Jennison Associates LLC Acquires 397,606 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Jennison Associates LLC boosted its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 79.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 895,450 shares of the utilities provider’s stock after purchasing an additional 397,606 shares during the period. Jennison Associates LLC owned about 0.18% of Public Service Enterprise Group worth $54,757,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PEG. Vanguard Group Inc. lifted its stake in Public Service Enterprise Group by 13.0% during the third quarter. Vanguard Group Inc. now owns 61,673,935 shares of the utilities provider’s stock worth $3,509,864,000 after purchasing an additional 7,103,657 shares during the period. Hsbc Holdings PLC lifted its stake in Public Service Enterprise Group by 118.1% during the third quarter. Hsbc Holdings PLC now owns 1,364,088 shares of the utilities provider’s stock worth $77,544,000 after purchasing an additional 738,684 shares during the period. Assetmark Inc. lifted its stake in Public Service Enterprise Group by 562.8% during the third quarter. Assetmark Inc. now owns 869,856 shares of the utilities provider’s stock worth $49,504,000 after purchasing an additional 738,619 shares during the period. JPMorgan Chase & Co. lifted its stake in Public Service Enterprise Group by 2.2% during the third quarter. JPMorgan Chase & Co. now owns 33,020,997 shares of the utilities provider’s stock worth $1,879,225,000 after purchasing an additional 726,613 shares during the period. Finally, Bank of Nova Scotia lifted its stake in Public Service Enterprise Group by 1,350.4% during the third quarter. Bank of Nova Scotia now owns 533,354 shares of the utilities provider’s stock worth $30,353,000 after purchasing an additional 496,581 shares during the period. Institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Performance

PEG stock opened at $66.49 on Wednesday. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.67 and a quick ratio of 0.46. The company has a 50 day moving average price of $64.14 and a 200 day moving average price of $62.14. Public Service Enterprise Group Incorporated has a fifty-two week low of $53.71 and a fifty-two week high of $67.51. The stock has a market capitalization of $33.15 billion, a PE ratio of 12.96, a price-to-earnings-growth ratio of 2.92 and a beta of 0.58.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Monday, February 26th. The utilities provider reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. Public Service Enterprise Group had a net margin of 22.81% and a return on equity of 11.53%. The firm had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.45 billion. During the same quarter in the previous year, the company posted $0.64 EPS. Public Service Enterprise Group’s revenue was down 17.0% on a year-over-year basis. Analysts forecast that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.61%. The ex-dividend date is Friday, June 7th. Public Service Enterprise Group’s payout ratio is 46.78%.

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $63.00, for a total transaction of $86,562.00. Following the completion of the sale, the chief executive officer now owns 153,721 shares in the company, valued at approximately $9,684,423. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 4,800 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $64.18, for a total transaction of $308,064.00. Following the completion of the sale, the senior vice president now owns 31,122 shares in the company, valued at approximately $1,997,409.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $63.00, for a total transaction of $86,562.00. Following the completion of the sale, the chief executive officer now owns 153,721 shares of the company’s stock, valued at approximately $9,684,423. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,948 shares of company stock worth $511,814. Insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on PEG. Morgan Stanley restated an “overweight” rating and set a $70.00 price target (up previously from $61.00) on shares of Public Service Enterprise Group in a research note on Monday, March 25th. Guggenheim downgraded Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 target price on the stock. in a report on Monday, January 22nd. Royal Bank of Canada boosted their target price on Public Service Enterprise Group from $70.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, March 7th. Bank of America boosted their target price on Public Service Enterprise Group from $66.00 to $73.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Finally, TheStreet raised Public Service Enterprise Group from a “c+” rating to a “b-” rating in a report on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Public Service Enterprise Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.15.

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.