Harvest Fund Management Co. Ltd Increases Stock Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Harvest Fund Management Co. Ltd raised its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 307.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,674 shares of the utilities provider’s stock after purchasing an additional 3,526 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Public Service Enterprise Group were worth $417,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PEG. Family Firm Inc. purchased a new stake in Public Service Enterprise Group in the second quarter worth about $33,000. OFI Invest Asset Management bought a new position in shares of Public Service Enterprise Group in the 2nd quarter worth approximately $35,000. Ashton Thomas Securities LLC purchased a new position in shares of Public Service Enterprise Group in the 3rd quarter valued at approximately $35,000. Northwest Investment Counselors LLC bought a new stake in shares of Public Service Enterprise Group during the third quarter valued at approximately $48,000. Finally, Country Trust Bank purchased a new stake in Public Service Enterprise Group in the second quarter worth $52,000. 73.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Public Service Enterprise Group

In related news, SVP Richard T. Thigpen sold 5,900 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $87.95, for a total value of $518,905.00. Following the transaction, the senior vice president now directly owns 25,829 shares of the company’s stock, valued at approximately $2,271,660.55. This trade represents a 18.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Tamara Louise Linde sold 9,564 shares of the business’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $90.61, for a total value of $866,594.04. Following the sale, the executive vice president now directly owns 48,397 shares of the company’s stock, valued at $4,385,252.17. This represents a 16.50 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,739 shares of company stock valued at $2,467,753. 0.57% of the stock is owned by company insiders.

Public Service Enterprise Group Price Performance

PEG opened at $94.51 on Wednesday. The company’s 50-day simple moving average is $88.74 and its two-hundred day simple moving average is $81.01. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. The stock has a market capitalization of $47.09 billion, a P/E ratio of 23.22, a P/E/G ratio of 3.39 and a beta of 0.61. Public Service Enterprise Group Incorporated has a 52-week low of $56.85 and a 52-week high of $94.67.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.03. The company had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.44 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the company posted $0.85 earnings per share. As a group, analysts predict that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 10th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date is Tuesday, December 10th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 58.97%.

Analyst Ratings Changes

Several brokerages have commented on PEG. Scotiabank raised their price objective on Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 20th. LADENBURG THALM/SH SH raised shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 5th. Bank of America boosted their price target on Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. BMO Capital Markets raised their price objective on Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a research report on Monday, October 21st. Finally, Wells Fargo & Company lifted their price objective on Public Service Enterprise Group from $85.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, October 16th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $86.69.

Public Service Enterprise Group Company Profile

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.