Edge Financial Advisors LLC Purchases New Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Edge Financial Advisors LLC acquired a new position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 3,045 shares of the utilities provider’s stock, valued at approximately $203,000.

Other institutional investors have also recently bought and sold shares of the company. Rockline Wealth Management LLC acquired a new position in shares of Public Service Enterprise Group in the fourth quarter worth $1,185,000. Allspring Global Investments Holdings LLC increased its position in Public Service Enterprise Group by 4.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 415,315 shares of the utilities provider’s stock worth $25,397,000 after purchasing an additional 17,838 shares during the last quarter. Jennison Associates LLC raised its stake in shares of Public Service Enterprise Group by 79.9% during the 4th quarter. Jennison Associates LLC now owns 895,450 shares of the utilities provider’s stock worth $54,757,000 after purchasing an additional 397,606 shares in the last quarter. TD Asset Management Inc lifted its holdings in shares of Public Service Enterprise Group by 16.6% during the 4th quarter. TD Asset Management Inc now owns 376,900 shares of the utilities provider’s stock valued at $23,047,000 after buying an additional 53,577 shares during the last quarter. Finally, International Assets Investment Management LLC grew its stake in shares of Public Service Enterprise Group by 5,613.8% in the 4th quarter. International Assets Investment Management LLC now owns 172,443 shares of the utilities provider’s stock valued at $10,545,000 after buying an additional 169,425 shares in the last quarter. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Barclays raised their price objective on shares of 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. Royal Bank of Canada raised their price target on shares of Public Service Enterprise Group from $70.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, March 7th. BMO Capital Markets upped their price objective on shares of Public Service Enterprise Group from $69.00 to $74.00 and gave the stock a “market perform” rating in a report on Wednesday. Guggenheim upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 target price on the stock in a report on Monday, June 17th. Finally, Morgan Stanley reduced their price target on Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating for the company in a research report on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Public Service Enterprise Group has an average rating of “Moderate Buy” and an average price target of $72.42.

Public Service Enterprise Group Stock Performance

NYSE:PEG traded down $0.04 during mid-day trading on Friday, hitting $73.95. 346,765 shares of the company’s stock traded hands, compared to its average volume of 2,836,944. 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 50 day moving average of $73.23 and a two-hundred day moving average of $66.07. The firm has a market capitalization of $36.83 billion, a price-to-earnings ratio of 20.50, a price-to-earnings-growth ratio of 3.07 and a beta of 0.59. 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 announced 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 company had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.99 billion. Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. The company’s revenue was down 26.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.39 EPS. On average, equities analysts forecast that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date of this dividend was Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio is currently 66.48%.

Insider Activity at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,374 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $69.55, for a total transaction of $95,561.70. Following the transaction, the chief executive officer now directly owns 150,973 shares in the company, valued at $10,500,172.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.18% of the stock is owned by corporate insiders.

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.