Rockefeller Capital Management L.P. Grows Stake in Public Service Enterprise Group Inc. (NYSE:PEG)

Rockefeller Capital Management L.P. lifted its stake in shares of Public Service Enterprise Group Inc. (NYSE:PEG) by 374.0% in the first quarter, HoldingsChannel reports. The firm owned 1,716 shares of the utilities provider’s stock after buying an additional 1,354 shares during the period. Rockefeller Capital Management L.P.’s holdings in Public Service Enterprise Group were worth $102,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc lifted its position in shares of Public Service Enterprise Group by 1.4% during the 3rd quarter. Vanguard Group Inc now owns 40,281,314 shares of the utilities provider’s stock valued at $2,126,450,000 after acquiring an additional 545,315 shares during the period. Dupont Capital Management Corp raised its holdings in shares of Public Service Enterprise Group by 29.4% during the 4th quarter. Dupont Capital Management Corp now owns 6,986 shares of the utilities provider’s stock worth $364,000 after buying an additional 1,587 shares in the last quarter. ClariVest Asset Management LLC raised its holdings in shares of Public Service Enterprise Group by 34,775.0% during the 4th quarter. ClariVest Asset Management LLC now owns 9,765 shares of the utilities provider’s stock worth $508,000 after buying an additional 9,737 shares in the last quarter. Fort Washington Investment Advisors Inc. OH raised its holdings in shares of Public Service Enterprise Group by 14.1% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 5,942 shares of the utilities provider’s stock worth $309,000 after buying an additional 735 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its holdings in shares of Public Service Enterprise Group by 2.1% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 41,950 shares of the utilities provider’s stock worth $2,184,000 after buying an additional 867 shares in the last quarter. 68.88% of the stock is owned by institutional investors and hedge funds.

In other Public Service Enterprise Group news, Chairman Ralph Izzo sold 52,407 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $58.49, for a total value of $3,065,285.43. Following the completion of the transaction, the chairman now owns 464,006 shares of the company’s stock, valued at approximately $27,139,710.94. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Ralph A. Larossa sold 1,650 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $58.80, for a total value of $97,020.00. Following the completion of the transaction, the chief operating officer now directly owns 85,068 shares of the company’s stock, valued at approximately $5,001,998.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 176,330 shares of company stock valued at $10,384,926. Insiders own 0.51% of the company’s stock.

Shares of PEG opened at $60.96 on Friday. Public Service Enterprise Group Inc. has a 12-month low of $49.22 and a 12-month high of $61.63. The company has a quick ratio of 0.52, a current ratio of 0.68 and a debt-to-equity ratio of 0.91. The stock has a market capitalization of $30.81 billion, a price-to-earnings ratio of 19.54, a PEG ratio of 3.14 and a beta of 0.41.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.08. Public Service Enterprise Group had a return on equity of 11.35% and a net margin of 16.03%. The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $2.78 billion. During the same quarter in the prior year, the firm earned $0.97 EPS. As a group, research analysts forecast that Public Service Enterprise Group Inc. will post 3.27 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a $0.47 dividend. The ex-dividend date is Thursday, June 6th. This represents a $1.88 dividend on an annualized basis and a yield of 3.08%. Public Service Enterprise Group’s payout ratio is presently 60.26%.

A number of research firms have recently commented on PEG. Morgan Stanley boosted their price target on Public Service Enterprise Group from $67.00 to $69.00 and gave the stock an “overweight” rating in a report on Friday. KeyCorp began coverage on Public Service Enterprise Group in a report on Tuesday, June 4th. They set a “sector weight” rating and a $59.40 price target for the company. JPMorgan Chase & Co. cut Public Service Enterprise Group from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $64.00 to $62.00 in a report on Tuesday, April 23rd. Mizuho boosted their price target on Public Service Enterprise Group from $54.00 to $61.50 and gave the stock a “buy” rating in a report on Wednesday, March 13th. Finally, Wells Fargo & Co boosted their price target on Public Service Enterprise Group from $60.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, February 28th. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $60.75.

COPYRIGHT VIOLATION NOTICE: This news story was posted by Markets Daily and is owned by of Markets Daily. If you are accessing this news story on another site, it was copied illegally and republished in violation of United States & international copyright & trademark laws. The correct version of this news story can be viewed at https://www.themarketsdaily.com/2019/06/16/rockefeller-capital-management-l-p-grows-stake-in-public-service-enterprise-group-inc-nysepeg.html.

About Public Service Enterprise Group

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.

Read More: Understanding Analyst Recommendations

Want to see what other hedge funds are holding PEG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Service Enterprise Group Inc. (NYSE:PEG).

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

Receive News & Ratings for Public Service Enterprise Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Service Enterprise Group and related companies with MarketBeat.com's FREE daily email newsletter.