Reaves W H & Co. Inc. Grows Position in Public Service Enterprise Group Incorporated $PEG

Reaves W H & Co. Inc. increased its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 20.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,906,496 shares of the utilities provider’s stock after purchasing an additional 322,752 shares during the period. Public Service Enterprise Group makes up approximately 2.8% of Reaves W H & Co. Inc.’s portfolio, making the stock its 12th biggest holding. Reaves W H & Co. Inc.’s holdings in Public Service Enterprise Group were worth $159,116,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Public Service Enterprise Group by 1.9% in the 2nd quarter. Vanguard Group Inc. now owns 64,961,047 shares of the utilities provider’s stock worth $5,468,421,000 after buying an additional 1,199,371 shares during the last quarter. State Street Corp increased its stake in Public Service Enterprise Group by 0.8% in the second quarter. State Street Corp now owns 27,330,736 shares of the utilities provider’s stock valued at $2,300,701,000 after acquiring an additional 206,843 shares during the last quarter. Bank of America Corp DE raised its position in Public Service Enterprise Group by 24.7% during the second quarter. Bank of America Corp DE now owns 17,536,584 shares of the utilities provider’s stock valued at $1,476,230,000 after purchasing an additional 3,469,886 shares in the last quarter. Geode Capital Management LLC raised its position in Public Service Enterprise Group by 0.9% during the second quarter. Geode Capital Management LLC now owns 12,526,776 shares of the utilities provider’s stock valued at $1,049,973,000 after purchasing an additional 110,087 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in Public Service Enterprise Group by 9.8% during the second quarter. Ameriprise Financial Inc. now owns 8,009,067 shares of the utilities provider’s stock worth $674,218,000 after purchasing an additional 715,051 shares during the last quarter. 73.34% of the stock is currently owned by institutional investors.

Public Service Enterprise Group Stock Up 0.7%

Shares of NYSE:PEG opened at $81.18 on Tuesday. The stock’s 50-day moving average is $79.90 and its 200 day moving average is $82.07. The company has a market cap of $40.52 billion, a PE ratio of 19.52, a P/E/G ratio of 2.60 and a beta of 0.59. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.93 and a quick ratio of 0.69. Public Service Enterprise Group Incorporated has a 1 year low of $74.67 and a 1 year high of $91.25.

Public Service Enterprise Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 10th were issued a $0.63 dividend. The ex-dividend date was Wednesday, December 10th. This represents a $2.52 annualized dividend and a yield of 3.1%. Public Service Enterprise Group’s payout ratio is 60.58%.

Analyst Upgrades and Downgrades

PEG has been the topic of a number of research reports. JPMorgan Chase & Co. reissued a “neutral” rating and set a $85.00 price objective (down from $88.00) on shares of Public Service Enterprise Group in a report on Thursday, January 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of Public Service Enterprise Group in a research note on Monday, December 29th. Wells Fargo & Company raised shares of Public Service Enterprise Group from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $88.00 to $92.00 in a research note on Tuesday, January 20th. LADENBURG THALM/SH SH raised shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $87.50 price target for the company in a research note on Wednesday, January 7th. Finally, UBS Group cut their price target on shares of Public Service Enterprise Group from $105.00 to $98.00 and set a “buy” rating for the company in a research report on Wednesday, December 17th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $90.96.

About Public Service Enterprise Group

Public Service Enterprise Group (NYSE: PEG) is a diversified energy company that operates primarily in New Jersey. Its core businesses include a regulated utility that delivers electric and natural gas service to residential, commercial and industrial customers, as well as generation and energy services operations that participate in wholesale power markets. The company’s activities encompass transmission and distribution, power generation operations, and related energy infrastructure services.

The regulated utility arm, Public Service Electric and Gas Company (PSE&G), is responsible for owning and maintaining electric and gas networks, connecting customers, performing meter and billing services, and managing system reliability and storm response.