Bank of Nova Scotia reduced its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG – Free Report) by 89.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 58,729 shares of the utilities provider’s stock after selling 474,625 shares during the quarter. Bank of Nova Scotia’s holdings in Public Service Enterprise Group were worth $3,591,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of Public Service Enterprise Group by 13.0% in the third quarter. Vanguard Group Inc. now owns 61,673,935 shares of the utilities provider’s stock worth $3,509,864,000 after acquiring an additional 7,103,657 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Public Service Enterprise Group by 2.2% in the third quarter. JPMorgan Chase & Co. now owns 33,020,997 shares of the utilities provider’s stock worth $1,879,225,000 after acquiring an additional 726,613 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Public Service Enterprise Group by 1.3% in the third quarter. Legal & General Group Plc now owns 7,049,245 shares of the utilities provider’s stock worth $401,173,000 after acquiring an additional 87,974 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Public Service Enterprise Group by 2.8% in the third quarter. Northern Trust Corp now owns 6,156,996 shares of the utilities provider’s stock worth $350,395,000 after acquiring an additional 170,586 shares in the last quarter. Finally, Morgan Stanley increased its holdings in shares of Public Service Enterprise Group by 4.1% in the third quarter. Morgan Stanley now owns 5,612,490 shares of the utilities provider’s stock worth $319,407,000 after acquiring an additional 221,071 shares in the last quarter. 73.34% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
PEG has been the subject of several recent analyst reports. Evercore ISI increased their price target on Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. BMO Capital Markets reduced their price objective on Public Service Enterprise Group from $64.00 to $63.00 and set a “market perform” rating for the company in a research report on Tuesday, February 27th. TheStreet raised Public Service Enterprise Group from a “c+” rating to a “b-” rating in a research report on Wednesday, March 6th. Royal Bank of Canada upped their price objective on Public Service Enterprise Group from $70.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, March 7th. Finally, Scotiabank reduced their price objective on Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating for the company in a research report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Public Service Enterprise Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.92.
Get Our Latest Analysis on Public Service Enterprise Group
Public Service Enterprise Group Stock Performance
Shares of NYSE PEG opened at $74.32 on Wednesday. The stock has a 50 day moving average price of $70.05 and a 200 day moving average price of $64.54. Public Service Enterprise Group Incorporated has a 52 week low of $53.71 and a 52 week high of $75.82. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.62 and a current ratio of 0.79. The stock has a market capitalization of $37.02 billion, a PE ratio of 20.59, a price-to-earnings-growth ratio of 3.79 and a beta of 0.59.
Public Service Enterprise Group (NYSE:PEG – Get Free Report) last released its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.01). The business had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.99 billion. Public Service Enterprise Group had a net margin of 17.65% and a return on equity of 11.10%. Public Service Enterprise Group’s quarterly revenue was down 26.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.39 EPS. Analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.
Public Service Enterprise Group Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $2.40 annualized dividend and a yield of 3.23%. Public Service Enterprise Group’s dividend payout ratio is 66.48%.
Insider Buying and Selling at Public Service Enterprise Group
In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 4,800 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $64.18, for a total value of $308,064.00. Following the sale, the senior vice president now owns 31,122 shares in the company, valued at $1,997,409.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Richard T. Thigpen sold 4,800 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $64.18, for a total transaction of $308,064.00. Following the transaction, the senior vice president now owns 31,122 shares in the company, valued at $1,997,409.96. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $66.37, for a total value of $91,192.38. Following the transaction, the chief executive officer now owns 152,347 shares in the company, valued at approximately $10,111,270.39. The disclosure for this sale can be found here. Insiders have sold 7,948 shares of company stock worth $520,814 over the last 90 days. Company insiders own 0.18% of the company’s stock.
Public Service Enterprise Group 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.
Read More
Want to see what other hedge funds are holding PEG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Service Enterprise Group Incorporated (NYSE:PEG – Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Public Service Enterprise Group, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Public Service Enterprise Group wasn’t on the list.
While Public Service Enterprise Group currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
Click the link below and we’ll send you MarketBeat’s guide to investing in 5G and which 5G stocks show the most promise.
