New England Asset Management Inc. Acquires 2,605 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

New England Asset Management Inc. grew its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 3.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 90,118 shares of the utilities provider’s stock after acquiring an additional 2,605 shares during the period. Public Service Enterprise Group accounts for approximately 1.3% of New England Asset Management Inc.’s investment portfolio, making the stock its 24th biggest holding. New England Asset Management Inc.’s holdings in Public Service Enterprise Group were worth $8,039,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in PEG. Raymond James & Associates lifted its stake in Public Service Enterprise Group by 315.2% in the second quarter. Raymond James & Associates now owns 2,206,101 shares of the utilities provider’s stock worth $162,590,000 after acquiring an additional 1,674,827 shares during the period. Sound Shore Management Inc. CT purchased a new stake in shares of Public Service Enterprise Group in the 2nd quarter worth about $71,298,000. Hsbc Holdings PLC lifted its position in shares of Public Service Enterprise Group by 43.2% in the 2nd quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock worth $178,763,000 after purchasing an additional 732,443 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Public Service Enterprise Group by 381.7% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 800,848 shares of the utilities provider’s stock valued at $59,023,000 after purchasing an additional 634,587 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI bought a new position in Public Service Enterprise Group in the first quarter worth about $28,132,000. 73.34% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total transaction of $111,190.82. Following the transaction, the chief executive officer now directly owns 148,892 shares of the company’s stock, valued at $12,014,095.48. This represents a 0.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Tamara Louise Linde sold 9,564 shares of Public Service Enterprise Group stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $90.61, for a total value of $866,594.04. Following the completion of the sale, the executive vice president now directly owns 48,397 shares of the company’s stock, valued at $4,385,252.17. The trade was a 16.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,783 shares of company stock valued at $2,381,626 in the last 90 days. 0.18% of the stock is currently owned by insiders.

Public Service Enterprise Group Stock Performance

Shares of PEG opened at $89.43 on Tuesday. The company has a market cap of $44.56 billion, a price-to-earnings ratio of 21.97, a P/E/G ratio of 3.27 and a beta of 0.61. The business’s fifty day simple moving average is $87.68 and its two-hundred day simple moving average is $80.17. Public Service Enterprise Group Incorporated has a 12 month low of $56.85 and a 12 month high of $92.20. 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 released its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, beating the consensus estimate of $0.87 by $0.03. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same period last year, the firm posted $0.85 earnings per share. Public Service Enterprise Group’s revenue was up 7.6% compared to the same quarter last year. Research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PEG has been the topic of several research reports. Evercore ISI lifted their price objective on Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. LADENBURG THALM/SH SH upgraded Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 5th. Morgan Stanley increased their price objective on Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Bank of America raised their price objective on Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday, August 29th. Finally, BMO Capital Markets upped their target price on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $86.69.

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.