Envestnet Asset Management Inc. Has $73.20 Million Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Envestnet Asset Management Inc. increased its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 3.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 993,262 shares of the utilities provider’s stock after purchasing an additional 36,589 shares during the period. Envestnet Asset Management Inc. owned approximately 0.20% of Public Service Enterprise Group worth $73,203,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Family Firm Inc. bought a new position in shares of Public Service Enterprise Group in the 2nd quarter worth $33,000. OFI Invest Asset Management bought a new position in shares of Public Service Enterprise Group in the 2nd quarter worth $35,000. Northwest Investment Counselors LLC bought a new position in shares of Public Service Enterprise Group in the 1st quarter worth $36,000. Salomon & Ludwin LLC lifted its holdings in shares of Public Service Enterprise Group by 1,866.7% in the 1st 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 bought a new position in shares of Public Service Enterprise Group in the 4th quarter worth $41,000. 73.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Public Service Enterprise Group

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

Analyst Upgrades and Downgrades

PEG has been the topic of several recent analyst reports. Bank of America raised their price objective on Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Morgan Stanley raised their price objective on Public Service Enterprise Group from $78.00 to $83.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Scotiabank raised their price objective on Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a research note on Tuesday, August 20th. Guggenheim upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price objective on the stock in a research note on Monday, June 17th. Finally, BMO Capital Markets raised their price objective on Public Service Enterprise Group from $78.00 to $86.00 and gave the company a “market perform” rating in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $77.92.

Public Service Enterprise Group Trading Down 0.0 %

Shares of PEG opened at $84.73 on Wednesday. The business has a 50-day moving average of $79.19 and a 200 day moving average of $73.23. Public Service Enterprise Group Incorporated has a fifty-two week low of $53.71 and a fifty-two week high of $85.11. The firm has a market cap of $42.21 billion, a P/E ratio of 23.47, a price-to-earnings-growth ratio of 3.03 and a beta of 0.60. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.46 and a current ratio of 0.65.

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). Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same period last year, the business posted $0.70 EPS. The company’s revenue was up .1% compared to the same quarter last year. As a group, research analysts forecast that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date of this dividend is Monday, September 9th. Public Service Enterprise Group’s payout ratio is presently 66.48%.

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.