Jennison Associates LLC Acquires 665,105 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Jennison Associates LLC increased its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 79.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,502,136 shares of the utilities provider's stock after buying an additional 665,105 shares during the period. Jennison Associates LLC owned 0.30% of Public Service Enterprise Group worth $134,006,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Ashton Thomas Securities LLC acquired a new position in shares of Public Service Enterprise Group during the 3rd quarter worth about $35,000. Family Firm Inc. bought a new position in Public Service Enterprise Group during the second quarter worth $33,000. OFI Invest Asset Management acquired a new position in Public Service Enterprise Group during the 2nd quarter valued at $35,000. Northwest Investment Counselors LLC bought a new stake in Public Service Enterprise Group in the 3rd quarter valued at $48,000. Finally, Country Trust Bank acquired a new stake in Public Service Enterprise Group in the 2nd quarter worth $52,000. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Richard T. Thigpen sold 5,900 shares of the business's stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $87.95, for a total value of $518,905.00. Following the transaction, the senior vice president now owns 25,829 shares in the company, valued at approximately $2,271,660.55. The trade was a 18.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ralph A. Larossa sold 1,378 shares of the company's stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total transaction of $111,190.82. Following the completion of the sale, the chief executive officer now directly owns 148,892 shares in the company, valued at approximately $12,014,095.48. This represents a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,783 shares of company stock valued at $2,381,626. Insiders own 0.18% of the company's stock.

Public Service Enterprise Group Stock Up 0.7 %

PEG stock traded up $0.62 during mid-day trading on Wednesday, reaching $90.71. The company had a trading volume of 840,650 shares, compared to its average volume of 2,767,540. Public Service Enterprise Group Incorporated has a 52 week low of $56.85 and a 52 week high of $92.20. The company has a market capitalization of $45.19 billion, a price-to-earnings ratio of 22.29, a PEG ratio of 3.27 and a beta of 0.61. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48. The stock has a 50 day simple moving average of $87.87 and a two-hundred day simple moving average of $80.31.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business 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 firm's quarterly revenue was up 7.6% compared to the same quarter last year. As a group, equities analysts predict that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 10th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend is Tuesday, December 10th. Public Service Enterprise Group's dividend payout ratio (DPR) is currently 58.97%.

Analysts Set New Price Targets

Several analysts have recently weighed in on PEG shares. BMO Capital Markets lifted their price objective on Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a "market perform" rating in a report on Monday, October 21st. Barclays reduced their price objective on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an "overweight" rating for the company in a report on Tuesday, November 5th. Scotiabank increased their price target 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. Bank of America lifted their price objective on Public Service Enterprise Group from $84.00 to $88.00 and gave the company a "buy" rating in a report on Thursday, August 29th. Finally, Morgan Stanley raised their target price on Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an "overweight" rating in a research report on Monday, September 23rd. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $86.69.

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.