Kentucky Retirement Systems Insurance Trust Fund Grows Stock Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Kentucky Retirement Systems Insurance Trust Fund raised its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 21.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 17,914 shares of the utilities provider’s stock after buying an additional 3,165 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Public Service Enterprise Group were worth $1,514,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Old Port Advisors lifted its position in shares of Public Service Enterprise Group by 0.5% during the third quarter. Old Port Advisors now owns 23,527 shares of the utilities provider’s stock valued at $2,099,000 after buying an additional 113 shares during the last quarter. Center for Financial Planning Inc. raised its position in shares of Public Service Enterprise Group by 3.0% in the 4th quarter. Center for Financial Planning Inc. now owns 4,126 shares of the utilities provider’s stock valued at $349,000 after purchasing an additional 120 shares during the last quarter. Spire Wealth Management raised its position in shares of Public Service Enterprise Group by 2.4% in the 4th quarter. Spire Wealth Management now owns 5,207 shares of the utilities provider’s stock valued at $440,000 after purchasing an additional 121 shares during the last quarter. First Commonwealth Financial Corp PA raised its position in shares of Public Service Enterprise Group by 1.3% in the 3rd quarter. First Commonwealth Financial Corp PA now owns 9,444 shares of the utilities provider’s stock valued at $842,000 after purchasing an additional 123 shares during the last quarter. Finally, Cigna Investments Inc. New raised its position in shares of Public Service Enterprise Group by 2.5% in the 3rd quarter. Cigna Investments Inc. New now owns 5,053 shares of the utilities provider’s stock valued at $451,000 after purchasing an additional 124 shares during the last quarter. 73.34% of the stock is owned by hedge funds and other institutional investors.

Public Service Enterprise Group Price Performance

NYSE:PEG opened at $84.83 on Wednesday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48. The firm has a market cap of $42.26 billion, a price-to-earnings ratio of 20.84, a price-to-earnings-growth ratio of 2.77 and a beta of 0.64. The company has a 50 day moving average price of $85.07 and a 200-day moving average price of $85.85. Public Service Enterprise Group Incorporated has a 1-year low of $59.29 and a 1-year high of $95.22.

Public Service Enterprise Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 2.97%. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.60. The ex-dividend date is Monday, March 10th. Public Service Enterprise Group’s payout ratio is 58.97%.

Analyst Upgrades and Downgrades

PEG has been the subject of several research analyst reports. Scotiabank increased their price objective on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a research report on Thursday, December 12th. UBS Group increased their price objective on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Barclays lowered shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $88.00 to $84.00 in a research report on Monday, January 27th. Finally, Guggenheim reaffirmed a “buy” rating on shares of Public Service Enterprise Group in a research report on Wednesday, December 11th. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Public Service Enterprise Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.83.

Insider Activity

In other news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $84.91, for a total transaction of $117,005.98. Following the completion of the transaction, the chief executive officer now directly owns 144,212 shares of the company’s stock, valued at $12,245,040.92. The trade was a 0.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.18% of the company’s stock.

Public Service Enterprise Group Company 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.