Hsbc Holdings PLC Increases Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Hsbc Holdings PLC increased its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 43.2% during the second quarter, according to its most recent filing with the SEC. The fund owned 2,426,170 shares of the utilities provider’s stock after buying an additional 732,443 shares during the quarter. Hsbc Holdings PLC owned 0.49% of Public Service Enterprise Group worth $178,763,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PEG. TD Asset Management Inc lifted its stake in Public Service Enterprise Group by 16.6% in the fourth quarter. TD Asset Management Inc now owns 376,900 shares of the utilities provider’s stock valued at $23,047,000 after purchasing an additional 53,577 shares during the last quarter. QRG Capital Management Inc. increased its holdings in Public Service Enterprise Group by 28.0% in the 2nd quarter. QRG Capital Management Inc. now owns 70,927 shares of the utilities provider’s stock worth $5,227,000 after acquiring an additional 15,505 shares during the last quarter. CWM LLC raised its stake in Public Service Enterprise Group by 72.3% in the 2nd quarter. CWM LLC now owns 20,786 shares of the utilities provider’s stock valued at $1,532,000 after acquiring an additional 8,723 shares during the period. Czech National Bank lifted its holdings in Public Service Enterprise Group by 8.3% during the second quarter. Czech National Bank now owns 94,913 shares of the utilities provider’s stock valued at $6,995,000 after purchasing an additional 7,235 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in Public Service Enterprise Group by 145.5% during the first quarter. SG Americas Securities LLC now owns 64,437 shares of the utilities provider’s stock valued at $4,303,000 after purchasing an additional 38,188 shares during the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PEG shares. BMO Capital Markets boosted their price target on shares of Public Service Enterprise Group from $78.00 to $86.00 and gave the company a “market perform” rating in a research report on Friday, August 2nd. Royal Bank of Canada increased their price target on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a report on Monday, July 15th. LADENBURG THALM/SH SH raised shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 5th. Bank of America upped their target price on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Finally, Jefferies Financial Group began coverage on shares of Public Service Enterprise Group in a research report on Friday, September 13th. They issued a “hold” rating and a $85.00 target price for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and an average target price of $77.92.

Insider Activity

In related news, EVP Tamara Louise Linde sold 19,127 shares of Public Service Enterprise Group stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $80.26, for a total transaction of $1,535,133.02. Following the completion of the transaction, the executive vice president now directly owns 67,524 shares of the company’s stock, valued at approximately $5,419,476.24. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total transaction of $111,190.82. Following the completion of the transaction, the chief executive officer now directly owns 148,892 shares in the company, valued at $12,014,095.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Tamara Louise Linde sold 19,127 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $80.26, for a total transaction of $1,535,133.02. Following the completion of the transaction, the executive vice president now owns 67,524 shares in the company, valued at approximately $5,419,476.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 30,068 shares of company stock worth $2,406,965. Corporate insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Price Performance

Shares of NYSE PEG opened at $84.73 on Wednesday. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.65 and a quick ratio of 0.46. Public Service Enterprise Group Incorporated has a 1 year low of $53.71 and a 1 year high of $85.11. The company’s 50-day moving average is $79.19 and its 200 day moving average is $73.23. The stock has a market capitalization of $42.21 billion, a P/E ratio of 23.47, a P/E/G ratio of 3.03 and a beta of 0.60.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. The firm’s revenue was up .1% on a year-over-year basis. During the same quarter last year, the company posted $0.70 EPS. On average, sell-side analysts expect that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend is Monday, September 9th. Public Service Enterprise Group’s dividend payout ratio is currently 66.48%.

Public Service Enterprise Group 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.