Magnolia Capital Advisors LLC Invests $3.65 Million in Public Service Enterprise Group Incorporated (NYSE:PEG)

Magnolia Capital Advisors LLC bought a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 49,507 shares of the utilities provider’s stock, valued at approximately $3,649,000.

A number of other large investors have also recently made changes to their positions in the company. Brighton Jones LLC grew its position in Public Service Enterprise Group by 1.8% during the 2nd quarter. Brighton Jones LLC now owns 7,430 shares of the utilities provider’s stock worth $548,000 after purchasing an additional 131 shares during the last quarter. Bryn Mawr Capital Management LLC boosted its stake in shares of Public Service Enterprise Group by 0.5% during the second quarter. Bryn Mawr Capital Management LLC now owns 25,739 shares of the utilities provider’s stock worth $1,905,000 after buying an additional 135 shares during the period. Crestwood Advisors Group LLC grew its holdings in shares of Public Service Enterprise Group by 4.1% during the second quarter. Crestwood Advisors Group LLC now owns 3,853 shares of the utilities provider’s stock worth $284,000 after buying an additional 153 shares during the last quarter. Evergreen Wealth Solutions LLC increased its position in Public Service Enterprise Group by 1.7% in the 1st quarter. Evergreen Wealth Solutions LLC now owns 9,697 shares of the utilities provider’s stock valued at $648,000 after acquiring an additional 159 shares during the period. Finally, Kowal Investment Group LLC raised its stake in Public Service Enterprise Group by 2.7% during the 2nd quarter. Kowal Investment Group LLC now owns 5,981 shares of the utilities provider’s stock valued at $441,000 after acquiring an additional 160 shares during the last quarter. 73.34% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Public Service Enterprise Group

In related news, EVP Tamara Louise Linde sold 9,563 shares of the stock in a transaction 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 sale, the executive vice president now owns 57,961 shares of the company’s stock, valued at $4,610,217.94. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Ralph A. Larossa sold 1,378 shares of the business’s 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 transaction, the chief executive officer now owns 148,892 shares of the company’s stock, valued at $12,014,095.48. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Tamara Louise Linde sold 9,563 shares of the company’s stock in a transaction that occurred on Monday, September 9th. The shares were 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 in the company, valued at approximately $4,610,217.94. 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 over the last three months. 0.57% of the stock is currently owned by insiders.

Analysts Set New Price Targets

PEG has been the topic of several analyst reports. LADENBURG THALM/SH SH upgraded Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 5th. Morgan Stanley lifted their price objective on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Scotiabank upped their price objective on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. Bank of America raised their target price on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Finally, Royal Bank of Canada boosted their price target on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a research note on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Public Service Enterprise Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.46.

Public Service Enterprise Group Trading Up 0.9 %

NYSE:PEG opened at $88.25 on Monday. Public Service Enterprise Group Incorporated has a 52-week low of $53.71 and a 52-week high of $88.86. 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 stock has a fifty day simple moving average of $81.04 and a 200-day simple moving average of $74.49. The company has a market capitalization of $43.96 billion, a PE ratio of 24.45, a price-to-earnings-growth ratio of 3.20 and a beta of 0.60.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.01). Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The business had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same period last year, the company earned $0.70 EPS. The firm’s revenue for the quarter was up .1% on a year-over-year basis. On average, equities research analysts expect that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.72%. The ex-dividend date is Monday, September 9th. Public Service Enterprise Group’s payout ratio is 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.