Mirae Asset Global Investments Co. Ltd. Boosts Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Mirae Asset Global Investments Co. Ltd. raised its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 8.5% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 83,024 shares of the utilities provider’s stock after purchasing an additional 6,539 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Public Service Enterprise Group were worth $5,544,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Modera Wealth Management LLC raised its stake in shares of Public Service Enterprise Group by 2.6% in the 3rd quarter. Modera Wealth Management LLC now owns 6,647 shares of the utilities provider’s stock valued at $378,000 after purchasing an additional 170 shares in the last quarter. Strategic Investment Advisors MI raised its stake in shares of Public Service Enterprise Group by 1.0% in the 4th quarter. Strategic Investment Advisors MI now owns 17,511 shares of the utilities provider’s stock valued at $1,071,000 after purchasing an additional 179 shares in the last quarter. Lido Advisors LLC raised its stake in shares of Public Service Enterprise Group by 4.1% in the 3rd quarter. Lido Advisors LLC now owns 4,622 shares of the utilities provider’s stock valued at $263,000 after purchasing an additional 183 shares in the last quarter. First Trust Direct Indexing L.P. raised its stake in shares of Public Service Enterprise Group by 1.1% in the 1st quarter. First Trust Direct Indexing L.P. now owns 17,483 shares of the utilities provider’s stock valued at $1,167,000 after purchasing an additional 183 shares in the last quarter. Finally, Signaturefd LLC raised its stake in shares of Public Service Enterprise Group by 2.3% in the 4th quarter. Signaturefd LLC now owns 8,495 shares of the utilities provider’s stock valued at $519,000 after purchasing an additional 187 shares in the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.

Analysts Set New Price Targets

PEG has been the topic of several research reports. BMO Capital Markets increased their price objective on shares of Public Service Enterprise Group from $69.00 to $74.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 3rd. Mizuho increased their price objective on shares of Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Wells Fargo & Company increased their price objective on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 19th. Scotiabank dropped their price objective on shares of Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating on the stock in a research note on Monday, April 22nd. Finally, Morgan Stanley dropped their price objective on shares of Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating on the stock in a research note on Monday, June 24th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $73.17.

Insider Activity

In other news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $69.55, for a total value of $95,561.70. Following the completion of the transaction, the chief executive officer now directly owns 150,973 shares in the company, valued at $10,500,172.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.18% of the company’s stock.

Public Service Enterprise Group Price Performance

Shares of NYSE:PEG opened at $76.29 on Thursday. The firm’s 50 day moving average is $73.73 and its two-hundred day moving average is $66.50. Public Service Enterprise Group Incorporated has a 52 week low of $53.71 and a 52 week high of $76.40. The firm has a market capitalization of $38.00 billion, a P/E ratio of 21.13, a PEG ratio of 3.10 and a beta of 0.59. The company has a current ratio of 0.79, a quick ratio of 0.62 and a debt-to-equity ratio of 1.19.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.01). The company had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.99 billion. Public Service Enterprise Group had a net margin of 17.65% and a return on equity of 11.10%. The company’s revenue was down 26.5% on a year-over-year basis. During the same quarter last year, the business earned $1.39 earnings per share. Analysts anticipate that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.15%. The ex-dividend date was Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 66.48%.

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.