KLP Kapitalforvaltning AS Invests $25.05 Million in Public Service Enterprise Group Incorporated (NYSE:PEG)

KLP Kapitalforvaltning AS purchased a new position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 296,509 shares of the utilities provider’s stock, valued at approximately $25,052,000.

Other large investors also recently modified their holdings of the company. Empowered Funds LLC raised its holdings in Public Service Enterprise Group by 7.7% in the 3rd quarter. Empowered Funds LLC now owns 8,362 shares of the utilities provider’s stock valued at $746,000 after acquiring an additional 597 shares in the last quarter. Segall Bryant & Hamill LLC acquired a new position in Public Service Enterprise Group in the 3rd quarter valued at approximately $2,498,000. Commerce Bank raised its holdings in Public Service Enterprise Group by 2.9% in the 3rd quarter. Commerce Bank now owns 44,879 shares of the utilities provider’s stock valued at $4,004,000 after acquiring an additional 1,261 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in Public Service Enterprise Group by 16.2% in the 3rd quarter. Advisors Asset Management Inc. now owns 10,433 shares of the utilities provider’s stock valued at $931,000 after acquiring an additional 1,453 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in Public Service Enterprise Group by 10.1% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 137,423 shares of the utilities provider’s stock valued at $12,259,000 after acquiring an additional 12,593 shares in the last quarter. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PEG shares. Scotiabank upped their price target on Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a report on Thursday, December 12th. Barclays lowered Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $88.00 to $84.00 in a research note on Monday, January 27th. Guggenheim restated a “buy” rating and set a $98.00 target price on shares of Public Service Enterprise Group in a research report on Wednesday, February 26th. Morgan Stanley upped their price target on Public Service Enterprise Group from $96.00 to $100.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Bank of America cut their price objective on Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.65.

Insider Activity at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $83.10, for a total value of $114,511.80. Following the transaction, the chief executive officer now owns 126,791 shares in the company, valued at $10,536,332.10. This trade represents a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.57% of the stock is owned by company insiders.

Public Service Enterprise Group Stock Down 0.4 %

Shares of NYSE PEG opened at $83.00 on Friday. The firm’s 50-day simple moving average is $83.50 and its 200 day simple moving average is $86.06. The company has a market cap of $41.38 billion, a price-to-earnings ratio of 20.39, a price-to-earnings-growth ratio of 2.78 and a beta of 0.60. The company has a quick ratio of 0.48, a current ratio of 0.68 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.

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

Public Service Enterprise Group Increases Dividend

The business 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 is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.52 annualized dividend and a yield of 3.04%. Public Service Enterprise Group’s dividend payout ratio is 71.19%.

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.