Jacobs Levy Equity Management Inc. Purchases 376,317 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Jacobs Levy Equity Management Inc. lifted its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 8,334.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 380,832 shares of the utilities provider’s stock after purchasing an additional 376,317 shares during the quarter. Jacobs Levy Equity Management Inc.’s holdings in Public Service Enterprise Group were worth $33,974,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Cetera Investment Advisers raised its stake in shares of Public Service Enterprise Group by 155.6% in the 1st quarter. Cetera Investment Advisers now owns 120,880 shares of the utilities provider’s stock valued at $8,072,000 after buying an additional 73,585 shares in the last quarter. Cetera Advisors LLC boosted its holdings in Public Service Enterprise Group by 66.0% during the first quarter. Cetera Advisors LLC now owns 23,614 shares of the utilities provider’s stock valued at $1,577,000 after purchasing an additional 9,388 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Public Service Enterprise Group by 50.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,283 shares of the utilities provider’s stock valued at $89,000 after purchasing an additional 432 shares during the period. Massmutual Trust Co. FSB ADV raised its holdings in shares of Public Service Enterprise Group by 27.2% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 917 shares of the utilities provider’s stock worth $68,000 after buying an additional 196 shares in the last quarter. Finally, Mather Group LLC. lifted its position in shares of Public Service Enterprise Group by 115.5% during the 2nd quarter. Mather Group LLC. now owns 4,553 shares of the utilities provider’s stock worth $336,000 after buying an additional 2,440 shares during the period. 73.34% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PEG has been the subject of several recent analyst reports. Bank of America increased their price objective on Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Jefferies Financial Group started coverage on shares of Public Service Enterprise Group in a research note on Friday, September 13th. They set a “hold” rating and a $85.00 price objective on the stock. Scotiabank boosted their target price on Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 20th. Wells Fargo & Company lifted their price objective on Public Service Enterprise Group from $85.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Finally, BMO Capital Markets raised their target price on Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $88.08.

Insiders Place Their Bets

In other news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $90.20, for a total transaction of $124,295.60. Following the sale, the chief executive officer now owns 147,514 shares of the company’s stock, valued at $13,305,762.80. This trade represents a 0.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Kim C. Hanemann sold 956 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total value of $86,126.04. Following the completion of the transaction, the chief operating officer now owns 70,011 shares of the company’s stock, valued at $6,307,290.99. This represents a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,361 shares of company stock worth $2,356,562. Company insiders own 0.18% of the company’s stock.

Public Service Enterprise Group Stock Performance

Shares of Public Service Enterprise Group stock opened at $91.20 on Wednesday. The firm has a fifty day moving average of $89.46 and a two-hundred day moving average of $81.68. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. The stock has a market capitalization of $45.44 billion, a price-to-earnings ratio of 22.41, a PEG ratio of 3.38 and a beta of 0.62. Public Service Enterprise Group Incorporated has a 52 week low of $56.85 and a 52 week high of $95.22.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.03. The firm had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.44 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.85 earnings per share. As a group, equities research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 10th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.63%. The ex-dividend date is Tuesday, December 10th. Public Service Enterprise Group’s payout ratio is presently 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.