Resona Asset Management Co. Ltd. Purchases Shares of 155,596 Public Service Enterprise Group Incorporated (NYSE:PEG)

Resona Asset Management Co. Ltd. acquired a new position in Public Service Enterprise Group Incorporated (NYSE:PEG) during the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 155,596 shares of the utilities provider’s stock, valued at approximately $13,155,000.

A number of other large investors have also recently made changes to their positions in PEG. Wingate Wealth Advisors Inc. purchased a new position in Public Service Enterprise Group during the fourth quarter valued at approximately $35,000. OFI Invest Asset Management purchased a new position in shares of Public Service Enterprise Group during the 4th quarter valued at $39,000. Nemes Rush Group LLC bought a new position in Public Service Enterprise Group in the 4th quarter worth $53,000. Stonebridge Financial Group LLC bought a new position in Public Service Enterprise Group in the 4th quarter worth $54,000. Finally, Financial Life Planners purchased a new stake in Public Service Enterprise Group in the 4th quarter worth $56,000. 73.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of the company’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 transaction, the chief executive officer now owns 221,670 shares of the company’s stock, valued at approximately $18,372,009.60. This represents a 0.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Stock Down 4.6 %

Shares of NYSE:PEG opened at $77.83 on Monday. The company has a 50-day moving average price of $82.34 and a 200 day moving average price of $86.04. 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 Incorporated has a 12 month low of $64.03 and a 12 month high of $95.22. The company has a market cap of $38.80 billion, a price-to-earnings ratio of 19.12, a PEG ratio of 2.78 and a beta of 0.52.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Tuesday, February 25th. The utilities provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the previous year, the business earned $0.54 EPS. The company’s quarterly revenue was down 5.4% on a year-over-year basis. As a group, equities research 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 company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 10th were paid a $0.63 dividend. The ex-dividend date of this dividend was Monday, March 10th. This represents a $2.52 annualized dividend and a dividend yield of 3.24%. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.60. Public Service Enterprise Group’s dividend payout ratio is currently 71.19%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Bank of America dropped their price objective on Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Scotiabank increased their price objective on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a report on Thursday, December 12th. Guggenheim reissued a “buy” rating and issued a $98.00 target price on shares of Public Service Enterprise Group in a report on Wednesday, February 26th. Morgan Stanley raised their target price on shares of Public Service Enterprise Group from $96.00 to $100.00 and gave the company an “overweight” rating in a research note on Thursday, March 20th. Finally, Barclays cut shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $88.00 to $84.00 in a research note on Monday, January 27th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $89.65.

Public Service Enterprise Group 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.