverage on shares of Public Service Enterprise Group in a report on Thursday. They set a “sector perform” rating and a $81.00 target price on the stock. BMO Capital Markets lifted 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, Weiss Ratings downgraded shares of Public Service Enterprise Group from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, June 8th. One 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’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.32.
View Our Latest Stock Report on Public Service Enterprise Group
Insider Buying and Selling at Public Service Enterprise Group
In other Public Service Enterprise Group news, COO Kim C. Hanemann sold 3,035 shares of the stock in a transaction on Wednesday, June 24th. The shares were 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 position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ralph A. Larossa sold 2,083 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $80.51, for a total transaction of $167,702.33. Following the completion of the sale, the chief executive officer directly owned 285,149 shares in the company, valued at approximately $22,957,345.99. This trade represents a 0.73% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 9,284 shares of company stock worth $746,145. 0.19% of the stock is owned by insiders.
Public Service Enterprise Group 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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