Kingswood Wealth Advisors LLC Acquires Shares of 6,261 Public Service Enterprise Group Incorporated (NYSE:PEG)

Kingswood Wealth Advisors LLC acquired a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 6,261 shares of the utilities provider’s stock, valued at approximately $461,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its stake in shares of Public Service Enterprise Group by 4.5% during the fourth 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 fourth 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 during the last quarter. TD Asset Management Inc raised its stake in shares of Public Service Enterprise Group by 16.6% during the fourth quarter. TD Asset Management Inc now owns 376,900 shares of the utilities provider’s stock worth $23,047,000 after purchasing an additional 53,577 shares during the last quarter. International Assets Investment Management LLC raised its stake in shares of Public Service Enterprise Group by 5,613.8% during the fourth quarter. International Assets Investment Management LLC now owns 172,443 shares of the utilities provider’s stock worth $10,545,000 after purchasing an additional 169,425 shares during the last quarter. Finally, Reaves W H & Co. Inc. raised its stake in shares of Public Service Enterprise Group by 4.2% during the fourth quarter. Reaves W H & Co. Inc. now owns 904,228 shares of the utilities provider’s stock worth $55,294,000 after purchasing an additional 36,745 shares during the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Price Performance

Public Service Enterprise Group stock traded up $0.55 during trading hours on Wednesday, hitting $78.97. The stock had a trading volume of 2,616,532 shares, compared to its average volume of 2,867,944. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.65 and a quick ratio of 0.62. The stock has a market capitalization of $39.33 billion, a price-to-earnings ratio of 21.72, a PEG ratio of 2.97 and a beta of 0.59. Public Service Enterprise Group Incorporated has a 1-year low of $53.71 and a 1-year high of $81.89. The stock’s fifty day moving average is $74.85 and its two-hundred day moving average is $68.64.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The firm’s revenue was up .1% on a year-over-year basis. During the same period in the previous year, the business earned $0.70 EPS. As a group, analysts predict that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date is Monday, September 9th. Public Service Enterprise Group’s payout ratio is currently 66.48%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PEG shares. Royal Bank of Canada upped their price target on Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a research note on Monday, July 15th. Bank of America upped their price objective on Public Service Enterprise Group from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Guggenheim raised Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price objective on the stock in a report on Monday, June 17th. Morgan Stanley dropped their price objective on Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating on the stock in a report on Monday, June 24th. Finally, Mizuho upped their price objective on Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $75.17.

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.