Brookfield Corp ON lowered its stake in Public Service Enterprise Group Incorporated (NYSE:PEG – Free Report) by 5.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,378,514 shares of the utilities provider’s stock after selling 72,300 shares during the period. Brookfield Corp ON owned 0.28% of Public Service Enterprise Group worth $86,088,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in PEG. D.A. Davidson & CO. boosted its stake in Public Service Enterprise Group by 7.5% during the 1st quarter. D.A. Davidson & CO. now owns 3,657 shares of the utilities provider’s stock valued at $256,000 after purchasing an additional 256 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Public Service Enterprise Group by 6.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,318,721 shares of the utilities provider’s stock valued at $92,310,000 after purchasing an additional 83,174 shares during the last quarter. Prudential PLC purchased a new stake in Public Service Enterprise Group during the 1st quarter valued at $798,000. Cetera Investment Advisers boosted its stake in shares of Public Service Enterprise Group by 1.3% in the 1st quarter. Cetera Investment Advisers now owns 25,619 shares of the utilities provider’s stock worth $1,793,000 after buying an additional 332 shares during the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of Public Service Enterprise Group in the 1st quarter worth $214,000. 72.28% of the stock is currently owned by hedge funds and other institutional investors.
Public Service Enterprise Group Stock Up 0.0 %
Public Service Enterprise Group stock opened at $60.81 on Tuesday. The firm has a 50 day moving average price of $61.86 and a 200 day moving average price of $61.64. The company has a market capitalization of $30.35 billion, a PE ratio of 10.94, a price-to-earnings-growth ratio of 3.20 and a beta of 0.58. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.52 and a current ratio of 0.67. Public Service Enterprise Group Incorporated has a fifty-two week low of $52.51 and a fifty-two week high of $69.27.
Public Service Enterprise Group (NYSE:PEG – Get Free Report) last posted its quarterly earnings results on Tuesday, August 1st. The utilities provider reported $0.70 EPS for the quarter, topping the consensus estimate of $0.61 by $0.09. The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $1.95 billion. Public Service Enterprise Group had a net margin of 23.99% and a return on equity of 12.64%. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.64 earnings per share. Research analysts expect that Public Service Enterprise Group Incorporated will post 3.45 earnings per share for the current year.
Public Service Enterprise Group Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 8th will be given a dividend of $0.57 per share. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $2.28 annualized dividend and a dividend yield of 3.75%. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 41.01%.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on PEG. Royal Bank of Canada dropped their price target on Public Service Enterprise Group from $70.00 to $69.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 6th. StockNews.com assumed coverage on Public Service Enterprise Group in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Mizuho raised their target price on Public Service Enterprise Group from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, August 29th. JPMorgan Chase & Co. raised their target price on Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday, August 17th. Finally, BMO Capital Markets decreased their target price on Public Service Enterprise Group from $66.00 to $64.00 and set a “market perform” rating on the stock in a report on Wednesday, August 2nd. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Public Service Enterprise Group currently has an average rating of “Moderate Buy” and a consensus target price of $65.38.
Read Our Latest Stock Report on Public Service Enterprise Group
Insider Activity at Public Service Enterprise Group
In related news, CEO Ralph A. Larossa sold 8,074 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $64.45, for a total value of $520,369.30. Following the completion of the sale, the chief executive officer now directly owns 115,306 shares of the company’s stock, valued at $7,431,471.70. The sale was disclosed in a filing 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 the company’s stock in a transaction dated Monday, July 3rd. The shares were 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 in the company, valued at $7,723,261.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ralph A. Larossa sold 8,074 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $64.45, for a total transaction 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 disclosure for this sale can be found here. Insiders sold a total of 12,442 shares of company stock valued at $795,147 over the last ninety days. Insiders own 0.57% of the company’s stock.
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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