Jennison Associates LLC Has $54.76 Million Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Jennison Associates LLC raised its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 79.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 895,450 shares of the utilities provider’s stock after buying an additional 397,606 shares during the period. Jennison Associates LLC’s holdings in Public Service Enterprise Group were worth $54,757,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Operose Advisors LLC boosted its position in Public Service Enterprise Group by 435.0% in the third quarter. Operose Advisors LLC now owns 535 shares of the utilities provider’s stock valued at $30,000 after buying an additional 435 shares in the last quarter. CNB Bank acquired a new position in shares of Public Service Enterprise Group during the third quarter worth $34,000. Bruce G. Allen Investments LLC acquired a new position in shares of Public Service Enterprise Group during the fourth quarter worth $36,000. Anchor Investment Management LLC acquired a new position in shares of Public Service Enterprise Group during the fourth quarter worth $37,000. Finally, Blue Bell Private Wealth Management LLC lifted its holdings in shares of Public Service Enterprise Group by 39.0% during the fourth quarter. Blue Bell Private Wealth Management LLC now owns 695 shares of the utilities provider’s stock worth $42,000 after purchasing an additional 195 shares during the period. Institutional investors and hedge funds own 73.34% of the company’s stock.

Public Service Enterprise Group Trading Down 0.3 %

PEG opened at $66.49 on Wednesday. Public Service Enterprise Group Incorporated has a 1-year low of $53.71 and a 1-year high of $67.51. The company has a current ratio of 0.67, a quick ratio of 0.46 and a debt-to-equity ratio of 1.15. The company has a market cap of $33.15 billion, a P/E ratio of 12.96, a price-to-earnings-growth ratio of 2.92 and a beta of 0.58. The company has a fifty day moving average price of $64.14 and a two-hundred day moving average price of $62.14.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Monday, February 26th. The utilities provider reported $0.54 earnings per share for the quarter, beating 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 the consensus estimate of $2.45 billion. During the same period in the previous year, the firm posted $0.64 earnings per share. The business’s revenue was down 17.0% compared to the same quarter last year. Analysts predict that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages have recently commented on PEG. Evercore ISI lifted their price target on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Scotiabank cut their price target on shares of Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating on the stock in a report on Monday. Guggenheim lowered shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 price target on the stock. in a report on Monday, January 22nd. Barclays lifted their price target on shares of Public Service Enterprise Group from $68.00 to $71.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Finally, Bank of America lifted their price target on shares of Public Service Enterprise Group from $66.00 to $73.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $67.15.

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 4,800 shares of Public Service Enterprise Group stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $64.18, for a total value of $308,064.00. Following the completion of the sale, the senior vice president now directly owns 31,122 shares of the company’s stock, valued at $1,997,409.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Ralph A. Larossa sold 1,374 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $66.37, for a total transaction of $91,192.38. Following the completion of the sale, the chief executive officer now directly owns 152,347 shares of the company’s stock, valued at $10,111,270.39. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Richard T. Thigpen sold 4,800 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $64.18, for a total transaction of $308,064.00. Following the sale, the senior vice president now directly owns 31,122 shares of the company’s stock, valued at $1,997,409.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,948 shares of company stock valued at $511,814. Corporate insiders own 0.18% of the company’s stock.

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.