Mirae Asset Global Investments Co. Ltd. Boosts Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Mirae Asset Global Investments Co. Ltd. boosted its position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 203.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 94,541 shares of the utilities provider's stock after acquiring an additional 63,430 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Public Service Enterprise Group were worth $8,005,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Spirit of America Management Corp NY grew its stake in shares of Public Service Enterprise Group by 4.8% during the fourth quarter. Spirit of America Management Corp NY now owns 10,850 shares of the utilities provider's stock worth $917,000 after buying an additional 500 shares during the last quarter. Hager Investment Management Services LLC bought a new stake in shares of Public Service Enterprise Group during the fourth quarter worth $95,000. Mather Group LLC. grew its stake in shares of Public Service Enterprise Group by 4.4% during the fourth quarter. Mather Group LLC. now owns 4,208 shares of the utilities provider's stock worth $356,000 after buying an additional 178 shares during the last quarter. Brown Lisle Cummings Inc. bought a new stake in shares of Public Service Enterprise Group during the fourth quarter worth $57,000. Finally, Longboard Asset Management LP bought a new stake in shares of Public Service Enterprise Group during the fourth quarter worth $226,000. 73.34% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Ralph A. Larossa sold 1,378 shares of the company's stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $84.91, for a total transaction of $117,005.98. Following the transaction, the chief executive officer now owns 144,212 shares in the company, valued at approximately $12,245,040.92. This represents a 0.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Kim C. Hanemann sold 956 shares of the firm's stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total transaction of $86,126.04. Following the completion of the transaction, the chief operating officer now directly owns 70,011 shares in the company, valued at approximately $6,307,290.99. The trade was a 1.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,712 shares of company stock worth $317,644. Company insiders own 0.57% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Guggenheim reaffirmed a "buy" rating on shares of Public Service Enterprise Group in a research note on Wednesday, December 11th. Wells Fargo & Company boosted their target price on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 16th. BMO Capital Markets boosted their price objective on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a "market perform" rating in a research note on Monday, October 21st. UBS Group boosted their price objective on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. Finally, Scotiabank boosted their price objective on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a "sector perform" rating in a research note on Thursday, December 12th. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Public Service Enterprise Group presently has an average rating of "Moderate Buy" and an average price target of $88.83.

Public Service Enterprise Group Trading Down 0.2 %

PEG stock traded down $0.14 during midday trading on Tuesday, hitting $83.75. The stock had a trading volume of 2,341,534 shares, compared to its average volume of 2,209,609. The firm has a market cap of $41.73 billion, a P/E ratio of 20.58, a price-to-earnings-growth ratio of 2.77 and a beta of 0.64. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. Public Service Enterprise Group Incorporated has a 1-year low of $57.40 and a 1-year high of $95.22. The business has a fifty day moving average price of $85.77 and a two-hundred day moving average price of $85.61.

Public Service Enterprise Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 3.01%. This is a positive change from Public Service Enterprise Group's previous quarterly dividend of $0.60. Public Service Enterprise Group's dividend payout ratio is currently 58.97%.

About Public Service Enterprise Group

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.