Kimelman & Baird LLC Invests $66,000 in Public Service Enterprise Group Incorporated (NYSE:PEG)

Kimelman & Baird LLC purchased a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 900 shares of the utilities provider’s stock, valued at approximately $66,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Raymond James & Associates boosted its holdings in shares of Public Service Enterprise Group by 315.2% in the 2nd quarter. Raymond James & Associates now owns 2,206,101 shares of the utilities provider’s stock valued at $162,590,000 after buying an additional 1,674,827 shares in the last quarter. Sound Shore Management Inc. CT acquired a new position in Public Service Enterprise Group in the second quarter valued at $71,298,000. Hsbc Holdings PLC grew its holdings in shares of Public Service Enterprise Group by 43.2% during the second quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock worth $178,763,000 after purchasing an additional 732,443 shares during the last quarter. Reaves W H & Co. Inc. increased its position in shares of Public Service Enterprise Group by 73.9% during the first quarter. Reaves W H & Co. Inc. now owns 1,572,001 shares of the utilities provider’s stock worth $104,978,000 after purchasing an additional 667,773 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Public Service Enterprise Group by 381.7% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 800,848 shares of the utilities provider’s stock valued at $59,023,000 after purchasing an additional 634,587 shares during the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PEG shares. Royal Bank of Canada raised their price target on 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. UBS Group raised their target price on shares of Public Service Enterprise Group from $87.00 to $94.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 24th. Jefferies Financial Group started coverage on shares of Public Service Enterprise Group in a report on Friday, September 13th. They issued a “hold” rating and a $85.00 target price on the stock. LADENBURG THALM/SH SH upgraded shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 5th. Finally, Guggenheim upgraded shares of 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. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has issued 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 a consensus price target of $81.46.

Public Service Enterprise Group Stock Performance

Shares of PEG stock opened at $89.21 on Tuesday. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.16. The stock has a 50 day simple moving average of $81.30 and a 200-day simple moving average of $74.67. The company has a market cap of $44.43 billion, a price-to-earnings ratio of 24.71, a price-to-earnings-growth ratio of 3.20 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 $89.42.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data 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). The business had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. The company’s revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.70 EPS. On average, equities analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 9th were issued a $0.60 dividend. The ex-dividend date was Monday, September 9th. This represents a $2.40 dividend on an annualized basis and a yield of 2.69%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 66.48%.

Insider Activity

In related news, EVP Tamara Louise Linde sold 19,127 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $80.26, for a total value of $1,535,133.02. Following the sale, the executive vice president now owns 67,524 shares in the company, valued at approximately $5,419,476.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, EVP Tamara Louise Linde sold 19,127 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $80.26, for a total value of $1,535,133.02. Following the sale, the executive vice president now directly owns 67,524 shares in the company, valued at approximately $5,419,476.24. 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 firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total transaction of $111,190.82. Following the transaction, the chief executive officer now owns 148,892 shares of the company’s stock, valued at $12,014,095.48. The disclosure for this sale can be found here. In the last three months, insiders sold 30,068 shares of company stock worth $2,406,965. Company insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Company Profile

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.