Jennison Associates LLC Boosts Holdings in Public Service Enterprise Group Inc. (NYSE:PEG)

Jennison Associates LLC grew its position in Public Service Enterprise Group Inc. (NYSE:PEG) by 94.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,107,621 shares of the utilities provider’s stock after purchasing an additional 539,167 shares during the quarter. Jennison Associates LLC owned approximately 0.22% of Public Service Enterprise Group worth $65,804,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of PEG. Norges Bank bought a new position in Public Service Enterprise Group during the fourth quarter worth $179,057,000. Oregon Public Employees Retirement Fund boosted its stake in Public Service Enterprise Group by 5,062.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,859,627 shares of the utilities provider’s stock worth $55,000 after acquiring an additional 2,804,229 shares in the last quarter. Ceredex Value Advisors LLC bought a new position in Public Service Enterprise Group during the first quarter worth $147,966,000. Zimmer Partners LP boosted its stake in Public Service Enterprise Group by 130.5% during the fourth quarter. Zimmer Partners LP now owns 2,251,689 shares of the utilities provider’s stock worth $117,200,000 after acquiring an additional 1,275,000 shares in the last quarter. Finally, California Public Employees Retirement System boosted its stake in Public Service Enterprise Group by 43.0% during the fourth quarter. California Public Employees Retirement System now owns 2,757,057 shares of the utilities provider’s stock worth $143,505,000 after acquiring an additional 829,305 shares in the last quarter. 68.80% of the stock is currently owned by institutional investors.

Several brokerages recently issued reports on PEG. Morgan Stanley increased their target price on shares of Public Service Enterprise Group from $67.00 to $69.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. JPMorgan Chase & Co. lowered shares of Public Service Enterprise Group from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $64.00 to $62.00 in a research note on Tuesday, April 23rd. KeyCorp began coverage on shares of Public Service Enterprise Group in a report on Tuesday, June 4th. They set a “sector weight” rating and a $59.40 price objective on the stock. Deutsche Bank downgraded shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating and set a $58.56 price objective on the stock. in a report on Thursday, February 28th. Finally, Mizuho upped their price objective on shares of Public Service Enterprise Group from $61.50 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, May 29th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Public Service Enterprise Group currently has a consensus rating of “Buy” and an average target price of $60.75.

Shares of PEG stock traded up $0.03 on Friday, hitting $58.82. The stock had a trading volume of 5,083,000 shares, compared to its average volume of 2,759,894. The company’s 50 day moving average is $60.11. The company has a market cap of $29.67 billion, a PE ratio of 18.85, a price-to-earnings-growth ratio of 3.16 and a beta of 0.41. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.52 and a current ratio of 0.68. Public Service Enterprise Group Inc. has a 12-month low of $49.22 and a 12-month high of $61.63.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $1.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.08. The company had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $2.78 billion. Public Service Enterprise Group had a net margin of 16.03% and a return on equity of 11.35%. During the same quarter in the prior year, the company posted $0.97 earnings per share. As a group, equities analysts forecast that Public Service Enterprise Group Inc. will post 3.28 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders 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 annualized dividend and a dividend yield of 3.20%. Public Service Enterprise Group’s dividend payout ratio is currently 60.26%.

In related news, EVP Tamara Louise Linde sold 13,535 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $60.04, for a total transaction of $812,641.40. Following the completion of the transaction, the executive vice president now owns 49,909 shares in the company, valued at $2,996,536.36. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Chairman Ralph Izzo sold 52,407 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $58.49, for a total transaction of $3,065,285.43. Following the transaction, the chairman now owns 464,006 shares of the company’s stock, valued at approximately $27,139,710.94. The disclosure for this sale can be found here. In the last quarter, insiders sold 176,955 shares of company stock valued at $10,423,001. 0.51% of the stock is currently owned by corporate insiders.

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.

Recommended Story: Return On Assets

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.