Resona Asset Management Co. Ltd. Buys Shares of 155,596 Public Service Enterprise Group Incorporated (NYSE:PEG)

Resona Asset Management Co. Ltd. purchased a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 155,596 shares of the utilities provider's stock, valued at approximately $13,155,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PEG. Center for Financial Planning Inc. raised its stake in Public Service Enterprise Group by 3.0% during the 4th quarter. Center for Financial Planning Inc. now owns 4,126 shares of the utilities provider's stock valued at $349,000 after purchasing an additional 120 shares during the period. Spire Wealth Management increased its holdings in Public Service Enterprise Group by 2.4% in the 4th quarter. Spire Wealth Management now owns 5,207 shares of the utilities provider's stock valued at $440,000 after acquiring an additional 121 shares during the last quarter. United Asset Strategies Inc. boosted its holdings in shares of Public Service Enterprise Group by 2.6% during the 4th quarter. United Asset Strategies Inc. now owns 4,921 shares of the utilities provider's stock valued at $416,000 after purchasing an additional 127 shares during the last quarter. Fifth Third Bancorp lifted its position in shares of Public Service Enterprise Group by 0.4% in the fourth quarter. Fifth Third Bancorp now owns 35,384 shares of the utilities provider's stock worth $2,990,000 after buying an additional 139 shares in the last quarter. Finally, Larson Financial Group LLC grew its holdings in Public Service Enterprise Group by 10.1% during the 4th quarter. Larson Financial Group LLC now owns 1,518 shares of the utilities provider's stock valued at $128,000 after buying an additional 139 shares in the last quarter. 73.34% of the stock is owned by hedge funds and other institutional investors.

Remove Ads

Wall Street Analyst Weigh In

PEG has been the topic of several analyst reports. Wells Fargo & Company reduced their price objective on Public Service Enterprise Group from $100.00 to $95.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 26th. Bank of America lowered their price objective on shares of Public Service Enterprise Group from $95.00 to $92.00 and set a "buy" rating for the company in a research note on Monday, March 3rd. Guggenheim reiterated a "buy" rating and issued a $98.00 target price on shares of Public Service Enterprise Group in a report on Wednesday, February 26th. LADENBURG THALM/SH SH cut Public Service Enterprise Group from a "buy" rating to a "neutral" rating and set a $82.50 price objective for the company. in a research report on Wednesday, March 19th. Finally, BMO Capital Markets lowered their price objective on shares of Public Service Enterprise Group from $86.00 to $83.00 and set a "market perform" rating for the company in a research note on Thursday. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $89.35.

Insiders Place Their Bets

In related news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $82.88, for a total value of $114,208.64. Following the completion of the transaction, the chief executive officer now directly owns 221,670 shares in the company, valued at approximately $18,372,009.60. This trade represents a 0.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.19% of the stock is owned by company insiders.

Public Service Enterprise Group Trading Up 0.0 %

Shares of NYSE PEG traded up $0.01 during trading on Friday, hitting $81.24. 520,439 shares of the company traded hands, compared to its average volume of 2,712,044. 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 firm has a market capitalization of $40.50 billion, a P/E ratio of 19.96, a P/E/G ratio of 2.78 and a beta of 0.52. The company has a 50-day moving average price of $81.96 and a 200-day moving average price of $85.76. Public Service Enterprise Group Incorporated has a 1 year low of $64.03 and a 1 year high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last released its quarterly earnings data on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.01. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The business's quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.54 earnings per share. On average, equities analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 10th were given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.10%. This is a positive change from Public Service Enterprise Group's previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Monday, March 10th. Public Service Enterprise Group's dividend payout ratio is presently 71.19%.

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.