Rakuten Investment Management Inc. Buys 7,925 Shares of Public Service Enterprise Group Incorporated $PEG

Rakuten Investment Management Inc. increased its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 9.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 89,455 shares of the utilities provider’s stock after purchasing an additional 7,925 shares during the period. Rakuten Investment Management Inc.’s holdings in Public Service Enterprise Group were worth $6,054,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Public Service Enterprise Group in the second quarter valued at about $4,366,570,000. Bank of America Corp DE acquired a new position in shares of Public Service Enterprise Group during the 2nd quarter worth about $1,207,400,000. Legal & General Group Plc acquired a new position in shares of Public Service Enterprise Group during the 2nd quarter worth about $554,994,000. Bank of New York Mellon Corp acquired a new position in shares of Public Service Enterprise Group during the 2nd quarter worth about $221,632,000. Finally, Amundi grew its position in shares of Public Service Enterprise Group by 71.6% during the 2nd quarter. Amundi now owns 3,962,317 shares of the utilities provider’s stock worth $321,580,000 after buying an additional 1,653,832 shares during the period. Institutional investors own 73.34% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on PEG. The Goldman Sachs Group reduced their price objective on shares of Public Service Enterprise Group from $86.00 to $83.00 in a research note on Thursday, October 15th. Wall Street Zen upgraded shares of Public Service Enterprise Group from a “sell” rating to a “hold” rating in a report on Saturday, September 26th. Wells Fargo & Company lowered their target price on shares of Public Service Enterprise Group from $89.00 to $87.00 and set an “overweight” rating for the company in a research note on Tuesday. Citigroup cut their target price on shares of Public Service Enterprise Group from $91.00 to $84.00 and set a “neutral” rating on the stock in a report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. cut their target price on shares of Public Service Enterprise Group from $81.00 to $77.00 and set a “neutral” rating on the stock in a report on Monday, October 19th. Seven research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $79.32.

Public Service Enterprise Group Price Performance

NYSE PEG opened at $73.08 on Friday. The business has a 50 day simple moving average of $71.20 and a 200 day simple moving average of $77.93. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.67 and a current ratio of 1.01. Public Service Enterprise Group Incorporated has a 52-week low of $66.15 and a 52-week high of $87.63. The stock has a market cap of $36.43 billion, a price-to-earnings ratio of 20.64, a PEG ratio of 2.51 and a beta of 0.48.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Monday, November 2nd. The utilities provider reported $1.15 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.04). Public Service Enterprise Group had a return on equity of 12.40% and a net margin of 14.31%. The company had revenue of $3.02 billion for the quarter, compared to analyst estimates of $3.19 billion. During the same quarter in the previous year, the business earned $1.13 earnings per share. The company’s revenue was down 6.4% on a year-over-year basis. Analysts anticipate that Public Service Enterprise Group Incorporated will post 4.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, SVP Richard Thigpen sold 8,000 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $74.56, for a total value of $596,480.00. Following the sale, the senior vice president owned 20,970 shares of the company’s stock, valued at $1,563,523.20. The trade was a 27.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ralph LaRossa sold 2,083 shares of the business’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $73.60, for a total transaction of $153,308.80. Following the sale, the chief executive officer directly owned 276,487 shares in the company, valued at $20,349,443.20. This trade represents a 0.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 12,166 shares of company stock worth $890,350 over the last quarter. 0.19% of the stock is owned by corporate insiders.

Public Service Enterprise Group Profile

Public Service Enterprise Group Incorporated (NYSE: PEG), commonly known as PSEG, is an energy company headquartered in Newark, New Jersey. Through its subsidiaries, the company is primarily involved in electric and natural gas utility operations, power generation, and related energy services.

Public Service Electric & Gas Company (PSE&G), PSEG’s principal utility subsidiary, serves residential, commercial, and industrial customers throughout New Jersey. Its activities include the transmission and distribution of electricity, the distribution of natural gas, energy-efficiency programs, and infrastructure modernization.