Victory Capital Management Inc. Purchases 357,776 Shares of Public Service Enterprise Group (PEG)


Victory Capital Management Inc. boosted its position in Public Service Enterprise Group (NYSE:PEG) by 4,473.3% in the first quarter, HoldingsChannel reports. The firm owned 365,774 shares of the utilities provider’s stock after purchasing an additional 357,776 shares during the quarter. Victory Capital Management Inc.’s holdings in Public Service Enterprise Group were worth $18,376,000 at the end of the most recent reporting period.


A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Boston Advisors LLC increased its stake in shares of Public Service Enterprise Group by 0.4% in the fourth quarter. Boston Advisors LLC now owns 234,061 shares of the utilities provider’s stock valued at $12,054,000 after buying an additional 1,017 shares during the period. Mariner Wealth Advisors LLC increased its stake in shares of Public Service Enterprise Group by 11.0% in the fourth quarter. Mariner Wealth Advisors LLC now owns 11,360 shares of the utilities provider’s stock valued at $585,000 after buying an additional 1,122 shares during the period. BB&T Investment Services Inc. increased its stake in shares of Public Service Enterprise Group by 14.2% in the fourth quarter. BB&T Investment Services Inc. now owns 9,541 shares of the utilities provider’s stock valued at $486,000 after buying an additional 1,183 shares during the period. Comerica Bank increased its stake in shares of Public Service Enterprise Group by 0.6% in the first quarter. Comerica Bank now owns 196,362 shares of the utilities provider’s stock valued at $9,824,000 after buying an additional 1,183 shares during the period. Finally, Tompkins Financial Corp increased its stake in shares of Public Service Enterprise Group by 1.9% in the fourth quarter. Tompkins Financial Corp now owns 69,497 shares of the utilities provider’s stock valued at $3,579,000 after buying an additional 1,329 shares during the period. 68.60% of the stock is owned by institutional investors and hedge funds.


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Several brokerages have recently weighed in on PEG. Zacks Investment Research raised Public Service Enterprise Group from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a research note on Monday, March 12th. Wells Fargo reissued an “outperform” rating and issued a $56.00 price target (down previously from $59.00) on shares of Public Service Enterprise Group in a research note on Monday, February 26th. Guggenheim reissued a “buy” rating and issued a $56.00 price target on shares of Public Service Enterprise Group in a research note on Friday, February 23rd. Morgan Stanley decreased their price target on Public Service Enterprise Group from $54.00 to $52.00 and set an “overweight” rating for the company in a research note on Tuesday, February 13th. Finally, Mizuho cut Public Service Enterprise Group from a “buy” rating to a “neutral” rating in a research note on Monday, February 5th. They noted that the move was a valuation call. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $51.89.


Shares of Public Service Enterprise Group opened at $49.73 on Friday, MarketBeat.com reports. Public Service Enterprise Group has a one year low of $41.67 and a one year high of $53.28. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.52 and a current ratio of 0.71. The stock has a market cap of $25.04 billion, a P/E ratio of 16.97, a price-to-earnings-growth ratio of 3.40 and a beta of 0.38.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Monday, April 30th. The utilities provider reported $0.97 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.02). Public Service Enterprise Group had a net margin of 21.68% and a return on equity of 11.22%. The business had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.74 billion. During the same quarter in the previous year, the company earned $0.92 EPS. equities research analysts expect that Public Service Enterprise Group will post 3.11 earnings per share for the current fiscal year.


The firm also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 8th will be given a dividend of $0.45 per share. The ex-dividend date is Thursday, June 7th. This represents a $1.80 annualized dividend and a dividend yield of 3.62%. Public Service Enterprise Group’s payout ratio is 61.43%.

In other Public Service Enterprise Group news, Chairman Ralph Izzo sold 20,833 shares of the stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $48.36, for a total value of $1,007,483.88. Following the transaction, the chairman now owns 652,180 shares in the company, valued at $31,539,424.80. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Tamara Louise Linde sold 16,400 shares of the stock in a transaction that occurred on Monday, April 16th. The stock was sold at an average price of $50.36, for a total value of $825,904.00. Following the completion of the transaction, the executive vice president now owns 51,604 shares in the company, valued at approximately $2,598,777.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 78,899 shares of company stock worth $3,956,687. 0.58% of the stock is owned by corporate insiders.


About Public Service Enterprise Group

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; and 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.

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

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