CFS Investment Advisory Services LLC bought a new position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 13,678 shares of the utilities provider’s stock, valued at approximately $856,000.
Several other large investors also recently bought and sold shares of PEG. Cranbrook Wealth Management LLC acquired a new position in shares of Public Service Enterprise Group during the first quarter worth about $25,000. Impact Partnership Wealth LLC acquired a new position in Public Service Enterprise Group during the 2nd quarter worth approximately $25,000. Northwest Investment Counselors LLC purchased a new stake in shares of Public Service Enterprise Group in the 2nd quarter valued at approximately $30,000. Ahrens Investment Partners LLC purchased a new stake in shares of Public Service Enterprise Group in the 1st quarter valued at approximately $31,000. Finally, ICA Group Wealth Management LLC acquired a new stake in shares of Public Service Enterprise Group in the 4th quarter valued at $31,000. Hedge funds and other institutional investors own 72.28% of the company’s stock.
Public Service Enterprise Group Trading Down 3.9 %
NYSE PEG opened at $54.69 on Tuesday. The firm’s fifty day moving average is $60.68 and its two-hundred day moving average is $61.68. Public Service Enterprise Group Incorporated has a one year low of $52.51 and a one year high of $65.46. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.52 and a current ratio of 0.67. The firm has a market cap of $27.30 billion, a PE ratio of 9.84, a P/E/G ratio of 3.02 and a beta of 0.60.
Public Service Enterprise Group (NYSE:PEG – Get Free Report) last issued its quarterly earnings results on Tuesday, August 1st. The utilities provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.09. Public Service Enterprise Group had a return on equity of 12.64% and a net margin of 23.99%. The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $1.95 billion. During the same quarter in the previous year, the firm posted $0.64 EPS. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. Analysts expect that Public Service Enterprise Group Incorporated will post 3.45 earnings per share for the current year.
Public Service Enterprise Group Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 8th were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 4.17%. The ex-dividend date of this dividend was Thursday, September 7th. Public Service Enterprise Group’s dividend payout ratio is presently 41.01%.
Analysts Set New Price Targets
Several research firms recently commented on PEG. Mizuho increased their target price on Public Service Enterprise Group from $60.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, August 29th. JPMorgan Chase & Co. boosted their target price on Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, August 17th. Royal Bank of Canada dropped their price target on shares of Public Service Enterprise Group from $70.00 to $69.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 6th. BMO Capital Markets reduced their price objective on shares of Public Service Enterprise Group from $66.00 to $64.00 and set a “market perform” rating for the company in a research report on Wednesday, August 2nd. Finally, Barclays initiated coverage on shares of Public Service Enterprise Group in a research report on Wednesday, August 23rd. They issued an “overweight” rating and a $64.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $65.46.
Get Our Latest Stock Report on Public Service Enterprise Group
Insider Activity at Public Service Enterprise Group
In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 8,074 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $64.45, for a total transaction of $520,369.30. Following the completion of the transaction, the chief executive officer now owns 115,306 shares in the company, valued at approximately $7,431,471.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 8,474 shares of company stock worth $544,647 in the last three months. Insiders own 0.57% of the company’s stock.
Public Service Enterprise Group Company Profile
Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in Mid-Atlantic United States. The company operates through PSE&G and PSEG 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.
Further Reading
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