Geode Capital Management LLC Increases Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Geode Capital Management LLC increased its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 3.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,195,300 shares of the utilities provider’s stock after buying an additional 365,666 shares during the period. Geode Capital Management LLC owned about 2.45% of Public Service Enterprise Group worth $1,027,725,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Center for Financial Planning Inc. boosted its stake in shares of 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 buying an additional 120 shares during the last quarter. Spire Wealth Management boosted its stake in Public Service Enterprise Group by 2.4% during 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. grew its holdings in 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 worth $416,000 after acquiring an additional 127 shares in the last quarter. Fifth Third Bancorp increased its position in shares of Public Service Enterprise Group by 0.4% in the 4th quarter. Fifth Third Bancorp now owns 35,384 shares of the utilities provider’s stock worth $2,990,000 after purchasing an additional 139 shares during the last quarter. Finally, Larson Financial Group LLC raised its stake in shares of Public Service Enterprise Group by 10.1% in the 4th quarter. Larson Financial Group LLC now owns 1,518 shares of the utilities provider’s stock valued at $128,000 after purchasing an additional 139 shares in the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.

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 Tuesday, April 1st. The stock was sold at an average price of $82.88, for a total transaction of $114,208.64. Following the sale, the chief executive officer now owns 221,670 shares of the company’s stock, valued at $18,372,009.60. The trade was a 0.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

PEG has been the subject of several research analyst reports. Morgan Stanley boosted their price objective on Public Service Enterprise Group from $96.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, March 20th. Scotiabank upped their price target on Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a research report on Thursday, December 12th. Barclays downgraded shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $88.00 to $84.00 in a report on Monday, January 27th. Guggenheim reissued a “buy” rating and set a $98.00 target price on shares of Public Service Enterprise Group in a report on Wednesday, February 26th. Finally, Wells Fargo & Company lowered their price objective on shares of Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and an average price target of $89.65.

Public Service Enterprise Group Stock Performance

PEG opened at $83.85 on Thursday. Public Service Enterprise Group Incorporated has a twelve month low of $64.03 and a twelve month high of $95.22. The stock has a market cap of $41.80 billion, a PE ratio of 20.60, a price-to-earnings-growth ratio of 2.78 and a beta of 0.60. The business’s 50 day moving average is $82.68 and its 200-day moving average is $86.10. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 10.70% and a net margin of 19.48%. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.54 EPS. On average, analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 10th were given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.01%. This is an increase 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 payout ratio is 71.19%.

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.