Lazard Asset Management LLC reduced its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG – Free Report) by 17.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 48,367 shares of the utilities provider’s stock after selling 10,032 shares during the period. Lazard Asset Management LLC’s holdings in Public Service Enterprise Group were worth $3,229,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Addison Advisors LLC acquired a new stake in Public Service Enterprise Group during the 4th quarter worth approximately $31,000. Northwest Investment Counselors LLC acquired a new position in Public Service Enterprise Group in the 1st quarter valued at $36,000. Salomon & Ludwin LLC raised its holdings in Public Service Enterprise Group by 1,866.7% in the 1st quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 560 shares in the last quarter. PFS Partners LLC increased its stake in shares of Public Service Enterprise Group by 90.9% in the 1st quarter. PFS Partners LLC now owns 630 shares of the utilities provider’s stock valued at $42,000 after purchasing an additional 300 shares during the last quarter. Finally, YHB Investment Advisors Inc. bought a new position in shares of Public Service Enterprise Group in the 1st quarter valued at $45,000. 73.34% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on PEG. BMO Capital Markets lifted their price target on Public Service Enterprise Group from $69.00 to $74.00 and gave the company a “market perform” rating in a research note on Wednesday, July 3rd. Scotiabank decreased their price target on Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating on the stock in a research note on Monday, April 22nd. Bank of America lifted their price target on Public Service Enterprise Group from $73.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Evercore ISI lifted their price target on Public Service Enterprise Group from $67.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Finally, Guggenheim upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price objective on the stock in a research report on Monday, June 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $74.17.
View Our Latest Stock Report on PEG
Public Service Enterprise Group Trading Up 1.2 %
NYSE PEG opened at $76.94 on Tuesday. The business’s 50-day moving average price is $74.36 and its two-hundred day moving average price is $67.82. Public Service Enterprise Group Incorporated has a 12 month low of $53.71 and a 12 month high of $77.46. The firm has a market capitalization of $38.32 billion, a PE ratio of 21.31, a price-to-earnings-growth ratio of 3.00 and a beta of 0.59. The company has a current ratio of 0.79, a quick ratio of 0.62 and a debt-to-equity ratio of 1.19.
Public Service Enterprise Group (NYSE:PEG – Get Free Report) last released its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.31 EPS for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). Public Service Enterprise Group had a net margin of 17.65% and a return on equity of 11.10%. The company had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.99 billion. During the same quarter last year, the firm posted $1.39 EPS. The company’s quarterly revenue was down 26.5% on a year-over-year basis. On average, analysts expect that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current year.
Public Service Enterprise Group Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be given a $0.60 dividend. The ex-dividend date is Monday, September 9th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.12%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 66.48%.
Insider Buying and Selling at Public Service Enterprise Group
In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $69.55, for a total value of $95,561.70. Following the sale, the chief executive officer now owns 150,973 shares in the company, valued at approximately $10,500,172.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.57% of the company’s stock.
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.
Further Reading
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