Sound Shore Management Inc. CT Invests $71.30 Million in Public Service Enterprise Group Incorporated (NYSE:PEG)

Sound Shore Management Inc. CT bought a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 967,413 shares of the utilities provider’s stock, valued at approximately $71,298,000. Public Service Enterprise Group makes up approximately 2.4% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 26th largest position.

Several other hedge funds also recently bought and sold shares of PEG. Brighton Jones LLC grew its holdings in Public Service Enterprise Group by 1.8% during the 2nd quarter. Brighton Jones LLC now owns 7,430 shares of the utilities provider’s stock valued at $548,000 after buying an additional 131 shares in the last quarter. Bryn Mawr Capital Management LLC lifted its holdings in shares of Public Service Enterprise Group by 0.5% in the second quarter. Bryn Mawr Capital Management LLC now owns 25,739 shares of the utilities provider’s stock worth $1,905,000 after buying an additional 135 shares in the last quarter. Crestwood Advisors Group LLC boosted its position in shares of Public Service Enterprise Group by 4.1% during the second quarter. Crestwood Advisors Group LLC now owns 3,853 shares of the utilities provider’s stock worth $284,000 after acquiring an additional 153 shares during the last quarter. Evergreen Wealth Solutions LLC grew its stake in Public Service Enterprise Group by 1.7% during the first quarter. Evergreen Wealth Solutions LLC now owns 9,697 shares of the utilities provider’s stock valued at $648,000 after acquiring an additional 159 shares in the last quarter. Finally, Coldstream Capital Management Inc. increased its holdings in Public Service Enterprise Group by 1.9% in the 2nd quarter. Coldstream Capital Management Inc. now owns 9,144 shares of the utilities provider’s stock valued at $674,000 after acquiring an additional 172 shares during the last quarter. Institutional investors own 73.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PEG has been the subject of a number of recent research reports. Guggenheim raised shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 target price for the company in a report on Monday, June 17th. BMO Capital Markets upped their price objective on Public Service Enterprise Group from $78.00 to $86.00 and gave the company a “market perform” rating in a research report on Friday, August 2nd. Scotiabank raised their target price on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. Bank of America raised their price target on Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Finally, Royal Bank of Canada boosted their price objective on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a research note on Monday, July 15th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $77.92.

Public Service Enterprise Group Trading Up 4.0 %

NYSE:PEG opened at $86.76 on Friday. The firm has a fifty day simple moving average of $79.70 and a 200-day simple moving average of $73.54. Public Service Enterprise Group Incorporated has a 12 month low of $53.71 and a 12 month high of $86.83. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.16. The company has a market capitalization of $43.21 billion, a P/E ratio of 24.03, a PEG ratio of 3.09 and a beta of 0.60.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The company’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.70 earnings per share. On average, equities research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.77%. The ex-dividend date is Monday, September 9th. Public Service Enterprise Group’s payout ratio is currently 66.48%.

Insiders Place Their Bets

In other news, EVP Tamara Louise Linde sold 19,127 shares of Public Service Enterprise Group stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $80.26, for a total value of $1,535,133.02. Following the sale, the executive vice president now owns 67,524 shares in the company, valued at $5,419,476.24. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total value of $111,190.82. Following the completion of the sale, the chief executive officer now directly owns 148,892 shares in the company, valued at $12,014,095.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Tamara Louise Linde sold 19,127 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $80.26, for a total value of $1,535,133.02. Following the completion of the sale, the executive vice president now directly owns 67,524 shares of the company’s stock, valued at $5,419,476.24. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,068 shares of company stock worth $2,406,965. 0.57% of the stock is owned by corporate insiders.

Public Service Enterprise Group 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.