Tectonic Advisors LLC Has $560,000 Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Tectonic Advisors LLC raised its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 7.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,382 shares of the utilities provider’s stock after purchasing an additional 548 shares during the quarter. Tectonic Advisors LLC’s holdings in Public Service Enterprise Group were worth $560,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Public Service Enterprise Group by 13.0% during the third 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. Norges Bank purchased a new position in shares of Public Service Enterprise Group in the 4th quarter worth about $215,074,000. Reaves W H & Co. Inc. grew its position in Public Service Enterprise Group by 73.9% during the first quarter. Reaves W H & Co. Inc. now owns 1,572,001 shares of the utilities provider’s stock valued at $104,978,000 after buying an additional 667,773 shares during the period. Cohen & Steers Inc. increased its holdings in Public Service Enterprise Group by 23.6% during the fourth quarter. Cohen & Steers Inc. now owns 2,389,722 shares of the utilities provider’s stock worth $146,132,000 after buying an additional 455,693 shares during the last quarter. Finally, Jennison Associates LLC raised its position in Public Service Enterprise Group by 79.9% in the fourth quarter. Jennison Associates LLC now owns 895,450 shares of the utilities provider’s stock worth $54,757,000 after acquiring an additional 397,606 shares during the period. 73.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PEG shares. Mizuho boosted their target price on Public Service Enterprise Group from $65.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, May 23rd. Barclays lifted their target price on shares of Public Service Enterprise Group from $71.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday. Scotiabank dropped their price target on shares of Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating on the stock in a research note on Monday, April 22nd. Evercore ISI lifted their price objective on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, April 4th. Finally, Morgan Stanley lowered their target price on shares of Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating on the stock in a report on Monday, June 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $73.17.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,374 shares of Public Service Enterprise Group stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $69.55, for a total value of $95,561.70. Following the transaction, the chief executive officer now owns 150,973 shares in the company, valued at approximately $10,500,172.15. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.57% of the stock is owned by corporate insiders.

Public Service Enterprise Group Price Performance

PEG traded down $0.25 on Friday, reaching $76.28. The company had a trading volume of 3,037,439 shares, compared to its average volume of 2,698,226. Public Service Enterprise Group Incorporated has a 52-week low of $53.71 and a 52-week high of $77.46. The company has a market cap of $37.99 billion, a price-to-earnings ratio of 21.13, a P/E/G ratio of 3.17 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. The business has a 50 day simple moving average of $73.98 and a 200 day simple moving average of $66.72.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.99 billion. During the same period in the prior year, the firm posted $1.39 earnings per share. The business’s revenue was down 26.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.15%. The ex-dividend date was Friday, June 7th. Public Service Enterprise Group’s payout ratio is currently 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.