CIBC Asset Management Inc Buys 67,487 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

CIBC Asset Management Inc increased its stake in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 84.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 147,246 shares of the utilities provider's stock after purchasing an additional 67,487 shares during the quarter. CIBC Asset Management Inc's holdings in Public Service Enterprise Group were worth $13,136,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Raymond James & Associates grew its holdings in shares of Public Service Enterprise Group by 315.2% during the second quarter. Raymond James & Associates now owns 2,206,101 shares of the utilities provider's stock valued at $162,590,000 after buying an additional 1,674,827 shares in the last quarter. Sound Shore Management Inc. CT purchased a new position in Public Service Enterprise Group during the 2nd quarter valued at about $71,298,000. 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 purchasing an additional 732,443 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in shares of Public Service Enterprise Group by 381.7% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 800,848 shares of the utilities provider's stock worth $59,023,000 after purchasing an additional 634,587 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new stake in shares of Public Service Enterprise Group during the first quarter worth approximately $28,132,000. Hedge funds and other institutional investors own 73.34% of the company's stock.

Insider Activity at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the completion of the transaction, the chief executive officer now owns 148,892 shares in the company, valued at approximately $12,014,095.48. This represents a 0.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Tamara Louise Linde sold 9,563 shares of Public Service Enterprise Group stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $79.54, for a total transaction of $760,641.02. Following the sale, the executive vice president now owns 57,961 shares in the company, valued at approximately $4,610,217.94. This trade represents a 14.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,783 shares of company stock worth $2,381,626 over the last three months. Company insiders own 0.57% of the company's stock.

Analyst Upgrades and Downgrades

PEG has been the subject of a number of research reports. LADENBURG THALM/SH SH raised shares of Public Service Enterprise Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 5th. Bank of America boosted their target price on Public Service Enterprise Group from $84.00 to $88.00 and gave the company a "buy" rating in a research note on Thursday, August 29th. UBS Group lifted their price target on Public Service Enterprise Group from $94.00 to $98.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Morgan Stanley increased their price objective on Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an "overweight" rating in a report on Monday, September 23rd. Finally, Scotiabank boosted their target price on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a "sector perform" rating in a research report on Tuesday, August 20th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Public Service Enterprise Group currently has an average rating of "Moderate Buy" and a consensus target price of $86.69.

Public Service Enterprise Group Stock Performance

NYSE PEG traded up $1.99 during trading on Friday, hitting $88.99. The company's stock had a trading volume of 2,473,685 shares, compared to its average volume of 2,429,995. The firm has a 50 day moving average price of $87.50 and a 200 day moving average price of $79.96. The firm has a market cap of $44.34 billion, a P/E ratio of 21.86, a price-to-earnings-growth ratio of 3.27 and a beta of 0.61. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. Public Service Enterprise Group Incorporated has a 52 week low of $56.85 and a 52 week high of $92.20.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last released its earnings results on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.87 by $0.03. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm had revenue of $2.64 billion during the quarter, compared to analysts' expectations of $2.44 billion. During the same period in the prior year, the company earned $0.85 EPS. The business's quarterly revenue was up 7.6% compared to the same quarter last year. Equities research analysts forecast that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current fiscal year.

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.