Public Service Enterprise Group (NYSE:PEG) Given New $76.00 Price Target at Morgan Stanley

Public Service Enterprise Group (NYSE:PEG) had its price objective trimmed by Morgan Stanley from $78.00 to $76.00 in a report published on Monday morning, Benzinga reports. The firm currently has an overweight rating on the utilities provider’s stock.

PEG has been the topic of a number of other reports. TheStreet upgraded Public Service Enterprise Group from a c+ rating to a b- rating in a report on Wednesday, March 6th. Evercore ISI upped their price objective on Public Service Enterprise Group from $67.00 to $72.00 and gave the company an outperform rating in a report on Thursday, April 4th. Royal Bank of Canada upped their price objective on 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 decreased their price objective on Public Service Enterprise Group from $64.00 to $63.00 and set a market perform rating on the stock in a report on Tuesday, February 27th. Finally, Barclays upped their price objective on Public Service Enterprise Group from $68.00 to $71.00 and gave the company an overweight rating in a report on Monday, April 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $71.50.

Public Service Enterprise Group Price Performance

PEG stock opened at $74.75 on Monday. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.79 and a quick ratio of 0.62. The business has a 50 day simple moving average of $72.02 and a 200-day simple moving average of $65.51. The firm has a market capitalization of $37.23 billion, a PE ratio of 20.71, a price-to-earnings-growth ratio of 3.06 and a beta of 0.59. Public Service Enterprise Group has a 1 year low of $53.71 and a 1 year high of $75.82.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). The company had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.99 billion. Public Service Enterprise Group had a net margin of 17.65% and a return on equity of 11.10%. Public Service Enterprise Group’s revenue for the quarter was down 26.5% on a year-over-year basis. During the same quarter last year, the company earned $1.39 earnings per share. Equities research analysts anticipate that Public Service Enterprise Group 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 will be paid on Friday, June 28th. Stockholders 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 dividend yield of 3.21%. The ex-dividend date of this dividend is Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio is currently 66.48%.

Insider Transactions at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $69.55, for a total transaction of $95,561.70. Following the sale, the chief executive officer now owns 150,973 shares of the company’s stock, valued at $10,500,172.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 2,948 shares of company stock valued at $199,910. 0.57% of the stock is currently owned by company insiders.

Institutional Trading of Public Service Enterprise Group

A number of large investors have recently modified their holdings of PEG. LPL Financial LLC increased its holdings in Public Service Enterprise Group by 11.4% in the third quarter. LPL Financial LLC now owns 340,715 shares of the utilities provider’s stock valued at $19,390,000 after buying an additional 34,939 shares during the last quarter. Mariner LLC increased its holdings in Public Service Enterprise Group by 4.3% in the third quarter. Mariner LLC now owns 138,083 shares of the utilities provider’s stock valued at $7,858,000 after buying an additional 5,752 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Public Service Enterprise Group in the third quarter valued at $905,000. Stifel Financial Corp increased its holdings in Public Service Enterprise Group by 1.7% in the third quarter. Stifel Financial Corp now owns 147,656 shares of the utilities provider’s stock valued at $8,403,000 after buying an additional 2,481 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC increased its holdings in Public Service Enterprise Group by 25.5% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 3,243 shares of the utilities provider’s stock valued at $185,000 after buying an additional 658 shares during the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

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.