Eagle Wealth Strategies LLC Takes Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Eagle Wealth Strategies LLC purchased a new position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 5,467 shares of the utilities provider’s stock, valued at approximately $334,000.

Several other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its position in Public Service Enterprise Group by 13.0% in the 3rd quarter. Vanguard Group Inc. now owns 61,673,935 shares of the utilities provider’s stock worth $3,509,864,000 after purchasing an additional 7,103,657 shares during the last quarter. JPMorgan Chase & Co. raised its position in Public Service Enterprise Group by 2.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 33,020,997 shares of the utilities provider’s stock valued at $1,879,225,000 after purchasing an additional 726,613 shares during the last quarter. Legal & General Group Plc raised its position in Public Service Enterprise Group by 1.3% in the 3rd quarter. Legal & General Group Plc now owns 7,049,245 shares of the utilities provider’s stock valued at $401,173,000 after purchasing an additional 87,974 shares during the last quarter. Northern Trust Corp raised its position in shares of Public Service Enterprise Group by 2.8% during the third quarter. Northern Trust Corp now owns 6,156,996 shares of the utilities provider’s stock worth $350,395,000 after acquiring an additional 170,586 shares during the last quarter. Finally, Morgan Stanley raised its position in shares of Public Service Enterprise Group by 4.1% during the third quarter. Morgan Stanley now owns 5,612,490 shares of the utilities provider’s stock worth $319,407,000 after acquiring an additional 221,071 shares during the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Down 0.4 %

Shares of PEG stock opened at $67.82 on Monday. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.67 and a quick ratio of 0.46. The company has a market capitalization of $33.81 billion, a price-to-earnings ratio of 13.22, a PEG ratio of 2.97 and a beta of 0.58. The company’s fifty day moving average price is $64.64 and its 200-day moving average price is $62.32. Public Service Enterprise Group Incorporated has a one year low of $53.71 and a one year high of $68.39.

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

Public Service Enterprise Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.54%. Public Service Enterprise Group’s payout ratio is currently 46.78%.

Analyst Ratings Changes

PEG has been the subject of a number of analyst reports. Guggenheim cut Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 price objective for the company. in a research note on Monday, January 22nd. BMO Capital Markets dropped their price objective on Public Service Enterprise Group from $64.00 to $63.00 and set a “market perform” rating on the stock in a research note on Tuesday, February 27th. Bank of America increased their price target 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 raised their target price on Public Service Enterprise Group from $70.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, March 7th. Finally, Scotiabank dropped their price target on Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating for the company in a research note on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $67.15.

Insiders Place Their Bets

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

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.