Allianz SE Makes New $1.14 Million Investment in Public Service Enterprise Group Incorporated (NYSE:PEG)

Allianz SE acquired a new position in Public Service Enterprise Group Incorporated (NYSE:PEG) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 13,540 shares of the utilities provider’s stock, valued at approximately $1,144,000.

A number of other hedge funds have also recently modified their holdings of PEG. Norges Bank purchased a new stake in Public Service Enterprise Group during the 4th quarter valued at $445,005,000. Raymond James Financial Inc. bought a new position in shares of Public Service Enterprise Group in the fourth quarter worth about $376,209,000. Jennison Associates LLC boosted its position in shares of Public Service Enterprise Group by 125.3% in the fourth quarter. Jennison Associates LLC now owns 3,384,803 shares of the utilities provider’s stock worth $285,982,000 after purchasing an additional 1,882,667 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its stake in Public Service Enterprise Group by 604.5% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,004,100 shares of the utilities provider’s stock worth $169,404,000 after buying an additional 1,719,614 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in Public Service Enterprise Group by 376.3% in the 3rd quarter. National Bank of Canada FI now owns 810,694 shares of the utilities provider’s stock worth $72,321,000 after purchasing an additional 640,485 shares in the last quarter. Institutional investors own 73.34% of the company’s stock.

Insider Buying and Selling at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $83.10, for a total value of $114,511.80. Following the sale, the chief executive officer now owns 126,791 shares of the company’s stock, valued at approximately $10,536,332.10. This trade represents a 1.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.19% of the stock is owned by corporate insiders.

Public Service Enterprise Group Stock Performance

NYSE PEG opened at $81.57 on Monday. The firm has a market capitalization of $40.67 billion, a P/E ratio of 20.04, a PEG ratio of 2.78 and a beta of 0.60. The stock has a 50-day simple moving average of $83.03 and a two-hundred day simple moving average of $86.13. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. Public Service Enterprise Group Incorporated has a fifty-two week low of $64.03 and a fifty-two week high of $95.22.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.01. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same period last year, the business earned $0.54 earnings per share. Public Service Enterprise Group’s quarterly revenue was down 5.4% on a year-over-year basis. On average, equities analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 3.09%. The ex-dividend date is Monday, March 10th. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.60. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 71.19%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on PEG shares. Barclays downgraded shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $88.00 to $84.00 in a report on Monday, January 27th. StockNews.com upgraded shares of Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research note on Friday, March 14th. Guggenheim restated a “buy” rating and issued a $98.00 price target on shares of Public Service Enterprise Group in a report on Wednesday, February 26th. Bank of America decreased their price objective on Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Finally, Wells Fargo & Company cut their price target on shares of Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $89.65.

About Public Service Enterprise Group

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.