Meritage Portfolio Management Raises Holdings in Public Service Enterprise Group Inc. (NYSE:PEG)

Meritage Portfolio Management grew its holdings in Public Service Enterprise Group Inc. (NYSE:PEG) by 13.3% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 75,468 shares of the utilities provider’s stock after acquiring an additional 8,861 shares during the quarter. Meritage Portfolio Management’s holdings in Public Service Enterprise Group were worth $4,439,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. First Trust Advisors LP grew its stake in Public Service Enterprise Group by 0.8% during the 2nd quarter. First Trust Advisors LP now owns 1,177,977 shares of the utilities provider’s stock worth $69,289,000 after buying an additional 9,824 shares during the last quarter. Berman Capital Advisors LLC grew its stake in Public Service Enterprise Group by 79.0% during the 2nd quarter. Berman Capital Advisors LLC now owns 460 shares of the utilities provider’s stock worth $27,000 after buying an additional 203 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Public Service Enterprise Group by 6.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 110,820 shares of the utilities provider’s stock worth $6,518,000 after buying an additional 6,908 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in Public Service Enterprise Group by 7.8% during the 2nd quarter. Janney Montgomery Scott LLC now owns 50,181 shares of the utilities provider’s stock worth $2,952,000 after buying an additional 3,652 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. grew its stake in Public Service Enterprise Group by 82.0% during the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 81,320 shares of the utilities provider’s stock worth $4,783,000 after buying an additional 36,630 shares during the last quarter. Institutional investors and hedge funds own 68.82% of the company’s stock.

Public Service Enterprise Group stock traded down $0.11 during mid-day trading on Friday, reaching $57.72. 2,324,906 shares of the company were exchanged, compared to its average volume of 2,645,973. Public Service Enterprise Group Inc. has a twelve month low of $49.22 and a twelve month high of $61.63. The stock has a 50-day moving average price of $59.28. The company has a current ratio of 0.79, a quick ratio of 0.59 and a debt-to-equity ratio of 0.99. The stock has a market capitalization of $28.91 billion, a price-to-earnings ratio of 18.50, a PEG ratio of 7.77 and a beta of 0.33.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.04). Public Service Enterprise Group had a return on equity of 11.02% and a net margin of 14.41%. The company had revenue of $2.32 billion for the quarter, compared to analyst estimates of $2.23 billion. During the same period in the previous year, the business posted $0.64 earnings per share. Sell-side analysts predict that Public Service Enterprise Group Inc. will post 3.24 EPS for the current fiscal year.

The business 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 $0.47 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.88 dividend on an annualized basis and a yield of 3.26%. Public Service Enterprise Group’s payout ratio is 60.26%.

A number of research firms recently issued reports on PEG. Morgan Stanley raised their price target on Public Service Enterprise Group from $67.00 to $69.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. JPMorgan Chase & Co. downgraded Public Service Enterprise Group from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $64.00 to $62.00 in a research note on Tuesday, April 23rd. UBS Group set a $67.00 price target on Public Service Enterprise Group and gave the stock a “buy” rating in a research note on Wednesday, July 31st. ValuEngine downgraded Public Service Enterprise Group from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Mizuho raised their price target on Public Service Enterprise Group from $61.50 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, May 29th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $62.41.

In other news, Chairman Ralph Izzo sold 52,407 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $58.78, for a total value of $3,080,483.46. Following the completion of the sale, the chairman now directly owns 419,818 shares of the company’s stock, valued at approximately $24,676,902.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Daniel J. Cregg sold 625 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $60.92, for a total value of $38,075.00. Following the completion of the sale, the vice president now directly owns 60,833 shares of the company’s stock, valued at $3,705,946.36. The disclosure for this sale can be found here. Insiders have sold a total of 164,046 shares of company stock valued at $9,530,682 over the last ninety days. 0.51% of the stock is owned by insiders.

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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