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

New England Asset Management Inc. raised its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 3.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 90,118 shares of the utilities provider’s stock after purchasing an additional 2,605 shares during the period. Public Service Enterprise Group accounts for about 1.3% of New England Asset Management Inc.’s holdings, making the stock its 24th biggest position. New England Asset Management Inc.’s holdings in Public Service Enterprise Group were worth $8,039,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of PEG. Heritage Wealth Management Inc. bought a new position in Public Service Enterprise Group in the 2nd quarter worth about $422,000. QRG Capital Management Inc. lifted its holdings in shares of Public Service Enterprise Group by 28.0% in the second quarter. QRG Capital Management Inc. now owns 70,927 shares of the utilities provider’s stock worth $5,227,000 after buying an additional 15,505 shares in the last quarter. CWM LLC boosted its position in shares of Public Service Enterprise Group by 72.3% in the second quarter. CWM LLC now owns 20,786 shares of the utilities provider’s stock valued at $1,532,000 after acquiring an additional 8,723 shares during the period. Czech National Bank grew its stake in Public Service Enterprise Group by 8.3% during the second quarter. Czech National Bank now owns 94,913 shares of the utilities provider’s stock valued at $6,995,000 after acquiring an additional 7,235 shares in the last quarter. Finally, Colonial River Investments LLC bought a new stake in Public Service Enterprise Group during the 3rd quarter worth approximately $634,000. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Bank of America raised their price target on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Scotiabank boosted their target price on Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. Barclays decreased their target price on Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Jefferies Financial Group began coverage on Public Service Enterprise Group in a report on Friday, September 13th. They set a “hold” rating and a $85.00 price objective for the company. Finally, BMO Capital Markets upped their price objective 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 equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Public Service Enterprise Group currently has an average rating of “Moderate Buy” and an average price target of $86.69.

Insider Activity

In other news, EVP Tamara Louise Linde sold 9,564 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $90.61, for a total value of $866,594.04. Following the transaction, the executive vice president now owns 48,397 shares in the company, valued at approximately $4,385,252.17. This trade represents a 16.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Richard T. Thigpen sold 5,900 shares of Public Service Enterprise Group stock in a transaction on Monday, November 11th. The stock was sold at an average price of $87.95, for a total transaction of $518,905.00. Following the completion of the transaction, the senior vice president now directly owns 25,829 shares in the company, valued at approximately $2,271,660.55. The trade was a 18.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,783 shares of company stock valued at $2,381,626. Insiders own 0.18% of the company’s stock.

Public Service Enterprise Group Trading Up 0.5 %

PEG stock opened at $89.43 on Tuesday. Public Service Enterprise Group Incorporated has a one year low of $56.85 and a one year high of $92.20. The company has a market capitalization of $44.56 billion, a PE ratio of 21.97, a price-to-earnings-growth ratio of 3.27 and a beta of 0.61. The company’s 50 day moving average price is $87.68 and its two-hundred day moving average price is $80.17. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.03. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The business had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.44 billion. During the same period in the previous year, the firm posted $0.85 earnings per share. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. As a group, analysts predict that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current fiscal year.

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.