Van ECK Associates Corp Raises Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Van ECK Associates Corp increased its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 22.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 466,761 shares of the utilities provider’s stock after purchasing an additional 85,464 shares during the period. Van ECK Associates Corp’s holdings in Public Service Enterprise Group were worth $42,349,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in PEG. Raymond James & Associates lifted its holdings in shares of Public Service Enterprise Group by 30.1% in the 3rd quarter. Raymond James & Associates now owns 2,869,113 shares of the utilities provider’s stock valued at $255,954,000 after buying an additional 663,012 shares during the period. Hamlin Capital Management LLC raised its position in Public Service Enterprise Group by 7.2% in the third quarter. Hamlin Capital Management LLC now owns 2,427,336 shares of the utilities provider’s stock worth $216,543,000 after acquiring an additional 162,731 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in Public Service Enterprise Group by 43.2% in the second quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock valued at $178,763,000 after acquiring an additional 732,443 shares during the period. abrdn plc boosted its position in shares of Public Service Enterprise Group by 10.2% during the 3rd quarter. abrdn plc now owns 1,792,186 shares of the utilities provider’s stock worth $159,074,000 after purchasing an additional 165,995 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Public Service Enterprise Group by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,734,257 shares of the utilities provider’s stock worth $127,809,000 after purchasing an additional 163,333 shares during the period. Institutional investors and hedge funds own 73.34% of the company’s stock.

Insider Buying and Selling

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 19,127 shares of the business’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 transaction, the executive vice president now directly owns 67,524 shares in the company, valued at approximately $5,419,476.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $90.20, for a total transaction of $124,295.60. Following the transaction, the chief executive officer now owns 147,514 shares of the company’s stock, valued at $13,305,762.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Tamara Louise Linde sold 19,127 shares of Public Service Enterprise Group stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $80.26, for a total transaction 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. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 41,010 shares of company stock worth $3,397,855. 0.57% of the stock is owned by insiders.

Public Service Enterprise Group Price Performance

Public Service Enterprise Group stock opened at $87.31 on Monday. The stock has a market capitalization of $43.49 billion, a P/E ratio of 26.46, a P/E/G ratio of 2.94 and a beta of 0.61. Public Service Enterprise Group Incorporated has a 12-month low of $56.85 and a 12-month high of $92.20. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.65 and a quick ratio of 0.46. The firm’s 50-day moving average is $86.48 and its two-hundred day moving average is $78.75.

Wall Street Analyst Weigh In

Several brokerages recently commented on PEG. Evercore ISI raised their price objective on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. BMO Capital Markets lifted their price target on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a research report on Monday, October 21st. LADENBURG THALM/SH SH upgraded Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 5th. Wells Fargo & Company boosted their target price on Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, Jefferies Financial Group began coverage on Public Service Enterprise Group in a research report on Friday, September 13th. They issued a “hold” rating and a $85.00 price target for the company. Four analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.46.

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.