Resona Asset Management Co. Ltd. Makes New Investment in Public Service Enterprise Group Incorporated (NYSE:PEG)

Resona Asset Management Co. Ltd. acquired a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 155,596 shares of the utilities provider’s stock, valued at approximately $13,155,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Foundations Investment Advisors LLC raised its position in Public Service Enterprise Group by 27.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 87,621 shares of the utilities provider’s stock valued at $7,403,000 after purchasing an additional 18,627 shares during the last quarter. Cullen Investment Group LTD. lifted its stake in Public Service Enterprise Group by 65.3% in the fourth quarter. Cullen Investment Group LTD. now owns 26,867 shares of the utilities provider’s stock worth $2,270,000 after acquiring an additional 10,610 shares during the period. Arvest Bank Trust Division bought a new stake in Public Service Enterprise Group in the third quarter valued at $2,860,000. Parsons Capital Management Inc. RI bought a new position in Public Service Enterprise Group in the 4th quarter worth $2,565,000. Finally, Czech National Bank lifted its position in shares of Public Service Enterprise Group by 6.4% in the 4th quarter. Czech National Bank now owns 108,025 shares of the utilities provider’s stock worth $9,127,000 after purchasing an additional 6,545 shares during the period. Institutional investors own 73.34% of the company’s stock.

Insider Activity

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $82.88, for a total value of $114,208.64. Following the transaction, the chief executive officer now directly owns 221,670 shares of the company’s stock, valued at approximately $18,372,009.60. This trade represents a 0.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Stock Down 4.6 %

Public Service Enterprise Group stock opened at $77.83 on Monday. The firm has a market cap of $38.80 billion, a price-to-earnings ratio of 19.12, a PEG ratio of 2.78 and a beta of 0.52. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. Public Service Enterprise Group Incorporated has a 12 month low of $64.03 and a 12 month high of $95.22. The stock has a fifty day simple moving average of $82.34 and a two-hundred day simple moving average of $86.04.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the previous year, the firm earned $0.54 EPS. Public Service Enterprise Group’s revenue was down 5.4% on a year-over-year basis. Equities analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 10th were paid a dividend of $0.63 per share. The ex-dividend date was Monday, March 10th. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.60. This represents a $2.52 dividend on an annualized basis and a yield of 3.24%. Public Service Enterprise Group’s payout ratio is currently 71.19%.

Analyst Ratings Changes

PEG has been the subject of a number of research reports. BMO Capital Markets increased their price target on shares of Public Service Enterprise Group from $85.00 to $86.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 26th. Bank of America lowered their target price 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. Morgan Stanley upped their price target on Public Service Enterprise Group from $96.00 to $100.00 and gave the stock an “overweight” rating in a research note on Thursday, March 20th. Scotiabank raised their price objective on Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a research report on Thursday, December 12th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $98.00 target price on shares of Public Service Enterprise Group in a research report on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Public Service Enterprise Group has an average rating of “Moderate Buy” and an average price target 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.