9,000 Shares in Public Service Enterprise Group Incorporated (NYSE:PEG) Bought by Cornerstone Advisors LLC

Cornerstone Advisors LLC bought a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 9,000 shares of the utilities provider’s stock, valued at approximately $601,000.

Several other institutional investors have also recently bought and sold shares of the business. Addison Advisors LLC bought a new stake in shares of Public Service Enterprise Group during the 4th quarter valued at approximately $31,000. Northwest Investment Counselors LLC bought a new stake in shares of Public Service Enterprise Group during the first quarter worth $36,000. Bruce G. Allen Investments LLC bought a new stake in shares of Public Service Enterprise Group during the fourth quarter worth $36,000. Salomon & Ludwin LLC increased its holdings in shares of Public Service Enterprise Group by 1,866.7% during the first quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock worth $39,000 after buying an additional 560 shares in the last quarter. Finally, PFS Partners LLC lifted its stake in shares of Public Service Enterprise Group by 90.9% in the 1st quarter. PFS Partners LLC now owns 630 shares of the utilities provider’s stock valued at $42,000 after acquiring an additional 300 shares during the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Up 1.0 %

NYSE PEG traded up $0.71 during mid-day trading on Friday, hitting $74.64. The company’s stock had a trading volume of 2,242,419 shares, compared to its average volume of 2,881,651. The company has a current ratio of 0.79, a quick ratio of 0.62 and a debt-to-equity ratio of 1.19. The company’s 50 day simple moving average is $74.16 and its 200 day simple moving average is $67.19. Public Service Enterprise Group Incorporated has a twelve month low of $53.71 and a twelve month high of $77.46. The firm has a market capitalization of $37.18 billion, a price-to-earnings ratio of 20.68, a PEG ratio of 2.95 and a beta of 0.59.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Tuesday, April 30th. The utilities provider reported $1.31 EPS for the quarter, missing the consensus estimate of $1.32 by ($0.01). The business had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.99 billion. Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. The company’s revenue was down 26.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.39 earnings per share. Analysts anticipate that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.22%. The ex-dividend date is Monday, September 9th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 66.48%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Guggenheim raised Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 target price for the company in a report on Monday, June 17th. Royal Bank of Canada increased their target price on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the company an “outperform” rating in a research report on Monday, July 15th. Bank of America upped their price objective on shares of Public Service Enterprise Group from $73.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Scotiabank cut 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 report on Monday, April 22nd. Finally, Morgan Stanley dropped their price objective on Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating on the stock in a research note on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $74.17.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was 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 of the company’s stock, valued at $10,500,172.15. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.57% of the stock is currently owned by company insiders.

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.