Elo Mutual Pension Insurance Co Acquires 8,567 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Elo Mutual Pension Insurance Co grew its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 19.5% in the 4th quarter, Holdings Channel reports. The fund owned 52,532 shares of the utilities provider’s stock after buying an additional 8,567 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Public Service Enterprise Group were worth $4,438,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in PEG. Wingate Wealth Advisors Inc. acquired a new position in Public Service Enterprise Group during the 4th quarter worth approximately $35,000. OFI Invest Asset Management acquired a new position in shares of Public Service Enterprise Group during the fourth quarter worth $39,000. Stonebridge Financial Group LLC acquired a new position in shares of Public Service Enterprise Group during the fourth quarter worth $54,000. Financial Life Planners bought a new position in shares of Public Service Enterprise Group in the 4th quarter valued at $56,000. Finally, Millstone Evans Group LLC acquired a new stake in shares of Public Service Enterprise Group during the 4th quarter valued at $56,000. Institutional investors own 73.34% of the company’s stock.

Insider Buying and Selling

In other news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $83.10, for a total transaction of $114,511.80. Following the transaction, the chief executive officer now owns 126,791 shares in the company, valued at approximately $10,536,332.10. This represents a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.19% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on PEG shares. LADENBURG THALM/SH SH cut Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $82.50 target price for the company. in a report on Wednesday, March 19th. Barclays downgraded Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $88.00 to $84.00 in a research note on Monday, January 27th. BMO Capital Markets boosted their target price on shares of Public Service Enterprise Group from $85.00 to $86.00 and gave the stock a “market perform” rating in a report on Wednesday, February 26th. Wells Fargo & Company dropped their price target on shares of Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Finally, Guggenheim reissued a “buy” rating and issued a $98.00 price objective on shares of Public Service Enterprise Group in a research note on Wednesday, February 26th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $89.65.

Public Service Enterprise Group Stock Performance

PEG stock opened at $80.72 on Friday. The firm has a market cap of $40.24 billion, a PE ratio of 19.83, a price-to-earnings-growth ratio of 2.78 and a beta of 0.60. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. The stock has a 50-day moving average price of $83.16 and a 200-day moving average price of $86.05. Public Service Enterprise Group Incorporated has a 1-year low of $64.03 and a 1-year high of $95.22.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the previous year, the company posted $0.54 earnings per share. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. As a group, equities research analysts expect that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Monday, March 10th. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.60. Public Service Enterprise Group’s payout ratio is presently 71.19%.

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.