SlateStone Wealth LLC Invests $209,000 in Public Service Enterprise Group Incorporated (NYSE:PEG)

SlateStone Wealth LLC acquired a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 3,135 shares of the utilities provider’s stock, valued at approximately $209,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. J.P. Morgan Private Wealth Advisors LLC purchased a new position in Public Service Enterprise Group in the 3rd quarter worth approximately $1,344,000. D.A. Davidson & CO. lifted its holdings in shares of Public Service Enterprise Group by 29.9% during the third quarter. D.A. Davidson & CO. now owns 6,046 shares of the utilities provider’s stock valued at $344,000 after purchasing an additional 1,391 shares in the last quarter. Pathstone Family Office LLC boosted its position in shares of Public Service Enterprise Group by 232.3% during the third quarter. Pathstone Family Office LLC now owns 21,593 shares of the utilities provider’s stock valued at $1,229,000 after buying an additional 15,095 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Public Service Enterprise Group during the third quarter valued at $44,000. Finally, Huntington National Bank increased its holdings in Public Service Enterprise Group by 10.6% in the 3rd quarter. Huntington National Bank now owns 13,382 shares of the utilities provider’s stock worth $762,000 after buying an additional 1,283 shares in the last quarter. 73.34% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PEG has been the topic of a number of recent analyst reports. Scotiabank dropped their price target on shares of Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating on the stock in a report on Monday, April 22nd. BMO Capital Markets lowered their price objective on shares of Public Service Enterprise Group from $64.00 to $63.00 and set a “market perform” rating on the stock in a research note on Tuesday, February 27th. Barclays lifted their target price on Public Service Enterprise Group from $68.00 to $71.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Bank of America raised their price objective on shares of Public Service Enterprise Group from $73.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Finally, TheStreet upgraded shares of Public Service Enterprise Group from a “c+” rating to a “b-” rating in a research report on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $69.92.

Insider Buying and Selling

In related news, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 152,347 shares in the company, valued at $10,111,270.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 4,800 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $64.18, for a total value of $308,064.00. Following the transaction, the senior vice president now owns 31,122 shares in the company, valued at approximately $1,997,409.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $66.37, for a total value of $91,192.38. Following the completion of the transaction, the chief executive officer now directly owns 152,347 shares of the company’s stock, valued at approximately $10,111,270.39. The disclosure for this sale can be found here. Insiders sold 7,948 shares of company stock worth $520,814 in the last ninety days. Insiders own 0.18% of the company’s stock.

Public Service Enterprise Group Trading Up 0.3 %

Public Service Enterprise Group stock traded up $0.23 during midday trading on Tuesday, reaching $73.67. 2,313,395 shares of the stock traded hands, compared to its average volume of 2,819,741. The company has a current ratio of 0.79, a quick ratio of 0.62 and a debt-to-equity ratio of 1.19. The firm has a market cap of $36.69 billion, a PE ratio of 20.41, a price-to-earnings-growth ratio of 3.03 and a beta of 0.59. The company has a 50-day simple moving average of $70.77 and a two-hundred day simple moving average of $64.87. Public Service Enterprise Group Incorporated has a 12-month low of $53.71 and a 12-month high of $75.82.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.01). Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. The company had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.99 billion. During the same quarter in the prior year, the firm posted $1.39 EPS. The firm’s quarterly revenue was down 26.5% compared to the same quarter last year. Research analysts expect 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 announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date is Friday, June 7th. Public Service Enterprise Group’s payout ratio is currently 66.48%.

About Public Service Enterprise Group

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.