Mirae Asset Global Investments Co. Ltd. Has $4.68 Million Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Mirae Asset Global Investments Co. Ltd. trimmed its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 11.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,485 shares of the utilities provider’s stock after selling 9,492 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Public Service Enterprise Group were worth $4,677,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PEG. Vanguard Group Inc. increased its holdings in Public Service Enterprise Group by 13.0% during the 3rd quarter. Vanguard Group Inc. now owns 61,673,935 shares of the utilities provider’s stock valued at $3,509,864,000 after purchasing an additional 7,103,657 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in Public Service Enterprise Group by 259.8% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,504,200 shares of the utilities provider’s stock valued at $275,973,000 after purchasing an additional 3,252,500 shares in the last quarter. Norges Bank acquired a new stake in Public Service Enterprise Group during the 4th quarter valued at $141,476,000. Prudential Financial Inc. increased its holdings in Public Service Enterprise Group by 196.2% during the 1st quarter. Prudential Financial Inc. now owns 1,892,166 shares of the utilities provider’s stock valued at $132,451,000 after purchasing an additional 1,253,283 shares in the last quarter. Finally, Balyasny Asset Management L.P. acquired a new stake in Public Service Enterprise Group during the 1st quarter valued at $74,050,000. 73.34% of the stock is owned by institutional investors and hedge funds.

Public Service Enterprise Group Stock Performance

PEG stock opened at $65.20 on Tuesday. The business’s 50-day moving average price is $63.33 and its two-hundred day moving average price is $61.75. The company has a current ratio of 0.67, a quick ratio of 0.46 and a debt-to-equity ratio of 1.15. The firm has a market cap of $32.51 billion, a PE ratio of 12.71, a P/E/G ratio of 2.88 and a beta of 0.58. Public Service Enterprise Group Incorporated has a 1-year low of $53.71 and a 1-year high of $67.51.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Monday, February 26th. The utilities provider reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. The firm had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.45 billion. Public Service Enterprise Group had a return on equity of 11.53% and a net margin of 22.81%. The company’s revenue for the quarter was down 17.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.64 earnings per share. As a group, research analysts forecast that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current year.

Public Service Enterprise Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.68%. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.57. The ex-dividend date was Thursday, March 7th. Public Service Enterprise Group’s payout ratio is 46.78%.

Wall Street Analysts Forecast Growth

PEG has been the subject of several research reports. TheStreet raised Public Service Enterprise Group from a “c+” rating to a “b-” rating in a research note on Wednesday, March 6th. Bank of America lifted their target price on Public Service Enterprise Group from $66.00 to $73.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Royal Bank of Canada lifted their target price on Public Service Enterprise Group from $70.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, March 7th. Morgan Stanley reissued an “overweight” rating and issued a $70.00 target price (up from $61.00) on shares of Public Service Enterprise Group in a research note on Monday, March 25th. Finally, Evercore ISI lifted their target price on Public Service Enterprise Group from $67.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and a consensus price target of $67.58.

Insider Activity

In other news, CEO Ralph A. Larossa sold 1,374 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $63.00, for a total value of $86,562.00. Following the sale, the chief executive officer now directly owns 153,721 shares in the company, valued at $9,684,423. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, SVP Richard T. Thigpen sold 4,800 shares of Public Service Enterprise Group stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $64.18, for a total value of $308,064.00. Following the sale, the senior vice president now owns 31,122 shares of the company’s stock, valued at $1,997,409.96. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ralph A. Larossa sold 1,374 shares of Public Service Enterprise Group stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $63.00, for a total value of $86,562.00. Following the completion of the sale, the chief executive officer now directly owns 153,721 shares in the company, valued at approximately $9,684,423. The disclosure for this sale can be found here. Insiders have sold a total of 7,948 shares of company stock worth $510,300 over the last three months. Corporate insiders own 0.18% of the company’s stock.

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.