ING Groep NV Invests $22.44 Million in Public Service Enterprise Group Incorporated (NYSE:PEG)

ING Groep NV acquired a new position in Public Service Enterprise Group Incorporated (NYSE:PEG) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 265,634 shares of the utilities provider’s stock, valued at approximately $22,443,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of PEG. Jennison Associates LLC increased its stake in shares of Public Service Enterprise Group by 125.3% in the 4th quarter. Jennison Associates LLC now owns 3,384,803 shares of the utilities provider’s stock worth $285,982,000 after purchasing an additional 1,882,667 shares in the last quarter. FMR LLC increased its stake in Public Service Enterprise Group by 19.4% in the 3rd quarter. FMR LLC now owns 5,401,024 shares of the utilities provider’s stock worth $481,825,000 after buying an additional 877,345 shares in the last quarter. National Bank of Canada FI increased its stake in Public Service Enterprise Group by 376.3% in the 3rd quarter. National Bank of Canada FI now owns 810,694 shares of the utilities provider’s stock worth $72,321,000 after buying an additional 640,485 shares in the last quarter. Van ECK Associates Corp increased its stake in Public Service Enterprise Group by 103.6% in the 4th quarter. Van ECK Associates Corp now owns 950,556 shares of the utilities provider’s stock worth $80,313,000 after buying an additional 483,795 shares in the last quarter. Finally, Verition Fund Management LLC increased its stake in Public Service Enterprise Group by 179.5% in the 3rd quarter. Verition Fund Management LLC now owns 706,884 shares of the utilities provider’s stock worth $63,061,000 after buying an additional 453,985 shares in the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Public Service Enterprise Group Stock Down 1.5 %

Shares of NYSE:PEG opened at $84.54 on Friday. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. Public Service Enterprise Group Incorporated has a 12 month low of $59.29 and a 12 month high of $95.22. The company has a 50-day moving average price of $85.05 and a 200 day moving average price of $85.84. The company has a market cap of $42.12 billion, a price-to-earnings ratio of 20.77, a PEG ratio of 2.82 and a beta of 0.64.

Public Service Enterprise Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be issued a $0.63 dividend. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.98%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 58.97%.

Insider Activity at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $84.91, for a total value of $117,005.98. Following the completion of the transaction, the chief executive officer now owns 144,212 shares of the company’s stock, valued at approximately $12,245,040.92. This trade represents a 0.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.57% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PEG shares. Barclays lowered Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $88.00 to $84.00 in a research note on Monday, January 27th. Guggenheim reiterated a “buy” rating on shares of Public Service Enterprise Group in a research note on Wednesday, December 11th. Scotiabank increased their price target on Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a research note on Thursday, December 12th. Finally, UBS Group increased their price objective on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $88.83.

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.