Choate Investment Advisors Boosts Stake in Public Service Enterprise Group Inc. (PEG)

Choate Investment Advisors increased its position in shares of Public Service Enterprise Group Inc. (NYSE:PEG) by 15.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,602 shares of the utilities provider’s stock after buying an additional 865 shares during the period. Choate Investment Advisors’ holdings in Public Service Enterprise Group were worth $392,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Caxton Associates LP acquired a new stake in shares of Public Service Enterprise Group during the fourth quarter worth about $264,000. Candriam Luxembourg S.C.A. lifted its holdings in shares of Public Service Enterprise Group by 50.8% during the fourth quarter. Candriam Luxembourg S.C.A. now owns 55,187 shares of the utilities provider’s stock worth $2,872,000 after purchasing an additional 18,581 shares during the period. Bessemer Group Inc. lifted its holdings in shares of Public Service Enterprise Group by 12.1% during the fourth quarter. Bessemer Group Inc. now owns 2,627 shares of the utilities provider’s stock worth $137,000 after purchasing an additional 284 shares during the period. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Public Service Enterprise Group by 7.1% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 91,468 shares of the utilities provider’s stock worth $4,761,000 after purchasing an additional 6,081 shares during the period. Finally, Segall Bryant & Hamill LLC lifted its holdings in Public Service Enterprise Group by 51.9% in the fourth quarter. Segall Bryant & Hamill LLC now owns 81,154 shares of the utilities provider’s stock valued at $4,224,000 after acquiring an additional 27,740 shares during the period. Hedge funds and other institutional investors own 68.69% of the company’s stock.

Shares of PEG traded up $0.33 during midday trading on Wednesday, reaching $61.02. 1,322,440 shares of the company were exchanged, compared to its average volume of 2,928,116. The stock has a market cap of $30.54 billion, a PE ratio of 19.56, a P/E/G ratio of 3.06 and a beta of 0.40. Public Service Enterprise Group Inc. has a 1-year low of $49.22 and a 1-year high of $61.20. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.68 and a quick ratio of 0.52.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $1.08 EPS for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.08. The company had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $2.78 billion. Public Service Enterprise Group had a return on equity of 11.35% and a net margin of 16.03%. During the same quarter in the previous year, the firm posted $0.97 earnings per share. On average, research analysts anticipate that Public Service Enterprise Group Inc. will post 3.27 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.08%. The ex-dividend date of this dividend is Thursday, June 6th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 60.26%.

PEG has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. cut Public Service Enterprise Group from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $64.00 to $62.00 in a research report on Tuesday, April 23rd. Mizuho increased their target price on Public Service Enterprise Group from $54.00 to $61.50 and gave the stock a “buy” rating in a research note on Wednesday, March 13th. Wells Fargo & Co increased their price objective on Public Service Enterprise Group from $60.00 to $66.00 and gave the company an “outperform” rating in a report on Thursday, February 28th. They noted that the move was a valuation call. Deutsche Bank cut Public Service Enterprise Group from a “buy” rating to a “hold” rating and set a $58.56 price objective for the company. in a research report on Thursday, February 28th. Finally, ValuEngine raised Public Service Enterprise Group from a “hold” rating to a “buy” rating in a research report on Monday, February 4th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $59.73.

In related news, CEO Ralph Izzo sold 52,406 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $59.08, for a total value of $3,096,146.48. Following the transaction, the chief executive officer now owns 487,843 shares in the company, valued at $28,821,764.44. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Daniel J. Cregg sold 625 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $59.25, for a total value of $37,031.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 180,679 shares of company stock worth $10,657,989. Insiders own 0.51% of the company’s stock.

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Public Service Enterprise Group Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid- Atlantic United States. It operates through two segments, PSE&G and Power. The PSE&G segment transmits electricity; distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs to customers.

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Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

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