Edge Wealth Management LLC Has $8.04 Million Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Edge Wealth Management LLC raised its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 120,426 shares of the utilities provider’s stock after buying an additional 1,068 shares during the period. Public Service Enterprise Group accounts for about 1.7% of Edge Wealth Management LLC’s investment portfolio, making the stock its 22nd biggest position. Edge Wealth Management LLC’s holdings in Public Service Enterprise Group were worth $8,042,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Operose Advisors LLC increased its holdings in Public Service Enterprise Group by 435.0% during the 3rd quarter. Operose Advisors LLC now owns 535 shares of the utilities provider’s stock valued at $30,000 after purchasing an additional 435 shares in the last quarter. Addison Advisors LLC bought a new position in shares of Public Service Enterprise Group in the fourth quarter valued at about $31,000. Bruce G. Allen Investments LLC acquired a new position in Public Service Enterprise Group during the 4th quarter worth about $36,000. Northwest Investment Counselors LLC acquired a new position in Public Service Enterprise Group during the 1st quarter worth about $36,000. Finally, Anchor Investment Management LLC bought a new stake in Public Service Enterprise Group during the 4th quarter worth about $37,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Insider Transactions at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $66.37, for a total value of $91,192.38. Following the completion of the transaction, the chief executive officer now owns 152,347 shares in the company, valued at approximately $10,111,270.39. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last ninety days, insiders sold 2,948 shares of company stock worth $199,910. Corporate insiders own 0.57% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PEG shares. Bank of America boosted their price objective on shares of Public Service Enterprise Group from $73.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. Morgan Stanley dropped their price target on Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating on the stock in a research report on Monday. Barclays boosted their price objective on shares of Public Service Enterprise Group from $68.00 to $71.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Royal Bank of Canada upped 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. Finally, Guggenheim raised 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 research note on Monday, June 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $71.50.

Public Service Enterprise Group Price Performance

Shares of NYSE PEG traded up $0.06 during mid-day trading on Friday, reaching $73.18. The company had a trading volume of 250,992 shares, compared to its average volume of 2,814,748. The firm has a market cap of $36.45 billion, a price-to-earnings ratio of 20.25, a PEG ratio of 3.04 and a beta of 0.59. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.62 and a current ratio of 0.79. Public Service Enterprise Group Incorporated has a one year low of $53.71 and a one year high of $75.82. The business’s 50-day simple moving average is $72.37 and its 200 day simple moving average is $65.64.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.01). Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. The business had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.99 billion. During the same quarter in the prior year, the company earned $1.39 earnings per share. Public Service Enterprise Group’s quarterly revenue was down 26.5% compared to the same quarter last year. On average, research analysts predict that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.60 per share. 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 3.28%. Public Service Enterprise Group’s payout ratio is presently 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.