Energy Income Partners LLC boosted its position in Public Service Enterprise Group Incorporated (NYSE:PEG – Free Report) by 100.7% in the first quarter, HoldingsChannel reports. The firm owned 1,418,606 shares of the utilities provider’s stock after buying an additional 711,697 shares during the quarter. Public Service Enterprise Group accounts for about 1.8% of Energy Income Partners LLC’s holdings, making the stock its 15th largest holding. Energy Income Partners LLC’s holdings in Public Service Enterprise Group were worth $114,836,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PEG. Chapman Financial Group LLC bought a new position in shares of Public Service Enterprise Group during the 2nd quarter worth approximately $25,000. Quest 10 Wealth Builders Inc. grew its holdings in shares of Public Service Enterprise Group by 250.5% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 347 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 248 shares in the last quarter. Bayban bought a new position in shares of Public Service Enterprise Group in the fourth quarter valued at approximately $33,000. Motiv8 Investments LLC purchased a new stake in shares of Public Service Enterprise Group during the fourth quarter valued at approximately $40,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Public Service Enterprise Group during the fourth quarter valued at approximately $44,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.
Public Service Enterprise Group Stock Performance
NYSE PEG opened at $79.13 on Tuesday. The firm has a market cap of $39.43 billion, a P/E ratio of 17.51, a price-to-earnings-growth ratio of 3.00 and a beta of 0.51. The company has a quick ratio of 0.75, a current ratio of 0.97 and a debt-to-equity ratio of 1.31. The company’s 50 day moving average is $79.79 and its 200-day moving average is $80.85. Public Service Enterprise Group Incorporated has a 12-month low of $76.05 and a 12-month high of $91.25.
Public Service Enterprise Group Announces Dividend
The business 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 dividend of $0.67 per share. The ex-dividend date is Wednesday, September 9th. This represents a $2.68 annualized dividend and a dividend yield of 3.4%. Public Service Enterprise Group’s dividend payout ratio is currently 59.29%.
Wall Street Analyst Weigh In
PEG has been the topic of a number of recent analyst reports. Jefferies Financial Group dropped their price target on Public Service Enterprise Group from $89.00 to $78.00 and set a “hold” rating on the stock in a report on Monday, July 20th. Weiss Ratings lowered Public Service Enterprise Group from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, June 8th. Wall Street Zen upgraded Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. BMO Capital Markets lifted their target price on Public Service Enterprise Group from $90.00 to $91.00 and gave the stock a “market perform” rating in a research note on Monday, April 13th. Finally, Truist Financial boosted their price target on shares of Public Service Enterprise Group from $88.00 to $90.00 and gave the stock a “hold” rating in a report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat.com, Public Service Enterprise Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.25.
Read Our Latest Research Report on PEG
Insiders Place Their Bets
In other news, COO Kim C. Hanemann sold 3,035 shares of Public Service Enterprise Group stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $82.00, for a total value of $248,870.00. Following the completion of the transaction, the chief operating officer directly owned 98,815 shares in the company, valued at approximately $8,102,830. The trade was a 2.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 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 transaction, the chief executive officer owned 285,149 shares of the company’s stock, valued at approximately $22,957,345.99. This trade represents a 0.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 ninety days. Corporate 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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