Sumitomo Life Insurance Co. Increases Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Sumitomo Life Insurance Co. lifted its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 2.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,152 shares of the utilities provider’s stock after acquiring an additional 413 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Public Service Enterprise Group were worth $1,352,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Family Firm Inc. purchased a new stake in Public Service Enterprise Group in the 2nd quarter worth about $33,000. OFI Invest Asset Management purchased a new stake in shares of Public Service Enterprise Group in the second quarter worth approximately $35,000. Northwest Investment Counselors LLC bought a new stake in shares of Public Service Enterprise Group during the 1st quarter worth approximately $36,000. Salomon & Ludwin LLC lifted its stake in shares of Public Service Enterprise Group by 1,866.7% during the 1st quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock worth $39,000 after acquiring an additional 560 shares during the last quarter. Finally, Scarborough Advisors LLC purchased a new position in Public Service Enterprise Group during the 4th quarter valued at $41,000. 73.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on PEG. Morgan Stanley increased their target price on Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Evercore ISI raised their price target on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. UBS Group boosted their price objective on shares of Public Service Enterprise Group from $87.00 to $94.00 and gave the company a “neutral” rating in a research report on Tuesday, September 24th. Barclays raised their target price on shares of Public Service Enterprise Group from $80.00 to $98.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Finally, BMO Capital Markets lifted their price target on shares of Public Service Enterprise Group from $78.00 to $86.00 and gave the company a “market perform” rating in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $86.92.

Public Service Enterprise Group Trading Up 2.3 %

PEG opened at $90.21 on Thursday. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.16. The firm has a market cap of $44.93 billion, a price-to-earnings ratio of 24.99, a PEG ratio of 2.72 and a beta of 0.61. 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 fifty day moving average price of $84.32 and a 200-day moving average price of $76.70.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. The firm had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the prior year, the firm posted $0.70 earnings per share. The business’s revenue for the quarter was up .1% compared to the same quarter last year. As a group, equities research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 9,564 shares of Public Service Enterprise Group stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $90.61, for a total value of $866,594.04. Following the transaction, the executive vice president now directly owns 48,397 shares of the company’s stock, valued at approximately $4,385,252.17. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 9,564 shares of the stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $90.61, for a total value of $866,594.04. Following the completion of the sale, the executive vice president now directly owns 48,397 shares in the company, valued at approximately $4,385,252.17. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $90.20, for a total transaction of $124,295.60. Following the sale, the chief executive officer now owns 147,514 shares of the company’s stock, valued at $13,305,762.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 41,010 shares of company stock valued at $3,397,855 over the last 90 days. Insiders own 0.57% of the company’s stock.

Public Service Enterprise Group 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.