Scotiabank Cuts Public Service Enterprise Group (NYSE:PEG) Price Target to $62.00

Public Service Enterprise Group (NYSE:PEG) had its price target trimmed by Scotiabank from $64.00 to $62.00 in a research report report published on Monday, Benzinga reports. The brokerage currently has a sector perform rating on the utilities provider’s stock.

A number of other equities analysts have also recently weighed in on PEG. Barclays upped their price target on Public Service Enterprise Group from $68.00 to $71.00 and gave the stock an overweight rating in a report on Monday, April 15th. Bank of America increased their price objective on Public Service Enterprise Group from $66.00 to $73.00 and gave the stock a buy rating in a research report on Friday, March 22nd. Royal Bank of Canada increased their price objective on Public Service Enterprise Group from $70.00 to $72.00 and gave the stock an outperform rating in a research report on Thursday, March 7th. Guggenheim cut Public Service Enterprise Group from a buy rating to a neutral rating and set a $61.00 target price on the stock. in a research report on Monday, January 22nd. Finally, TheStreet upgraded Public Service Enterprise Group from a c+ rating to a b- rating in a research report on Wednesday, March 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $67.15.

Public Service Enterprise Group Trading Up 1.1 %

Shares of NYSE:PEG opened at $67.23 on Monday. The business’s 50-day moving average is $64.31 and its 200 day moving average is $62.18. Public Service Enterprise Group has a 1 year low of $53.71 and a 1 year high of $67.51. The firm has a market capitalization of $33.52 billion, a P/E ratio of 13.11, a P/E/G ratio of 2.92 and a beta of 0.58. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.67 and a quick ratio of 0.46.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Monday, February 26th. The utilities provider reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. The business had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.45 billion. Public Service Enterprise Group had a return on equity of 11.53% and a net margin of 22.81%. The company’s quarterly revenue was down 17.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.64 EPS. On average, research analysts predict that Public Service Enterprise Group will post 3.66 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.57%. The ex-dividend date is Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 46.78%.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $63.00, for a total transaction of $86,562.00. Following the sale, the chief executive officer now owns 153,721 shares in the company, valued at approximately $9,684,423. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 4,800 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $64.18, for a total transaction of $308,064.00. Following the transaction, the senior vice president now owns 31,122 shares of the company’s stock, valued at approximately $1,997,409.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $63.00, for a total value of $86,562.00. Following the transaction, the chief executive officer now directly owns 153,721 shares in the company, valued at approximately $9,684,423. The disclosure for this sale can be found here. Insiders have sold 7,948 shares of company stock valued at $511,814 in the last quarter. 0.18% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PEG. Dynamic Advisor Solutions LLC purchased a new position in shares of Public Service Enterprise Group in the 3rd quarter worth $212,000. CWM LLC raised its position in shares of Public Service Enterprise Group by 4.1% in the 3rd quarter. CWM LLC now owns 11,893 shares of the utilities provider’s stock worth $677,000 after buying an additional 472 shares during the period. IFP Advisors Inc raised its position in shares of Public Service Enterprise Group by 16.9% in the 3rd quarter. IFP Advisors Inc now owns 1,657 shares of the utilities provider’s stock worth $94,000 after buying an additional 239 shares during the period. Arkadios Wealth Advisors raised its position in shares of Public Service Enterprise Group by 28.5% in the 3rd quarter. Arkadios Wealth Advisors now owns 5,769 shares of the utilities provider’s stock worth $328,000 after buying an additional 1,281 shares during the period. Finally, Leavell Investment Management Inc. purchased a new position in shares of Public Service Enterprise Group in the 3rd quarter worth $358,000. 73.34% of the stock is owned by hedge funds and other institutional investors.

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.