New York Life Investment Management LLC Has $6.23 Million Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

New York Life Investment Management LLC lifted its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 73,726 shares of the utilities provider’s stock after buying an additional 263 shares during the period. New York Life Investment Management LLC’s holdings in Public Service Enterprise Group were worth $6,229,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Checchi Capital Advisers LLC boosted its position in shares of Public Service Enterprise Group by 3.7% during the fourth quarter. Checchi Capital Advisers LLC now owns 7,378 shares of the utilities provider’s stock valued at $623,000 after buying an additional 261 shares during the last quarter. Illinois Municipal Retirement Fund boosted its position in shares of Public Service Enterprise Group by 6.4% during the fourth quarter. Illinois Municipal Retirement Fund now owns 145,903 shares of the utilities provider’s stock valued at $12,327,000 after buying an additional 8,751 shares during the last quarter. Amalgamated Bank boosted its position in shares of Public Service Enterprise Group by 1.2% during the fourth quarter. Amalgamated Bank now owns 102,144 shares of the utilities provider’s stock valued at $8,630,000 after buying an additional 1,203 shares during the last quarter. FourThought Financial Partners LLC purchased a new position in shares of Public Service Enterprise Group during the fourth quarter valued at approximately $377,000. Finally, IFP Advisors Inc boosted its position in shares of Public Service Enterprise Group by 14.3% during the fourth quarter. IFP Advisors Inc now owns 17,341 shares of the utilities provider’s stock valued at $1,465,000 after buying an additional 2,171 shares during the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Performance

NYSE:PEG opened at $81.09 on Friday. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. Public Service Enterprise Group Incorporated has a 52-week low of $61.48 and a 52-week high of $95.22. The firm has a market cap of $40.40 billion, a price-to-earnings ratio of 19.92, a PEG ratio of 2.78 and a beta of 0.64. The business’s fifty day moving average is $84.78 and its 200 day moving average is $85.99.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.01. The company had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.54 EPS. Research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Monday, March 10th. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.60. This represents a $2.52 annualized dividend and a dividend yield of 3.11%. Public Service Enterprise Group’s dividend payout ratio is 71.19%.

Analysts Set New Price Targets

Several brokerages recently issued reports on PEG. BMO Capital Markets lifted their target price on Public Service Enterprise Group from $85.00 to $86.00 and gave the company a “market perform” rating in a research report on Wednesday. Scotiabank boosted their price objective on Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a research report on Thursday, December 12th. Wells Fargo & Company cut their price objective on Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday. Barclays cut Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $88.00 to $84.00 in a research report on Monday, January 27th. Finally, Guggenheim reissued a “buy” rating and issued a $98.00 price objective on shares of Public Service Enterprise Group in a research report on Wednesday. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $89.50.

Insider Activity

In other news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $83.10, for a total transaction of $114,511.80. Following the transaction, the chief executive officer now directly owns 126,791 shares in the company, valued at approximately $10,536,332.10. This represents a 1.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.57% 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.