Bank of America lowered shares of Public Service Enterprise Group (NYSE:PEG) from a buy rating to a neutral rating in a research report sent to investors on Friday, Briefing.com Automated Import reports. The firm currently has $65.00 price target on the utilities provider’s stock.

A number of other analysts have also weighed in on the stock. Morgan Stanley set a $18.00 target price on shares of PG&E and gave the stock a hold rating in a report on Friday, June 14th. KeyCorp assumed coverage on shares of Southern in a report on Tuesday, June 4th. They set a sector weight rating for the company. Mizuho increased their target price on shares of Public Service Enterprise Group from $61.50 to $64.00 and gave the stock a buy rating in a report on Wednesday, May 29th. Finally, JPMorgan Chase & Co. set a €54.00 ($62.79) target price on shares of Axel Springer and gave the stock a neutral rating in a report on Tuesday, April 23rd. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $61.75.

Public Service Enterprise Group stock opened at $59.77 on Friday. The company has a current ratio of 0.68, a quick ratio of 0.52 and a debt-to-equity ratio of 0.91. The business’s 50-day moving average price is $60.05. The stock has a market capitalization of $30.42 billion, a price-to-earnings ratio of 19.16, a P/E/G ratio of 3.73 and a beta of 0.38. Public Service Enterprise Group has a 1-year low of $49.22 and a 1-year high of $61.63.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Thursday, May 2nd. The utilities provider reported $1.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.08. The company had revenue of $2.98 billion during the quarter, compared to analyst estimates of $2.78 billion. Public Service Enterprise Group had a net margin of 16.03% and a return on equity of 11.35%. During the same period in the prior year, the business posted $0.97 earnings per share. Sell-side analysts anticipate that Public Service Enterprise Group will post 3.26 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be issued a $0.47 dividend. The ex-dividend date is Friday, September 6th. This represents a $1.88 annualized dividend and a yield of 3.15%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 60.26%.

In other Public Service Enterprise Group news, CFO Daniel J. Cregg sold 625 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $59.25, for a total value of $37,031.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Ralph Izzo sold 52,407 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $58.26, for a total transaction of $3,053,231.82. Following the completion of the sale, the chairman now owns 396,403 shares of the company’s stock, valued at $23,094,438.78. The disclosure for this sale can be found here. Insiders sold 162,395 shares of company stock valued at $9,539,546 over the last 90 days. 0.51% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in PEG. Norges Bank bought a new position in shares of Public Service Enterprise Group during the fourth quarter valued at approximately $179,057,000. Ceredex Value Advisors LLC bought a new position in shares of Public Service Enterprise Group during the first quarter valued at approximately $147,966,000. Nordea Investment Management AB increased its stake in shares of Public Service Enterprise Group by 42.7% during the first quarter. Nordea Investment Management AB now owns 6,496,557 shares of the utilities provider’s stock valued at $385,966,000 after purchasing an additional 1,942,914 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Public Service Enterprise Group by 16.0% during the first quarter. AQR Capital Management LLC now owns 5,443,816 shares of the utilities provider’s stock valued at $321,130,000 after purchasing an additional 752,831 shares in the last quarter. Finally, Jennison Associates LLC increased its stake in shares of Public Service Enterprise Group by 94.8% during the first quarter. Jennison Associates LLC now owns 1,107,621 shares of the utilities provider’s stock valued at $65,804,000 after purchasing an additional 539,167 shares in the last quarter. 68.78% of the stock is owned by institutional investors and hedge funds.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid- Atlantic United States. It operates through two segments, PSE&G and Power. The PSE&G segment transmits electricity; distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs to customers.

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Analyst Recommendations for Public Service Enterprise Group (NYSE:PEG)

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