Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Bought by LPL Financial LLC

LPL Financial LLC raised its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 11.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 502,446 shares of the utilities provider’s stock after buying an additional 51,478 shares during the quarter. LPL Financial LLC owned 0.10% of Public Service Enterprise Group worth $37,030,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of PEG. Family Firm Inc. purchased a new stake in Public Service Enterprise Group during the second quarter valued at about $33,000. OFI Invest Asset Management purchased a new stake in Public Service Enterprise Group during the second quarter valued at about $35,000. Northwest Investment Counselors LLC purchased a new stake in shares of Public Service Enterprise Group in the first quarter worth approximately $36,000. Salomon & Ludwin LLC lifted its position in shares of Public Service Enterprise Group by 1,866.7% in the first quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock worth $39,000 after purchasing an additional 560 shares in the last quarter. Finally, Scarborough Advisors LLC purchased a new stake in shares of Public Service Enterprise Group in the fourth quarter worth approximately $41,000. 73.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Royal Bank of Canada increased their price objective on Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a report on Monday, July 15th. Guggenheim upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price target on the stock in a report on Monday, June 17th. Jefferies Financial Group assumed coverage on shares of Public Service Enterprise Group in a research report on Friday. They set a “hold” rating and a $85.00 target price on the stock. BMO Capital Markets boosted their target price on shares of Public Service Enterprise Group from $78.00 to $86.00 and gave the stock a “market perform” rating in a research report on Friday, August 2nd. Finally, Morgan Stanley lifted their price target on shares of Public Service Enterprise Group from $78.00 to $83.00 and gave the stock an “overweight” rating in a research note on Friday, August 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and an average target price of $77.92.

Public Service Enterprise Group Stock Up 1.0 %

Shares of NYSE PEG opened at $84.16 on Monday. The company has a market cap of $41.92 billion, a price-to-earnings ratio of 23.31, a price-to-earnings-growth ratio of 2.99 and a beta of 0.60. Public Service Enterprise Group Incorporated has a 12-month low of $53.71 and a 12-month high of $84.18. The company has a quick ratio of 0.46, a current ratio of 0.65 and a debt-to-equity ratio of 1.16. The firm’s 50-day simple moving average is $78.81 and its 200 day simple moving average is $72.92.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.01). The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. The business’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.70 earnings per share. On average, research analysts expect 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 declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be paid a $0.60 dividend. The ex-dividend date is Monday, September 9th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.85%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 66.48%.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total value of $111,190.82. Following the completion of the transaction, the chief executive officer now directly owns 148,892 shares in the company, valued at approximately $12,014,095.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 9,563 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $79.54, for a total transaction of $760,641.02. Following the completion of the transaction, the executive vice president now owns 57,961 shares of the company’s stock, valued at approximately $4,610,217.94. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the completion of the sale, the chief executive officer now directly owns 148,892 shares of the company’s stock, valued at approximately $12,014,095.48. The disclosure for this sale can be found here. Insiders sold a total of 30,068 shares of company stock valued at $2,406,965 in the last ninety days. 0.57% of the stock is owned by insiders.

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.