Franklin Resources Inc. Raises Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Franklin Resources Inc. lifted its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 5.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 2,637,882 shares of the utilities provider's stock after acquiring an additional 147,903 shares during the period. Franklin Resources Inc. owned 0.53% of Public Service Enterprise Group worth $235,194,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Envestnet Portfolio Solutions Inc. grew its position in Public Service Enterprise Group by 3.7% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 28,118 shares of the utilities provider's stock valued at $2,072,000 after buying an additional 997 shares in the last quarter. Brookstone Capital Management boosted its position in shares of Public Service Enterprise Group by 13.3% in the second quarter. Brookstone Capital Management now owns 7,468 shares of the utilities provider's stock valued at $561,000 after acquiring an additional 874 shares during the period. Gradient Investments LLC lifted its position in Public Service Enterprise Group by 239.4% in the second quarter. Gradient Investments LLC now owns 2,050 shares of the utilities provider's stock worth $151,000 after purchasing an additional 1,446 shares during the period. OFI Invest Asset Management bought a new position in shares of Public Service Enterprise Group during the second quarter valued at $35,000. Finally, Raymond James & Associates lifted 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 acquiring an additional 1,674,827 shares during the period. Institutional investors own 73.34% of the company's stock.

Insider Buying and Selling

In other news, CEO Ralph A. Larossa sold 1,378 shares of the business's stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $90.20, for a total transaction of $124,295.60. Following the completion of the sale, the chief executive officer now owns 147,514 shares in the company, valued at $13,305,762.80. The trade was a 0.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Kim C. Hanemann sold 956 shares of the business's stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total value of $86,126.04. Following the sale, the chief operating officer now owns 70,011 shares of the company's stock, valued at approximately $6,307,290.99. This represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,798 shares of company stock worth $1,595,921 in the last ninety days. 0.57% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PEG. Jefferies Financial Group began coverage on Public Service Enterprise Group in a research note on Friday, September 13th. They issued a "hold" rating and a $85.00 target price for the company. Scotiabank raised their target price on Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a "sector perform" rating in a report on Thursday. Guggenheim restated a "buy" rating on shares of Public Service Enterprise Group in a report on Wednesday. Wells Fargo & Company raised their target price on Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an "overweight" rating in a report on Wednesday, October 16th. Finally, Bank of America raised their target price on Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a "buy" rating in a report on Thursday, August 29th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $89.17.

Public Service Enterprise Group Stock Performance

Shares of PEG stock traded up $0.86 during trading on Friday, reaching $86.81. 2,143,233 shares of the company's stock were exchanged, compared to its average volume of 2,749,773. 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 $43.25 billion, a PE ratio of 21.33, a PEG ratio of 3.14 and a beta of 0.62. Public Service Enterprise Group Incorporated has a twelve month low of $56.85 and a twelve month high of $95.22. The firm's fifty day moving average price is $89.21 and its 200-day moving average price is $82.40.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, beating analysts' consensus estimates of $0.87 by $0.03. The firm had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.44 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company's revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.85 EPS. As a group, sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 10th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $2.40 annualized dividend and a dividend yield of 2.76%. Public Service Enterprise Group's dividend payout ratio is currently 58.97%.

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.