Cullen Investment Group LTD. Boosts Stock Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Cullen Investment Group LTD. grew its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 72.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 16,257 shares of the utilities provider’s stock after buying an additional 6,807 shares during the period. Cullen Investment Group LTD.’s holdings in Public Service Enterprise Group were worth $1,450,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Family Firm Inc. purchased a new position in shares of Public Service Enterprise Group during the 2nd quarter valued at approximately $33,000. OFI Invest Asset Management purchased a new stake in Public Service Enterprise Group in the 2nd quarter worth $35,000. Northwest Investment Counselors LLC purchased a new stake in Public Service Enterprise Group in the 1st quarter worth $36,000. Salomon & Ludwin LLC increased its holdings in Public Service Enterprise Group by 1,866.7% in the 1st quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock worth $39,000 after acquiring an additional 560 shares in the last quarter. Finally, PFS Partners LLC increased its holdings in Public Service Enterprise Group by 90.9% in the 1st quarter. PFS Partners LLC now owns 630 shares of the utilities provider’s stock worth $42,000 after acquiring an additional 300 shares in the last quarter. 73.34% of the stock is owned by hedge funds and other institutional investors.

Public Service Enterprise Group Trading Up 0.5 %

Shares of PEG stock traded up $0.43 on Friday, hitting $92.03. 1,905,044 shares of the stock traded hands, compared to its average volume of 2,816,213. The stock has a market capitalization of $45.84 billion, a PE ratio of 25.49, a PEG ratio of 3.22 and a beta of 0.61. Public Service Enterprise Group Incorporated has a twelve month low of $55.07 and a twelve month high of $92.20. The firm’s 50-day moving average price is $82.58 and its two-hundred day moving average price is $75.28. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.46 and a current ratio of 0.65.

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

Public Service Enterprise Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were paid a dividend of $0.60 per share. The ex-dividend date was Monday, September 9th. This represents a $2.40 dividend on an annualized basis and a yield of 2.61%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 66.48%.

Insider Activity

In related news, EVP Tamara Louise Linde sold 19,127 shares of Public Service Enterprise Group stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 67,524 shares in the company, valued at approximately $5,419,476.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total transaction of $111,190.82. Following the completion of the transaction, the chief executive officer now owns 148,892 shares in the company, valued at $12,014,095.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Tamara Louise Linde sold 19,127 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $80.26, for a total transaction of $1,535,133.02. Following the transaction, the executive vice president now owns 67,524 shares of the company’s stock, valued at $5,419,476.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 31,446 shares of company stock valued at $2,531,260. 0.57% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently commented on PEG shares. Guggenheim raised shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price target for the company in a report on Monday, June 17th. Bank of America lifted their target price on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Morgan Stanley lifted their target price on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Royal Bank of Canada lifted their target price 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. Finally, BMO Capital Markets lifted their target price on shares of Public Service Enterprise Group from $78.00 to $86.00 and gave the stock a “market perform” rating in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $81.46.

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.