Zurich Insurance Group Ltd FI Makes New $9.66 Million Investment in Public Service Enterprise Group Inc. (NYSE:PEG)

Zurich Insurance Group Ltd FI bought a new position in shares of Public Service Enterprise Group Inc. (NYSE:PEG) during the 2nd quarter, Holdings Channel.com reports. The firm bought 164,226 shares of the utilities provider’s stock, valued at approximately $9,660,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Morgan Stanley raised its stake in Public Service Enterprise Group by 37.5% during the 2nd quarter. Morgan Stanley now owns 1,995,115 shares of the utilities provider’s stock worth $117,353,000 after buying an additional 543,985 shares during the period. Man Group plc raised its stake in Public Service Enterprise Group by 54.0% during the 2nd quarter. Man Group plc now owns 434,641 shares of the utilities provider’s stock worth $25,565,000 after buying an additional 152,482 shares during the period. Capital Bank & Trust Co raised its stake in Public Service Enterprise Group by 319.0% during the 2nd quarter. Capital Bank & Trust Co now owns 1,764 shares of the utilities provider’s stock worth $104,000 after buying an additional 1,343 shares during the period. Marshall Wace North America L.P. bought a new stake in Public Service Enterprise Group during the 2nd quarter worth approximately $6,555,000. Finally, Balyasny Asset Management LLC bought a new stake in Public Service Enterprise Group during the 2nd quarter worth approximately $4,213,000. 69.39% of the stock is currently owned by hedge funds and other institutional investors.

PEG has been the subject of a number of recent research reports. Mizuho boosted their price objective on Public Service Enterprise Group from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Barclays initiated coverage on Public Service Enterprise Group in a report on Tuesday, August 13th. They set an “overweight” rating and a $63.00 price objective for the company. KeyCorp initiated coverage on Public Service Enterprise Group in a report on Tuesday, June 4th. They set a “sector weight” rating and a $59.40 price objective for the company. UBS Group boosted their price objective on Public Service Enterprise Group from $67.00 to $71.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, Morgan Stanley boosted their price objective on Public Service Enterprise Group from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $62.61.

PEG traded up $0.08 during midday trading on Friday, reaching $61.80. 2,903,083 shares of the company were exchanged, compared to its average volume of 1,920,506. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.59 and a current ratio of 0.79. The company’s fifty day moving average price is $59.22 and its 200 day moving average price is $59.50. The company has a market cap of $31.11 billion, a price-to-earnings ratio of 19.81, a price-to-earnings-growth ratio of 6.09 and a beta of 0.29. Public Service Enterprise Group Inc. has a one year low of $49.22 and a one year high of $62.22.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Tuesday, July 30th. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.04). The business had revenue of $2.32 billion during the quarter, compared to the consensus estimate 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 period in the prior year, the company earned $0.64 earnings per share. As a group, sell-side analysts anticipate that Public Service Enterprise Group Inc. will post 3.23 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.04%. The ex-dividend date is Friday, September 6th. Public Service Enterprise Group’s dividend payout ratio is presently 60.26%.

In other news, COO Ralph A. Larossa sold 1,650 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $60.82, for a total value of $100,353.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel J. Cregg sold 625 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $60.45, for a total value of $37,781.25. Following the completion of the transaction, the chief financial officer now directly owns 60,208 shares of the company’s stock, valued at $3,639,573.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 113,815 shares of company stock valued at $6,583,003. 0.51% of the stock is currently owned by corporate insiders.

Public Service Enterprise Group 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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