Valeo Financial Advisors LLC acquired a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,682 shares of the utilities provider’s stock, valued at approximately $231,000.
Several other hedge funds and other institutional investors have also modified their holdings of PEG. Geneos Wealth Management Inc. boosted its holdings in Public Service Enterprise Group by 10.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,827 shares of the utilities provider’s stock valued at $114,000 after purchasing an additional 178 shares during the period. Brown Brothers Harriman & Co. grew its position in Public Service Enterprise Group by 21.4% during the first quarter. Brown Brothers Harriman & Co. now owns 1,010 shares of the utilities provider’s stock worth $63,000 after buying an additional 178 shares in the last quarter. Beech Hill Advisors Inc. raised its holdings in Public Service Enterprise Group by 1.3% in the 1st quarter. Beech Hill Advisors Inc. now owns 13,885 shares of the utilities provider’s stock valued at $867,000 after acquiring an additional 180 shares in the last quarter. Financial Counselors Inc. grew its holdings in shares of Public Service Enterprise Group by 4.6% during the 1st quarter. Financial Counselors Inc. now owns 4,365 shares of the utilities provider’s stock worth $273,000 after purchasing an additional 190 shares in the last quarter. Finally, Moody National Bank Trust Division increased its position in shares of Public Service Enterprise Group by 1.5% during the first quarter. Moody National Bank Trust Division now owns 13,455 shares of the utilities provider’s stock valued at $840,000 after purchasing an additional 193 shares during the period. Institutional investors and hedge funds own 72.28% of the company’s stock.
Public Service Enterprise Group Price Performance
Public Service Enterprise Group stock opened at $60.29 on Tuesday. The business’s fifty day moving average is $61.44 and its two-hundred day moving average is $61.70. 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 $30.09 billion, a P/E ratio of 10.84, a P/E/G ratio of 3.22 and a beta of 0.58. Public Service Enterprise Group Incorporated has a 52 week low of $52.51 and a 52 week high of $65.46.
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, topping the consensus estimate of $0.61 by $0.09. Public Service Enterprise Group had a net margin of 23.99% and a return on equity of 12.64%. The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $1.95 billion. During the same quarter in the prior year, the company earned $0.64 EPS. The firm’s quarterly revenue was up 16.6% on a year-over-year basis. Equities research analysts forecast that Public Service Enterprise Group Incorporated will post 3.45 earnings per share for the current fiscal year.
Public Service Enterprise Group Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 8th will be paid a $0.57 dividend. The ex-dividend date is Thursday, September 7th. This represents a $2.28 annualized dividend and a dividend yield of 3.78%. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 41.01%.
Insider Transactions at Public Service Enterprise Group
In related news, CEO Ralph A. Larossa sold 8,074 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $64.45, for a total value of $520,369.30. Following the transaction, the chief executive officer now owns 115,306 shares in the company, valued at $7,431,471.70. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 4,168 shares of Public Service Enterprise Group stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $63.01, for a total transaction of $262,625.68. Following the completion of the sale, the chief executive officer now owns 122,572 shares of the company’s stock, valued at approximately $7,723,261.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 sale, the chief executive officer now owns 115,306 shares of the company’s stock, valued at approximately $7,431,471.70. The disclosure for this sale can be found here. Insiders sold a total of 12,642 shares of company stock worth $807,273 over the last 90 days. 0.57% of the stock is owned by insiders.
Analysts Set New Price Targets
PEG has been the topic of a number of recent research reports. StockNews.com started coverage on shares of Public Service Enterprise Group in a research note on Thursday, August 17th. They set a “hold” rating on the stock. Royal Bank of Canada decreased their target price on shares of Public Service Enterprise Group from $70.00 to $69.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 6th. JPMorgan Chase & Co. increased their price target on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, August 17th. UBS Group cut shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and cut their price target for the stock from $70.00 to $66.00 in a research note on Monday, August 14th. Finally, Barclays assumed coverage on Public Service Enterprise Group in a research note on Wednesday, August 23rd. They issued an “overweight” rating and a $64.00 price objective on the stock. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $65.46.
Check Out Our Latest Report on Public Service Enterprise Group
About Public Service Enterprise Group
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.
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