Assenagon Asset Management S.A. increased its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG – Free Report) by 19.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,788 shares of the utilities provider’s stock after buying an additional 3,760 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Public Service Enterprise Group were worth $1,423,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in PEG. Concord Wealth Partners acquired a new stake in Public Service Enterprise Group during the fourth quarter worth approximately $25,000. Boyd Watterson Asset Management LLC OH acquired a new stake in Public Service Enterprise Group during the fourth quarter worth approximately $27,000. Romano Brothers AND Company acquired a new stake in Public Service Enterprise Group during the fourth quarter worth approximately $30,000. ICA Group Wealth Management LLC acquired a new stake in Public Service Enterprise Group during the fourth quarter worth approximately $31,000. Finally, Clear Street Markets LLC acquired a new stake in Public Service Enterprise Group during the fourth quarter worth approximately $31,000. Institutional investors and hedge funds own 70.37% of the company’s stock.
Analyst Ratings Changes
A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. reduced their target price on Public Service Enterprise Group from $70.00 to $67.00 in a report on Wednesday, June 7th. LADENBURG THALM/SH SH assumed coverage on Public Service Enterprise Group in a report on Monday, April 3rd. They issued a “neutral” rating and a $60.50 target price on the stock. Guggenheim raised their target price on Public Service Enterprise Group from $68.00 to $69.00 in a report on Monday, April 24th. StockNews.com assumed coverage on Public Service Enterprise Group in a report on Thursday, May 18th. They issued a “hold” rating on the stock. Finally, 92 Resources reaffirmed a “maintains” rating on shares of Public Service Enterprise Group in a report on Monday, May 22nd. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Public Service Enterprise Group currently has an average rating of “Hold” and a consensus price target of $66.14.
Public Service Enterprise Group Trading Down 0.6 %
Shares of PEG stock opened at $62.54 on Friday. The firm has a market capitalization of $31.20 billion, a P/E ratio of 13.48, a P/E/G ratio of 4.22 and a beta of 0.57. Public Service Enterprise Group Incorporated has a twelve month low of $52.51 and a twelve month high of $69.94. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 1.16. The stock’s fifty day simple moving average is $62.09 and its 200 day simple moving average is $61.55.
Public Service Enterprise Group (NYSE:PEG – Free Report) last issued its quarterly earnings data on Tuesday, May 2nd. The utilities provider reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.18. The business had revenue of $3.76 billion for the quarter, compared to analyst estimates of $2.89 billion. Public Service Enterprise Group had a return on equity of 12.78% and a net margin of 20.64%. Public Service Enterprise Group’s quarterly revenue was up 62.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.33 EPS. As a group, sell-side analysts predict that Public Service Enterprise Group Incorporated will post 3.44 EPS for the current fiscal year.
Public Service Enterprise Group Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Friday, June 9th were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.65%. The ex-dividend date of this dividend was Thursday, June 8th. Public Service Enterprise Group’s payout ratio is presently 49.14%.
Insiders Place Their Bets
In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 4,168 shares of Public Service Enterprise Group stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $63.01, for a total transaction of $262,625.68. Following the transaction, the chief executive officer now directly owns 122,572 shares of the company’s stock, valued at approximately $7,723,261.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.57% of the company’s stock.
Public Service Enterprise Group Company Profile
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Public Service Enterprise Group, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Public Service Enterprise Group wasn’t on the list.
While Public Service Enterprise Group currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.
Click the link below and we’ll send you MarketBeat’s guide to investing in electric vehicle technologies (EV) and which EV stocks show the most promise.
