GAM Holding AG Makes New $1.60 Million Investment in Public Service Enterprise Group Incorporated (NYSE:PEG)

GAM Holding AG purchased a new position in Public Service Enterprise Group Incorporated (NYSE:PEG) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 19,458 shares of the utilities provider’s stock, valued at approximately $1,601,000.

Several other hedge funds have also bought and sold shares of the stock. Ninepoint Partners LP increased its holdings in shares of Public Service Enterprise Group by 14.1% in the 4th quarter. Ninepoint Partners LP now owns 14,786 shares of the utilities provider’s stock worth $1,249,000 after buying an additional 1,830 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Public Service Enterprise Group by 15.8% in the 1st quarter. SG Americas Securities LLC now owns 11,848 shares of the utilities provider’s stock worth $975,000 after buying an additional 1,618 shares during the last quarter. Welch & Forbes LLC increased its holdings in shares of Public Service Enterprise Group by 171.6% in the 4th quarter. Welch & Forbes LLC now owns 11,170 shares of the utilities provider’s stock worth $944,000 after buying an additional 7,058 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Public Service Enterprise Group by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 60,775,030 shares of the utilities provider’s stock worth $5,134,882,000 after buying an additional 492,517 shares during the last quarter. Finally, Grantvest Financial Group LLC bought a new stake in shares of Public Service Enterprise Group in the 4th quarter worth about $215,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Insider Transactions at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $79.26, for a total value of $109,220.28. Following the completion of the sale, the chief executive officer now owns 221,093 shares of the company’s stock, valued at approximately $17,523,831.18. This represents a 0.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.19% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Evercore ISI reduced their target price on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an “outperform” rating on the stock in a report on Thursday, May 1st. BMO Capital Markets reduced their target price on shares of Public Service Enterprise Group from $86.00 to $83.00 and set a “market perform” rating on the stock in a report on Thursday, April 10th. LADENBURG THALM/SH SH downgraded shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $82.50 price target on the stock. in a report on Wednesday, March 19th. Barclays cut their price target on shares of Public Service Enterprise Group from $84.00 to $83.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 8th. Finally, Wall Street Zen downgraded shares of Public Service Enterprise Group from a “hold” rating to a “sell” rating in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $89.54.

Public Service Enterprise Group Price Performance

Public Service Enterprise Group stock opened at $82.08 on Friday. The stock has a market cap of $40.96 billion, a price-to-earnings ratio of 22.43, a price-to-earnings-growth ratio of 2.94 and a beta of 0.48. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.82 and a quick ratio of 0.65. Public Service Enterprise Group Incorporated has a 1 year low of $72.82 and a 1 year high of $95.22. The firm has a 50-day moving average of $80.35 and a two-hundred day moving average of $82.53.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.43. The company had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.15 billion. Public Service Enterprise Group had a net margin of 17.01% and a return on equity of 11.80%. The firm’s quarterly revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.31 EPS. On average, research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 9th will be given a $0.63 dividend. The ex-dividend date of this dividend is Monday, June 9th. This represents a $2.52 annualized dividend and a dividend yield of 3.07%. Public Service Enterprise Group’s payout ratio is presently 68.85%.

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.