Norges Bank Makes New $445.01 Million Investment in Public Service Enterprise Group Incorporated (NYSE:PEG)

Norges Bank acquired a new position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 5,266,952 shares of the utilities provider's stock, valued at approximately $445,005,000. Norges Bank owned approximately 1.06% of Public Service Enterprise Group at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Raymond James Financial Inc. purchased a new stake in shares of Public Service Enterprise Group in the fourth quarter worth approximately $376,209,000. Jennison Associates LLC boosted its stake in shares of Public Service Enterprise Group by 125.3% during the 4th quarter. Jennison Associates LLC now owns 3,384,803 shares of the utilities provider's stock valued at $285,982,000 after buying an additional 1,882,667 shares during the period. Mitsubishi UFJ Trust & Banking Corp grew its holdings in shares of Public Service Enterprise Group by 604.5% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,004,100 shares of the utilities provider's stock valued at $169,404,000 after acquiring an additional 1,719,614 shares in the last quarter. FMR LLC increased its stake in shares of Public Service Enterprise Group by 19.4% in the third quarter. FMR LLC now owns 5,401,024 shares of the utilities provider's stock worth $481,825,000 after acquiring an additional 877,345 shares during the last quarter. Finally, National Bank of Canada FI boosted its position in Public Service Enterprise Group by 376.3% during the third quarter. National Bank of Canada FI now owns 810,694 shares of the utilities provider's stock valued at $72,321,000 after purchasing an additional 640,485 shares during the last quarter. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Ralph A. Larossa sold 1,378 shares of the company's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $83.10, for a total value of $114,511.80. Following the completion of the transaction, the chief executive officer now directly owns 126,791 shares in the company, valued at approximately $10,536,332.10. This represents a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. LADENBURG THALM/SH SH downgraded Public Service Enterprise Group from a "buy" rating to a "neutral" rating and set a $82.50 price target for the company. in a research note on Wednesday, March 19th. Bank of America reduced their target price on shares of Public Service Enterprise Group from $95.00 to $92.00 and set a "buy" rating for the company in a research note on Monday, March 3rd. Barclays lowered shares of Public Service Enterprise Group from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $88.00 to $84.00 in a research note on Monday, January 27th. Guggenheim reaffirmed a "buy" rating and issued a $98.00 price objective on shares of Public Service Enterprise Group in a research note on Wednesday, February 26th. Finally, BMO Capital Markets increased their target price on shares of Public Service Enterprise Group from $85.00 to $86.00 and gave the stock a "market perform" rating in a research report on Wednesday, February 26th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Public Service Enterprise Group presently has a consensus rating of "Moderate Buy" and an average target price of $89.65.

Public Service Enterprise Group Stock Performance

Shares of PEG stock traded up $0.46 during trading hours on Wednesday, reaching $83.72. 498,689 shares of the company's stock were exchanged, compared to its average volume of 2,679,620. Public Service Enterprise Group Incorporated has a fifty-two week low of $64.03 and a fifty-two week high of $95.22. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. The stock has a market capitalization of $41.74 billion, a P/E ratio of 20.57, a P/E/G ratio of 2.78 and a beta of 0.60. The business has a fifty day moving average price of $82.77 and a 200-day moving average price of $86.11.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last issued its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share for the quarter, beating analysts' consensus estimates of $0.83 by $0.01. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the prior year, the firm earned $0.54 EPS. The business's revenue was down 5.4% on a year-over-year basis. Analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 10th were issued a $0.63 dividend. This is a boost from Public Service Enterprise Group's previous quarterly dividend of $0.60. The ex-dividend date was Monday, March 10th. This represents a $2.52 annualized dividend and a yield of 3.01%. Public Service Enterprise Group's dividend payout ratio is 71.19%.

Public Service Enterprise Group Company Profile

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.