Cubist Systematic Strategies LLC Increases Stock Position in Public Service Enterprise Group Inc. (NYSE:PEG)

Cubist Systematic Strategies LLC boosted its stake in Public Service Enterprise Group Inc. (NYSE:PEG) by 324.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 253,331 shares of the utilities provider’s stock after purchasing an additional 193,645 shares during the quarter. Cubist Systematic Strategies LLC owned about 0.05% of Public Service Enterprise Group worth $14,901,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PEG. Point72 Asset Management L.P. raised its stake in Public Service Enterprise Group by 674.4% during the second quarter. Point72 Asset Management L.P. now owns 115,386 shares of the utilities provider’s stock worth $6,787,000 after purchasing an additional 100,486 shares during the period. California State Teachers Retirement System raised its position in Public Service Enterprise Group by 0.5% in the second quarter. California State Teachers Retirement System now owns 890,426 shares of the utilities provider’s stock worth $52,375,000 after acquiring an additional 4,623 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in Public Service Enterprise Group during the 2nd quarter worth about $9,660,000. Morgan Stanley raised its holdings in Public Service Enterprise Group by 37.5% during the 2nd quarter. Morgan Stanley now owns 1,995,115 shares of the utilities provider’s stock worth $117,353,000 after buying an additional 543,985 shares during the period. Finally, Man Group plc grew its stake in Public Service Enterprise Group by 54.0% during the 2nd quarter. Man Group plc now owns 434,641 shares of the utilities provider’s stock valued at $25,565,000 after acquiring an additional 152,482 shares in the last quarter. Institutional investors and hedge funds own 69.39% of the company’s stock.

NYSE:PEG traded up $0.05 during mid-day trading on Friday, hitting $61.77. 880,250 shares of the stock were exchanged, compared to its average volume of 1,891,278. The stock has a market capitalization of $30.93 billion, a price-to-earnings ratio of 19.80, a price-to-earnings-growth ratio of 6.05 and a beta of 0.29. The firm’s 50-day simple moving average is $59.14 and its 200 day simple moving average is $59.49. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.59 and a current ratio of 0.79. Public Service Enterprise Group Inc. has a fifty-two week low of $49.22 and a fifty-two week high of $62.22.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.04). Public Service Enterprise Group had a net margin of 14.41% and a return on equity of 11.02%. The company had revenue of $2.32 billion during the quarter, compared to analyst estimates of $2.23 billion. During the same period in the prior year, the firm earned $0.64 earnings per share. On average, analysts predict that Public Service Enterprise Group Inc. will post 3.23 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.04%. The ex-dividend date of this dividend is Friday, September 6th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 60.26%.

PEG has been the subject of several recent research reports. UBS Group boosted their price target on Public Service Enterprise Group from $67.00 to $71.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Mizuho upped their price target on Public Service Enterprise Group from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Morgan Stanley upped their price target on Public Service Enterprise Group from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. ValuEngine lowered Public Service Enterprise Group from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, KeyCorp began coverage on Public Service Enterprise Group in a research report on Tuesday, June 4th. They issued a “sector weight” rating and a $59.40 price target on the stock. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $62.61.

In other Public Service Enterprise Group news, CFO Daniel J. Cregg sold 625 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $60.45, for a total transaction of $37,781.25. Following the sale, the chief financial officer now owns 60,208 shares in the company, valued at $3,639,573.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Ralph Izzo sold 52,407 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $58.26, for a total value of $3,053,231.82. Following the sale, the chairman now owns 396,403 shares in the company, valued at approximately $23,094,438.78. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,815 shares of company stock valued at $6,583,003. 0.51% of the stock is owned by corporate insiders.

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 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 to customers.

Further Reading: Quiet Period Expirations Explained

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

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