PNC Financial Services Group Inc. Boosts Stake in Public Service Enterprise Group Incorporated $PEG

PNC Financial Services Group Inc. grew its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 38.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 905,489 shares of the utilities provider’s stock after buying an additional 252,718 shares during the period. PNC Financial Services Group Inc. owned 0.18% of Public Service Enterprise Group worth $75,572,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Public Service Enterprise Group by 1.9% in the 2nd quarter. Vanguard Group Inc. now owns 64,961,047 shares of the utilities provider’s stock valued at $5,468,421,000 after acquiring an additional 1,199,371 shares during the last quarter. State Street Corp increased its stake in Public Service Enterprise Group by 0.8% in the second quarter. State Street Corp now owns 27,330,736 shares of the utilities provider’s stock valued at $2,300,701,000 after purchasing an additional 206,843 shares during the last quarter. Bank of America Corp DE increased its stake in Public Service Enterprise Group by 24.7% in the second quarter. Bank of America Corp DE now owns 17,536,584 shares of the utilities provider’s stock valued at $1,476,230,000 after purchasing an additional 3,469,886 shares during the last quarter. Geode Capital Management LLC lifted its position in Public Service Enterprise Group by 0.9% during the second quarter. Geode Capital Management LLC now owns 12,526,776 shares of the utilities provider’s stock worth $1,049,973,000 after buying an additional 110,087 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in Public Service Enterprise Group by 9.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 8,009,067 shares of the utilities provider’s stock worth $674,218,000 after buying an additional 715,051 shares during the last quarter. 73.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PEG shares. Jefferies Financial Group upgraded shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating and increased their price objective for the stock from $89.00 to $90.00 in a report on Thursday, November 6th. Wells Fargo & Company raised shares of Public Service Enterprise Group from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $88.00 to $92.00 in a research note on Tuesday, January 20th. UBS Group decreased their price target on shares of Public Service Enterprise Group from $105.00 to $98.00 and set a “buy” rating on the stock in a report on Wednesday, December 17th. BTIG Research assumed coverage on Public Service Enterprise Group in a report on Wednesday, October 22nd. They set a “buy” rating and a $98.00 price objective for the company. Finally, Barclays cut their target price on Public Service Enterprise Group from $87.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.96.

Public Service Enterprise Group Stock Performance

Shares of PEG stock opened at $86.12 on Tuesday. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.93 and a quick ratio of 0.69. The company’s fifty day moving average price is $80.37 and its two-hundred day moving average price is $81.95. The firm has a market capitalization of $42.98 billion, a P/E ratio of 20.70, a P/E/G ratio of 2.79 and a beta of 0.59. Public Service Enterprise Group Incorporated has a 12 month low of $74.67 and a 12 month high of $91.25.

Public Service Enterprise Group Profile

Public Service Enterprise Group (NYSE: PEG) is a diversified energy company that operates primarily in New Jersey. Its core businesses include a regulated utility that delivers electric and natural gas service to residential, commercial and industrial customers, as well as generation and energy services operations that participate in wholesale power markets. The company’s activities encompass transmission and distribution, power generation operations, and related energy infrastructure services.

The regulated utility arm, Public Service Electric and Gas Company (PSE&G), is responsible for owning and maintaining electric and gas networks, connecting customers, performing meter and billing services, and managing system reliability and storm response.