SPX Gestao de Recursos Ltda Acquires New Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

SPX Gestao de Recursos Ltda purchased a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 113,630 shares of the utilities provider’s stock, valued at approximately $10,137,000. Public Service Enterprise Group accounts for approximately 1.3% of SPX Gestao de Recursos Ltda’s holdings, making the stock its 16th largest position.

Several other hedge funds have also made changes to their positions in the company. Family Firm Inc. acquired a new position in shares of Public Service Enterprise Group in the 2nd quarter worth approximately $33,000. OFI Invest Asset Management acquired a new stake in shares of Public Service Enterprise Group in the 2nd quarter valued at $35,000. Ashton Thomas Securities LLC acquired a new stake in shares of Public Service Enterprise Group in the 3rd quarter valued at $35,000. Northwest Investment Counselors LLC acquired a new stake in shares of Public Service Enterprise Group in the 3rd quarter valued at $48,000. Finally, Rothschild Investment LLC acquired a new stake in shares of Public Service Enterprise Group in the 2nd quarter valued at $58,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Performance

Shares of PEG stock traded up $0.58 during mid-day trading on Friday, hitting $86.53. The stock had a trading volume of 558,847 shares, compared to its average volume of 2,742,841. Public Service Enterprise Group Incorporated has a fifty-two week low of $56.85 and a fifty-two week high of $95.22. The firm has a market cap of $43.11 billion, a PE ratio of 21.12, a PEG ratio of 3.14 and a beta of 0.62. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48. The company’s 50-day simple moving average is $89.32 and its 200-day simple moving average is $82.26.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, beating 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 firm had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.44 billion. During the same quarter last year, the business earned $0.85 earnings per share. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. Sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 10th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.77%. The ex-dividend date is Tuesday, December 10th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 58.97%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Evercore ISI raised their price objective on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Scotiabank increased their target price on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a research report on Thursday. Morgan Stanley increased their target price on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Jefferies Financial Group initiated coverage on shares of Public Service Enterprise Group in a research report on Friday, September 13th. They issued a “hold” rating and a $85.00 target price on the stock. Finally, Barclays dropped their target price on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Public Service Enterprise Group has a consensus rating of “Moderate Buy” and a consensus price target of $89.17.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $90.20, for a total transaction of $124,295.60. Following the completion of the transaction, the chief executive officer now owns 147,514 shares in the company, valued at approximately $13,305,762.80. The trade was a 0.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Kim C. Hanemann sold 956 shares of Public Service Enterprise Group stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.09, for a total transaction of $86,126.04. Following the transaction, the chief operating officer now owns 70,011 shares of the company’s stock, valued at approximately $6,307,290.99. The trade was a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,798 shares of company stock worth $1,595,921 over the last 90 days. Company insiders own 0.57% of the company’s stock.

About Public Service Enterprise Group

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.