Korea Investment CORP Decreases Stock Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Korea Investment CORP reduced its stake in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 10.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 347,180 shares of the utilities provider's stock after selling 38,513 shares during the period. Korea Investment CORP owned about 0.07% of Public Service Enterprise Group worth $29,333,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Foundations Investment Advisors LLC boosted its holdings in shares of Public Service Enterprise Group by 27.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 87,621 shares of the utilities provider's stock worth $7,403,000 after purchasing an additional 18,627 shares during the period. Cullen Investment Group LTD. lifted its holdings in Public Service Enterprise Group by 65.3% in the 4th quarter. Cullen Investment Group LTD. now owns 26,867 shares of the utilities provider's stock worth $2,270,000 after buying an additional 10,610 shares during the period. Arvest Bank Trust Division bought a new stake in shares of Public Service Enterprise Group in the 3rd quarter worth approximately $2,860,000. Parsons Capital Management Inc. RI purchased a new position in shares of Public Service Enterprise Group during the fourth quarter valued at approximately $2,565,000. Finally, Czech National Bank increased its stake in shares of Public Service Enterprise Group by 6.4% during the fourth quarter. Czech National Bank now owns 108,025 shares of the utilities provider's stock valued at $9,127,000 after buying an additional 6,545 shares during the period. 73.34% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Barclays downgraded shares of Public Service Enterprise Group from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $88.00 to $84.00 in a research report on Monday, January 27th. LADENBURG THALM/SH SH downgraded Public Service Enterprise Group from a "buy" rating to a "neutral" rating and set a $82.50 target price on the stock. in a report on Wednesday, March 19th. BMO Capital Markets raised their price target on Public Service Enterprise Group from $85.00 to $86.00 and gave the company a "market perform" rating in a report on Wednesday, February 26th. Bank of America lowered their price target on Public Service Enterprise Group from $95.00 to $92.00 and set a "buy" rating for the company in a research report on Monday, March 3rd. Finally, StockNews.com raised shares of Public Service Enterprise Group from a "sell" rating to a "hold" rating in a research report on Friday, March 14th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $89.65.

Public Service Enterprise Group Stock Performance

PEG traded up $0.32 during trading on Wednesday, hitting $83.58. The company's stock had a trading volume of 439,492 shares, compared to its average volume of 2,747,743. The business's 50 day simple moving average is $82.77 and its 200-day simple moving average is $86.11. The firm has a market cap of $41.67 billion, a PE ratio of 20.53, a P/E/G ratio of 2.78 and a beta of 0.60. Public Service Enterprise Group Incorporated has a one year low of $64.03 and a one year 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.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last announced its earnings results on Tuesday, February 25th. The utilities provider reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company had revenue of $2.47 billion for the quarter, compared to analysts' expectations of $2.03 billion. During the same period last year, the firm earned $0.54 EPS. Public Service Enterprise Group's revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, sell-side 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 given a $0.63 dividend. This is a positive change from Public Service Enterprise Group's previous quarterly dividend of $0.60. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date of this dividend was Monday, March 10th. Public Service Enterprise Group's dividend payout ratio is presently 71.19%.

Insider Transactions at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of the business's stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 126,791 shares of the company's stock, valued at approximately $10,536,332.10. The trade was a 1.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.19% of the company's stock.

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.