Accident Compensation Corp Acquires 7,500 Shares of Public Service Enterprise Group Incorporated (PEG)

Accident Compensation Corp boosted its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 42.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,200 shares of the utilities provider’s stock after purchasing an additional 7,500 shares during the period. Accident Compensation Corp’s holdings in Public Service Enterprise Group were worth $1,166,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Grove Bank & Trust raised its holdings in shares of Public Service Enterprise Group by 209.4% during the third quarter. Grove Bank & Trust now owns 2,274 shares of the utilities provider’s stock valued at $105,000 after acquiring an additional 1,539 shares during the period. Hudock Capital Group LLC raised its holdings in shares of Public Service Enterprise Group by 38.8% during the second quarter. Hudock Capital Group LLC now owns 2,629 shares of the utilities provider’s stock valued at $113,000 after acquiring an additional 735 shares during the period. Vantage Investment Advisors LLC raised its holdings in shares of Public Service Enterprise Group by 35.3% during the second quarter. Vantage Investment Advisors LLC now owns 2,685 shares of the utilities provider’s stock valued at $115,000 after acquiring an additional 700 shares during the period. Parallel Advisors LLC raised its holdings in shares of Public Service Enterprise Group by 6.0% during the second quarter. Parallel Advisors LLC now owns 2,772 shares of the utilities provider’s stock valued at $125,000 after acquiring an additional 157 shares during the period. Finally, IHT Wealth Management LLC raised its holdings in shares of Public Service Enterprise Group by 45.9% during the second quarter. IHT Wealth Management LLC now owns 642 shares of the utilities provider’s stock valued at $131,000 after acquiring an additional 202 shares during the period. 66.77% of the stock is owned by institutional investors and hedge funds.

In other news, Chairman Ralph Izzo sold 20,833 shares of the stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $46.50, for a total transaction of $968,734.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Ralph A. Larossa sold 33,000 shares of the stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $50.12, for a total transaction of $1,653,960.00. Following the transaction, the chief operating officer now owns 81,241 shares in the company, valued at approximately $4,071,798.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 263,951 shares of company stock worth $13,045,041. 0.61% of the stock is currently owned by company insiders.

A number of research firms have recently issued reports on PEG. Evercore ISI upgraded shares of Public Service Enterprise Group from an “in-line” rating to an “outperform” rating and boosted their price target for the company from $46.75 to $50.00 in a report on Monday, September 25th. Bank of America began coverage on shares of Public Service Enterprise Group in a report on Tuesday, October 24th. They set a “neutral” rating and a $49.00 price target on the stock. Barclays upgraded shares of Public Service Enterprise Group from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $49.00 to $51.00 in a report on Friday, September 22nd. Zacks Investment Research upgraded shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating and set a $53.00 price objective on the stock in a research note on Tuesday, October 10th. Finally, Morgan Stanley upped their price objective on shares of Public Service Enterprise Group from $50.00 to $51.00 and gave the company an “equal weight” rating in a research note on Thursday, August 10th. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $50.42.

Public Service Enterprise Group Incorporated (PEG) traded up $0.08 during trading on Thursday, reaching $52.76. 4,894,900 shares of the company’s stock traded hands, compared to its average volume of 2,810,568. The firm has a market cap of $26,658.12, a price-to-earnings ratio of 18.17, a PEG ratio of 6.58 and a beta of 0.41. The company has a current ratio of 0.80, a quick ratio of 0.56 and a debt-to-equity ratio of 0.86. Public Service Enterprise Group Incorporated has a 1 year low of $41.14 and a 1 year high of $53.28.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Tuesday, October 31st. The utilities provider reported $0.82 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.84 by ($0.02). The company had revenue of $2.26 billion during the quarter, compared to analyst estimates of $2.62 billion. Public Service Enterprise Group had a net margin of 5.73% and a return on equity of 11.33%. The firm’s quarterly revenue was down 7.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.88 EPS. research analysts expect that Public Service Enterprise Group Incorporated will post 2.92 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 8th will be paid a dividend of $0.43 per share. The ex-dividend date is Thursday, December 7th. This represents a $1.72 annualized dividend and a dividend yield of 3.26%. Public Service Enterprise Group’s dividend payout ratio (DPR) is 166.99%.

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About Public Service Enterprise Group

Public Service Enterprise Group Incorporated (PSEG) is a holding company. The Company is an energy company with operations located primarily in the Northeastern and Mid-Atlantic United States. The Company’s segments include Public Service Electric and Gas Company (PSE&G), PSEG Power LLC (Power) and Other.

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Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

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