Profund Advisors LLC Acquires 8,905 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Profund Advisors LLC boosted its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 47.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,502 shares of the utilities provider’s stock after buying an additional 8,905 shares during the quarter. Profund Advisors LLC’s holdings in Public Service Enterprise Group were worth $2,027,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Kowal Investment Group LLC raised its holdings in Public Service Enterprise Group by 2.7% in the 2nd quarter. Kowal Investment Group LLC now owns 5,981 shares of the utilities provider’s stock valued at $441,000 after buying an additional 160 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its holdings in Public Service Enterprise Group by 314.2% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 18,144 shares of the utilities provider’s stock valued at $1,337,000 after buying an additional 13,763 shares during the last quarter. Ensign Peak Advisors Inc raised its holdings in Public Service Enterprise Group by 2.0% in the 2nd quarter. Ensign Peak Advisors Inc now owns 128,659 shares of the utilities provider’s stock valued at $9,482,000 after buying an additional 2,510 shares during the last quarter. Summit Trail Advisors LLC raised its holdings in Public Service Enterprise Group by 38.0% in the 2nd quarter. Summit Trail Advisors LLC now owns 22,969 shares of the utilities provider’s stock valued at $1,693,000 after buying an additional 6,319 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its holdings in Public Service Enterprise Group by 9.7% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,181,598 shares of the utilities provider’s stock worth $87,083,000 after purchasing an additional 104,244 shares during the last quarter. Institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Performance

NYSE:PEG opened at $86.76 on Monday. The company has a fifty day moving average of $79.70 and a 200-day moving average of $73.67. The firm has a market capitalization of $43.21 billion, a P/E ratio of 24.03, a P/E/G ratio of 3.09 and a beta of 0.60. The company has a quick ratio of 0.46, a current ratio of 0.65 and a debt-to-equity ratio of 1.16. Public Service Enterprise Group Incorporated has a twelve month low of $53.71 and a twelve month high of $86.83.

Public Service Enterprise Group (NYSE:PEG) last posted 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 analyst estimates of $2.03 billion. During the same period in the previous year, the business posted $0.70 EPS. The business’s revenue for the quarter was up .1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared 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. This represents a $2.40 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend is Monday, September 9th. Public Service Enterprise Group’s payout ratio is currently 66.48%.

Analyst Ratings Changes

PEG has been the subject of several analyst reports. Scotiabank raised their price target on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 20th. Morgan Stanley raised 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 report on Friday, August 23rd. Guggenheim upgraded shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price target for the company in a report on Monday, June 17th. BMO Capital Markets raised their price target 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, Barclays raised their price target on shares of Public Service Enterprise Group from $71.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Public Service Enterprise Group has a consensus rating of “Moderate Buy” and an average price target 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 completion of the sale, the executive vice president now owns 67,524 shares of the company’s stock, valued at approximately $5,419,476.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Public Service Enterprise Group 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 transaction of $1,535,133.02. Following the transaction, the executive vice president now directly owns 67,524 shares of the company’s stock, 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 hyperlink. Also, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total transaction of $111,190.82. Following the transaction, 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. In the last 90 days, insiders sold 30,068 shares of company stock valued at $2,406,965. 0.57% of the stock is owned by company 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.