Hartford Investment Management Co. Acquires 137,879 Shares of Public Service Enterprise Group Inc. (NYSE:PEG)

Hartford Investment Management Co. boosted its holdings in Public Service Enterprise Group Inc. (NYSE:PEG) by 215.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 201,824 shares of the utilities provider’s stock after acquiring an additional 137,879 shares during the quarter. Hartford Investment Management Co.’s holdings in Public Service Enterprise Group were worth $11,871,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in PEG. Zions Bancorporation N.A. bought a new position in Public Service Enterprise Group in the 1st quarter valued at about $25,000. Thor Advisors LLC bought a new position in Public Service Enterprise Group in the 1st quarter valued at about $45,000. Truvestments Capital LLC bought a new position in Public Service Enterprise Group in the 1st quarter valued at about $49,000. Icon Wealth Partners LLC bought a new position in Public Service Enterprise Group in the 1st quarter valued at about $58,000. Finally, Weaver Consulting Group bought a new position in Public Service Enterprise Group in the 1st quarter valued at about $69,000. 68.82% of the stock is currently owned by institutional investors and hedge funds.

NYSE:PEG opened at $57.01 on Monday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.52 and a current ratio of 0.79. The stock has a market cap of $28.76 billion, a price-to-earnings ratio of 18.27, a price-to-earnings-growth ratio of 7.73 and a beta of 0.33. Public Service Enterprise Group Inc. has a 52 week low of $49.22 and a 52 week high of $61.63. The company has a 50-day moving average price of $59.79.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.04). The firm had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.23 billion. Public Service Enterprise Group had a net margin of 14.41% and a return on equity of 11.02%. During the same quarter last year, the business posted $0.64 EPS. Analysts expect that Public Service Enterprise Group Inc. will post 3.24 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be paid a $0.47 dividend. The ex-dividend date is Friday, September 6th. This represents a $1.88 annualized dividend and a yield of 3.30%. Public Service Enterprise Group’s dividend payout ratio (DPR) is 60.26%.

In other Public Service Enterprise Group news, Chairman Ralph Izzo sold 52,407 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $58.78, for a total value of $3,080,483.46. Following the completion of the sale, the chairman now owns 419,818 shares in the company, valued at approximately $24,676,902.04. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, COO Ralph A. Larossa sold 1,650 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $57.15, for a total transaction of $94,297.50. Following the sale, the chief operating officer now owns 81,768 shares of the company’s stock, valued at approximately $4,673,041.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 164,046 shares of company stock valued at $9,530,682. Company insiders own 0.51% of the company’s stock.

Several equities analysts recently weighed in on PEG shares. Citigroup cut shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 price target on the stock. in a research report on Monday, July 29th. KeyCorp started coverage on shares of Public Service Enterprise Group in a research report on Tuesday, June 4th. They issued a “sector weight” rating and a $59.40 price target on the stock. Bank of America cut shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $65.00 price target on the stock. in a research report on Friday, July 19th. ValuEngine lowered shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Mizuho increased their price objective on shares of Public Service Enterprise Group from $61.50 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, May 29th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $62.41.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid- Atlantic United States. It operates through two segments, PSE&G and Power. The PSE&G segment transmits electricity; distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs to customers.

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Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

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