First Hawaiian Bank Takes Position in Public Service Enterprise Group Inc. (PEG)

First Hawaiian Bank acquired a new position in shares of Public Service Enterprise Group Inc. (NYSE:PEG) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 3,666 shares of the utilities provider’s stock, valued at approximately $194,000.

A number of other hedge funds have also made changes to their positions in PEG. Bank of Montreal Can boosted its position in Public Service Enterprise Group by 48.7% during the third quarter. Bank of Montreal Can now owns 579,051 shares of the utilities provider’s stock worth $30,569,000 after purchasing an additional 189,521 shares in the last quarter. Montecito Bank & Trust boosted its position in Public Service Enterprise Group by 28.2% during the third quarter. Montecito Bank & Trust now owns 10,624 shares of the utilities provider’s stock worth $561,000 after purchasing an additional 2,340 shares in the last quarter. Iberiabank Corp purchased a new stake in Public Service Enterprise Group during the third quarter worth $228,000. Clinton Group Inc. boosted its position in Public Service Enterprise Group by 871.0% during the third quarter. Clinton Group Inc. now owns 44,386 shares of the utilities provider’s stock worth $2,343,000 after purchasing an additional 39,815 shares in the last quarter. Finally, DNB Asset Management AS boosted its position in Public Service Enterprise Group by 1.6% during the third quarter. DNB Asset Management AS now owns 78,639 shares of the utilities provider’s stock worth $4,151,000 after purchasing an additional 1,206 shares in the last quarter. 68.48% of the stock is currently owned by hedge funds and other institutional investors.

In other news, Chairman Ralph Izzo sold 49,829 shares of the company’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $52.60, for a total value of $2,621,005.40. Following the sale, the chairman now directly owns 578,910 shares in the company, valued at $30,450,666. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.58% of the stock is owned by corporate insiders.

PEG has been the topic of a number of research analyst reports. Wells Fargo & Co decreased their target price on Public Service Enterprise Group from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Monday, September 17th. Goldman Sachs Group downgraded Public Service Enterprise Group from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $55.00 to $53.00 in a research report on Thursday, July 19th. Macquarie boosted their target price on Public Service Enterprise Group from $55.50 to $57.00 and gave the stock an “outperform” rating in a research report on Monday, September 24th. ValuEngine upgraded Public Service Enterprise Group from a “hold” rating to a “buy” rating in a research report on Thursday, October 11th. Finally, Citigroup upped their price objective on Public Service Enterprise Group from $53.00 to $54.00 and gave the company a “neutral” rating in a research report on Monday, July 9th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $56.46.

Shares of NYSE:PEG opened at $53.39 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.52 and a debt-to-equity ratio of 1.00. Public Service Enterprise Group Inc. has a 52-week low of $46.19 and a 52-week high of $56.68. The firm has a market capitalization of $27.47 billion, a PE ratio of 18.22, a P/E/G ratio of 2.67 and a beta of 0.32.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Tuesday, October 30th. The utilities provider reported $0.95 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.91 by $0.04. Public Service Enterprise Group had a return on equity of 11.24% and a net margin of 23.54%. The business had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.62 billion. During the same period in the prior year, the business earned $0.82 earnings per share. On average, equities analysts anticipate that Public Service Enterprise Group Inc. will post 3.11 EPS for the current fiscal year.

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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