Meeder Asset Management Inc. Boosts Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)


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Meeder Asset Management Inc. boosted its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 1,348.1% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 126,417 shares of the utilities provider’s stock after acquiring an additional 117,687 shares during the period. Meeder Asset Management Inc.’s holdings in Public Service Enterprise Group were worth $7,612,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD raised its holdings in shares of Public Service Enterprise Group by 188.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,136,648 shares of the utilities provider’s stock worth $1,523,767,000 after acquiring an additional 17,069,173 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Public Service Enterprise Group by 2.8% in the 4th quarter. BlackRock Inc. now owns 51,015,043 shares of the utilities provider’s stock worth $2,974,179,000 after purchasing an additional 1,367,836 shares during the period. Wells Fargo & Company MN raised its holdings in Public Service Enterprise Group by 55.7% during the 4th quarter. Wells Fargo & Company MN now owns 3,430,521 shares of the utilities provider’s stock valued at $200,000,000 after buying an additional 1,227,917 shares during the period. Norges Bank purchased a new stake in shares of Public Service Enterprise Group in the fourth quarter valued at $65,048,000. Finally, Nordea Investment Management AB boosted its stake in shares of Public Service Enterprise Group by 10.8% during the 4th quarter. Nordea Investment Management AB now owns 7,349,367 shares of the utilities provider’s stock worth $428,468,000 after purchasing an additional 717,747 shares during the period. Institutional investors and hedge funds own 69.55% of the company’s stock.

PEG has been the subject of several research analyst reports. KeyCorp lifted their target price on Public Service Enterprise Group from $60.00 to $65.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 20th. Wells Fargo & Company lifted their target price on Public Service Enterprise Group from $64.00 to $71.00 and gave the company an “overweight” rating in a research report on Wednesday, April 14th. They noted that the move was a valuation call. Morgan Stanley raised their price target on Public Service Enterprise Group from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, April 26th. The Goldman Sachs Group raised shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $66.00 price target for the company in a research report on Thursday, January 14th. Finally, Mizuho upgraded shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $56.00 to $67.50 in a research note on Thursday, April 29th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $65.94.

In other news, COO Ralph A. Larossa sold 4,890 shares of the firm’s stock in a transaction on Monday, April 19th. The shares were sold at an average price of $63.30, for a total value of $309,537.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last quarter, insiders sold 6,087 shares of company stock worth $380,694. Insiders own 0.48% of the company’s stock.

NYSE PEG traded down $0.25 during mid-day trading on Tuesday, reaching $63.40. 29,950 shares of the stock were exchanged, compared to its average volume of 2,104,917. Public Service Enterprise Group Incorporated has a 1 year low of $43.87 and a 1 year high of $64.30. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.59 and a current ratio of 0.76. The business’s 50 day moving average is $60.96 and its 200-day moving average is $58.70. The company has a market capitalization of $32.02 billion, a P/E ratio of 16.88, a P/E/G ratio of 6.10 and a beta of 0.49.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Thursday, February 25th. The utilities provider reported $0.65 EPS for the quarter, hitting analysts’ consensus estimates of $0.65. Public Service Enterprise Group had a net margin of 19.74% and a return on equity of 11.30%. The business had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.83 billion. During the same quarter in the previous year, the company earned $0.64 earnings per share. The company’s quarterly revenue was down 3.1% on a year-over-year basis. Equities analysts predict that Public Service Enterprise Group Incorporated will post 3.42 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 30th. Shareholders of record on Tuesday, June 8th will be given a $0.51 dividend. The ex-dividend date is Monday, June 7th. This represents a $2.04 annualized dividend and a yield of 3.22%. Public Service Enterprise Group’s dividend payout ratio is presently 62.20%.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid-Atlantic United States. It operates through two segments, PSE&G and PSEG Power. The PSE&G segment transmits electricity; distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs.

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

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