Korea Investment CORP Grows Stake in Public Service Enterprise Group (PEG)

Korea Investment CORP increased its stake in shares of Public Service Enterprise Group (NYSE:PEG) by 6.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 211,751 shares of the utilities provider’s stock after purchasing an additional 13,355 shares during the period. Korea Investment CORP’s holdings in Public Service Enterprise Group were worth $10,638,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vident Investment Advisory LLC grew its position in Public Service Enterprise Group by 16.2% during the fourth quarter. Vident Investment Advisory LLC now owns 12,498 shares of the utilities provider’s stock valued at $643,000 after buying an additional 1,746 shares during the period. Sterling Capital Management LLC bought a new stake in Public Service Enterprise Group during the fourth quarter valued at approximately $8,808,000. Envestnet Asset Management Inc. grew its position in Public Service Enterprise Group by 1.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 104,787 shares of the utilities provider’s stock valued at $5,396,000 after buying an additional 1,471 shares during the period. Quadrature Capital Ltd bought a new stake in Public Service Enterprise Group during the fourth quarter valued at approximately $1,444,000. Finally, Burney Co. grew its position in Public Service Enterprise Group by 2.4% during the fourth quarter. Burney Co. now owns 139,510 shares of the utilities provider’s stock valued at $7,185,000 after buying an additional 3,235 shares during the period. 68.55% of the stock is owned by hedge funds and other institutional investors.

Public Service Enterprise Group opened at $50.54 on Wednesday, Marketbeat.com reports. Public Service Enterprise Group has a 52-week low of $41.67 and a 52-week high of $53.28. The firm has a market cap of $25.29 billion, a P/E ratio of 17.25, a price-to-earnings-growth ratio of 3.43 and a beta of 0.38. The company has a current ratio of 0.71, a quick ratio of 0.52 and a debt-to-equity ratio of 0.86.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Monday, April 30th. The utilities provider reported $0.97 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.99 by ($0.02). Public Service Enterprise Group had a net margin of 21.68% and a return on equity of 11.22%. The firm had revenue of $2.82 billion during the quarter, compared to analysts’ expectations of $2.74 billion. During the same period in the prior year, the company posted $0.92 EPS. equities research analysts predict that Public Service Enterprise Group will post 3.11 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, June 8th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 3.56%. The ex-dividend date is Thursday, June 7th. Public Service Enterprise Group’s dividend payout ratio is currently 61.43%.

Several brokerages recently issued reports on PEG. Zacks Investment Research upgraded shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating and set a $53.00 target price for the company in a research report on Tuesday, February 13th. Morgan Stanley upped their price target on shares of Public Service Enterprise Group from $53.00 to $54.00 and gave the stock an “overweight” rating in a research report on Thursday, March 8th. Guggenheim reiterated a “buy” rating and issued a $56.00 price target on shares of Public Service Enterprise Group in a research report on Friday, February 23rd. Bank of America upgraded shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating in a research report on Monday, April 16th. Finally, UBS began coverage on shares of Public Service Enterprise Group in a research report on Friday, February 2nd. They issued a “neutral” rating and a $52.00 price target for the company. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Public Service Enterprise Group currently has an average rating of “Buy” and a consensus target price of $51.89.

In other news, Chairman Ralph Izzo sold 20,833 shares of the company’s stock in a transaction dated Thursday, March 1st. The shares were sold at an average price of $48.36, for a total value of $1,007,483.88. Following the transaction, the chairman now directly owns 652,180 shares in the company, valued at $31,539,424.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Tamara Louise Linde sold 16,400 shares of the company’s stock in a transaction dated Monday, April 16th. The stock was sold at an average price of $50.36, for a total transaction of $825,904.00. Following the completion of the transaction, the executive vice president now owns 51,604 shares in the company, valued at $2,598,777.44. The disclosure for this sale can be found here. In the last three months, insiders sold 78,899 shares of company stock worth $3,956,687. Insiders own 0.58% of the company’s stock.

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; and 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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