Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Acquired by Summit Trail Advisors LLC

Summit Trail Advisors LLC lifted its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 38.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 22,969 shares of the utilities provider’s stock after purchasing an additional 6,319 shares during the quarter. Summit Trail Advisors LLC’s holdings in Public Service Enterprise Group were worth $1,693,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Gilbert & Cook Inc. raised its holdings in Public Service Enterprise Group by 5.4% in the fourth quarter. Gilbert & Cook Inc. now owns 7,327 shares of the utilities provider’s stock valued at $448,000 after acquiring an additional 373 shares in the last quarter. Brown Advisory Inc. raised its holdings in Public Service Enterprise Group by 13.2% in the fourth quarter. Brown Advisory Inc. now owns 7,231 shares of the utilities provider’s stock valued at $442,000 after acquiring an additional 843 shares in the last quarter. Coldstream Capital Management Inc. raised its holdings in Public Service Enterprise Group by 3.4% in the fourth quarter. Coldstream Capital Management Inc. now owns 7,286 shares of the utilities provider’s stock valued at $446,000 after acquiring an additional 239 shares in the last quarter. Clearbridge Investments LLC raised its holdings in Public Service Enterprise Group by 21.6% in the fourth quarter. Clearbridge Investments LLC now owns 12,996 shares of the utilities provider’s stock valued at $795,000 after acquiring an additional 2,309 shares in the last quarter. Finally, Corient Private Wealth LLC raised its holdings in Public Service Enterprise Group by 1.4% in the fourth quarter. Corient Private Wealth LLC now owns 174,906 shares of the utilities provider’s stock valued at $10,696,000 after acquiring an additional 2,345 shares in the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PEG has been the topic of several analyst reports. Scotiabank raised their target price on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a report on Tuesday, August 20th. LADENBURG THALM/SH SH raised shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 5th. Morgan Stanley raised their price objective on shares of Public Service Enterprise Group from $78.00 to $83.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. BMO Capital Markets raised their price objective on shares of Public Service Enterprise Group from $78.00 to $86.00 and gave the stock a “market perform” rating in a report on Friday, August 2nd. Finally, Royal Bank of Canada raised their price objective on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a report on Monday, July 15th. One investment 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. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.92.

Insider Activity at Public Service Enterprise Group

In related news, EVP Tamara Louise Linde sold 19,127 shares of Public Service Enterprise Group stock in a transaction on 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 transaction, 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 SEC, which is accessible through this link. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total transaction of $111,190.82. Following the sale, 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. Also, EVP Tamara Louise Linde sold 19,127 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $80.26, for a total transaction of $1,535,133.02. Following the sale, the executive vice president now owns 67,524 shares in the company, valued at $5,419,476.24. The disclosure for this sale can be found here. Insiders have sold a total of 30,068 shares of company stock worth $2,406,965 in the last three months. Insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Stock Performance

Shares of PEG opened at $86.76 on Friday. 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 firm has a market cap of $43.21 billion, a PE ratio of 24.03, a price-to-earnings-growth ratio of 3.09 and a beta of 0.60. The company’s 50 day simple moving average is $79.70 and its 200-day simple moving average is $73.61. Public Service Enterprise Group Incorporated has a 12-month low of $53.71 and a 12-month high of $86.83.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter last year, the business earned $0.70 earnings per share. The business’s quarterly revenue was up .1% on a year-over-year basis. As a group, equities analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be given a $0.60 dividend. The ex-dividend date is Monday, September 9th. This represents a $2.40 dividend on an annualized basis and a yield of 2.77%. Public Service Enterprise Group’s dividend payout ratio (DPR) 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.