Hsbc Holdings PLC Grows Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Hsbc Holdings PLC increased its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 43.2% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 2,426,170 shares of the utilities provider’s stock after purchasing an additional 732,443 shares during the period. Hsbc Holdings PLC’s holdings in Public Service Enterprise Group were worth $178,763,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Blair William & Co. IL raised its holdings in shares of Public Service Enterprise Group by 33.8% during the second quarter. Blair William & Co. IL now owns 18,004 shares of the utilities provider’s stock valued at $1,327,000 after purchasing an additional 4,546 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Public Service Enterprise Group by 13.8% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 49,038 shares of the utilities provider’s stock worth $3,536,000 after buying an additional 5,945 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its holdings in shares of Public Service Enterprise Group by 8.1% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 21,138 shares of the utilities provider’s stock worth $1,558,000 after acquiring an additional 1,576 shares during the period. Mercer Global Advisors Inc. ADV increased its position in Public Service Enterprise Group by 82.3% during the second quarter. Mercer Global Advisors Inc. ADV now owns 148,972 shares of the utilities provider’s stock valued at $10,971,000 after acquiring an additional 67,272 shares during the last quarter. Finally, Central Asset Investments & Management Holdings HK Ltd bought a new position in Public Service Enterprise Group in the second quarter valued at about $251,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Price Performance

Shares of Public Service Enterprise Group stock opened at $84.73 on Wednesday. The firm has a market cap of $42.21 billion, a PE ratio of 23.47, a PEG ratio of 3.03 and a beta of 0.60. The stock has a 50 day moving average of $79.19 and a 200 day moving average of $73.23. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.16. Public Service Enterprise Group Incorporated has a 12 month low of $53.71 and a 12 month high of $85.11.

Public Service Enterprise Group (NYSE:PEG) last posted 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). The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.03 billion. Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The firm’s revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.70 earnings per share. On average, research analysts expect that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.83%. The ex-dividend date is Monday, September 9th. Public Service Enterprise Group’s dividend payout ratio is 66.48%.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 19,127 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $80.26, for a total transaction of $1,535,133.02. Following the sale, the executive vice president now directly owns 67,524 shares in the company, valued at $5,419,476.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Tamara Louise Linde sold 19,127 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $80.26, for a total transaction of $1,535,133.02. Following the sale, the executive vice president now owns 67,524 shares in the company, valued at approximately $5,419,476.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total transaction of $111,190.82. Following the transaction, the chief executive officer now directly owns 148,892 shares of the company’s stock, valued at $12,014,095.48. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,068 shares of company stock valued at $2,406,965. Insiders own 0.57% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on PEG. Scotiabank upped their price target on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 20th. LADENBURG THALM/SH SH raised shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 5th. Bank of America boosted their price target on Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, August 29th. Morgan Stanley increased their target price on shares of Public Service Enterprise Group from $78.00 to $83.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Finally, BMO Capital Markets raised their target price on shares of Public Service Enterprise Group from $78.00 to $86.00 and gave the stock 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 assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Public Service Enterprise Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.92.

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.