Meadow Creek Investment Management LLC Acquires 8,800 Shares of Public Service Enterprise Group Inc. (NYSE:PEG)

Meadow Creek Investment Management LLC increased its holdings in shares of Public Service Enterprise Group Inc. (NYSE:PEG) by 44.4% in the second quarter, according to its most recent filing with the SEC. The fund owned 28,600 shares of the utilities provider’s stock after acquiring an additional 8,800 shares during the period. Meadow Creek Investment Management LLC’s holdings in Public Service Enterprise Group were worth $1,682,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Cornerstone Advisors Inc. grew its position in Public Service Enterprise Group by 15.7% in the second quarter. Cornerstone Advisors Inc. now owns 1,256 shares of the utilities provider’s stock worth $74,000 after acquiring an additional 170 shares during the period. Capital Investment Advisors LLC grew its position in Public Service Enterprise Group by 2.5% in the second quarter. Capital Investment Advisors LLC now owns 6,860 shares of the utilities provider’s stock worth $404,000 after acquiring an additional 170 shares during the period. Bessemer Group Inc. grew its position in Public Service Enterprise Group by 6.7% in the second quarter. Bessemer Group Inc. now owns 2,896 shares of the utilities provider’s stock worth $171,000 after acquiring an additional 182 shares during the period. ELCO Management Co. LLC grew its position in Public Service Enterprise Group by 2.7% in the second quarter. ELCO Management Co. LLC now owns 7,498 shares of the utilities provider’s stock worth $441,000 after acquiring an additional 198 shares during the period. Finally, Berman Capital Advisors LLC grew its position in Public Service Enterprise Group by 79.0% in the second quarter. Berman Capital Advisors LLC now owns 460 shares of the utilities provider’s stock worth $27,000 after acquiring an additional 203 shares during the period. 69.38% of the stock is owned by hedge funds and other institutional investors.

Several research analysts recently weighed in on PEG shares. Bank of America lowered Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $65.00 price objective for the company. in a research report on Friday, July 19th. UBS Group raised their price target on Public Service Enterprise Group from $67.00 to $71.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. 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 report on Friday, June 14th. KeyCorp assumed coverage on Public Service Enterprise Group in a research report on Tuesday, June 4th. They set a “sector weight” rating and a $59.40 price target for the company. Finally, ValuEngine lowered Public Service Enterprise Group from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $62.61.

Shares of PEG traded down $0.63 during midday trading on Friday, hitting $60.82. 894,981 shares of the stock were exchanged, compared to its average volume of 1,873,281. Public Service Enterprise Group Inc. has a 52-week low of $49.22 and a 52-week high of $62.22. The stock has a fifty day simple moving average of $58.87 and a 200 day simple moving average of $59.38. The firm has a market cap of $30.92 billion, a P/E ratio of 19.49, a P/E/G ratio of 8.35 and a beta of 0.29. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.59 and a current ratio of 0.79.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.04). The company had revenue of $2.32 billion during the quarter, compared to analyst estimates of $2.23 billion. Public Service Enterprise Group had a net margin of 14.41% and a return on equity of 11.02%. During the same quarter in the previous year, the business posted $0.64 earnings per share. As a group, equities research analysts forecast that Public Service Enterprise Group Inc. will post 3.23 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.09%. The ex-dividend date is Friday, September 6th. Public Service Enterprise Group’s payout ratio is currently 60.26%.

In other news, VP Daniel J. Cregg sold 625 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $60.92, for a total value of $38,075.00. Following the sale, the vice president now directly owns 60,833 shares in the company, valued at $3,705,946.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Derek M. Dirisio sold 2,176 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $60.08, for a total value of $130,734.08. The disclosure for this sale can be found here. Over the last quarter, insiders sold 113,815 shares of company stock worth $6,583,065. Insiders own 0.51% of the company’s stock.

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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