Jennison Associates LLC Has $134.01 Million Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Jennison Associates LLC raised its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 79.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,502,136 shares of the utilities provider’s stock after acquiring an additional 665,105 shares during the quarter. Jennison Associates LLC owned about 0.30% of Public Service Enterprise Group worth $134,006,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Blair William & Co. IL increased its stake in Public Service Enterprise Group by 5.8% in the 1st quarter. Blair William & Co. IL now owns 13,458 shares of the utilities provider’s stock worth $899,000 after acquiring an additional 735 shares during the last quarter. Edgestream Partners L.P. acquired a new position in shares of Public Service Enterprise Group in the 1st quarter valued at about $333,000. O Shaughnessy Asset Management LLC grew its stake in Public Service Enterprise Group by 23.8% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 27,277 shares of the utilities provider’s stock worth $1,822,000 after buying an additional 5,246 shares during the last quarter. UniSuper Management Pty Ltd grew its position in Public Service Enterprise Group by 354.2% in the first quarter. UniSuper Management Pty Ltd now owns 20,722 shares of the utilities provider’s stock worth $1,384,000 after acquiring an additional 16,160 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in shares of Public Service Enterprise Group by 952.2% in the first quarter. Bessemer Group Inc. now owns 51,988 shares of the utilities provider’s stock valued at $3,472,000 after buying an additional 47,047 shares in the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.

Public Service Enterprise Group Trading Up 0.7 %

PEG opened at $90.09 on Wednesday. Public Service Enterprise Group Incorporated has a 12 month low of $56.85 and a 12 month high of $92.20. The stock has a market capitalization of $44.89 billion, a price-to-earnings ratio of 22.14, a PEG ratio of 3.27 and a beta of 0.61. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48. The business has a fifty day moving average price of $87.87 and a 200 day moving average price of $80.31.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.44 billion. During the same period in the prior year, the company posted $0.85 earnings per share. Public Service Enterprise Group’s revenue for the quarter was up 7.6% on a year-over-year basis. Sell-side analysts expect that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 10th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.66%. Public Service Enterprise Group’s dividend payout ratio is presently 58.97%.

Analyst Upgrades and Downgrades

A number of research firms have commented on PEG. Barclays reduced their price target on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Evercore ISI lifted their price target on Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Wells Fargo & Company upped their price objective on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. BMO Capital Markets raised their price objective on Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Finally, Scotiabank lifted their target price on Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 20th. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $86.69.

Insider Buying and Selling at Public Service Enterprise Group

In related news, EVP Tamara Louise Linde sold 9,564 shares of Public Service Enterprise Group stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $90.61, for a total value of $866,594.04. Following the sale, the executive vice president now directly owns 48,397 shares in the company, valued at $4,385,252.17. This trade represents a 16.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the sale, the chief executive officer now owns 148,892 shares of the company’s stock, valued at approximately $12,014,095.48. The trade was a 0.92 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,783 shares of company stock worth $2,381,626. 0.18% of the stock is currently owned by insiders.

Public Service Enterprise Group Company Profile

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.