Franklin Resources Inc. Raises Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Franklin Resources Inc. lifted its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 5.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,637,882 shares of the utilities provider’s stock after purchasing an additional 147,903 shares during the quarter. Franklin Resources Inc. owned 0.53% of Public Service Enterprise Group worth $235,194,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Family Firm Inc. bought a new stake in Public Service Enterprise Group in the 2nd quarter worth approximately $33,000. OFI Invest Asset Management bought a new stake in shares of Public Service Enterprise Group in the second quarter worth $35,000. Ashton Thomas Securities LLC purchased a new stake in Public Service Enterprise Group during the third quarter valued at $35,000. Northwest Investment Counselors LLC bought a new position in Public Service Enterprise Group in the third quarter valued at about $48,000. Finally, Rothschild Investment LLC purchased a new position in Public Service Enterprise Group in the second quarter worth about $58,000. 73.34% of the stock is owned by institutional investors.

Public Service Enterprise Group Stock Performance

NYSE:PEG opened at $86.81 on Friday. The stock has a 50-day moving average price of $89.21 and a 200 day moving average price of $82.40. The stock has a market capitalization of $43.25 billion, a P/E ratio of 21.33, a P/E/G ratio of 3.14 and a beta of 0.62. Public Service Enterprise Group Incorporated has a 12-month low of $56.85 and a 12-month high of $95.22. 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 (NYSE:PEG) last posted its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.03. The business had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.44 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.85 EPS. Equities research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 10th will be issued a $0.60 dividend. The ex-dividend date is Tuesday, December 10th. This represents a $2.40 dividend on an annualized basis and a yield of 2.76%. Public Service Enterprise Group’s dividend payout ratio is currently 58.97%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Guggenheim reiterated a “buy” rating on shares of Public Service Enterprise Group in a research report on Wednesday. Scotiabank boosted their price objective on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a research report on Thursday. Jefferies Financial Group started coverage on Public Service Enterprise Group in a report on Friday, September 13th. They issued a “hold” rating and a $85.00 target price on the stock. Finally, Barclays reduced their price target on Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $89.17.

Insider Buying and Selling at Public Service Enterprise Group

In related news, SVP Richard T. Thigpen sold 5,900 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $87.95, for a total transaction of $518,905.00. Following the completion of the transaction, the senior vice president now directly owns 25,829 shares of the company’s stock, valued at approximately $2,271,660.55. This represents a 18.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Kim C. Hanemann sold 956 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total value of $86,126.04. Following the transaction, the chief operating officer now owns 70,011 shares of the company’s stock, valued at $6,307,290.99. This represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 17,798 shares of company stock worth $1,595,921. Insiders own 0.57% 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.