SPC Financial Inc. Acquires 300 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

SPC Financial Inc. increased its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 4.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,853 shares of the utilities provider’s stock after buying an additional 300 shares during the period. SPC Financial Inc.’s holdings in Public Service Enterprise Group were worth $524,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of PEG. Vanguard Group Inc. grew 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 valued at $3,509,864,000 after purchasing an additional 7,103,657 shares during the period. Norges Bank acquired a new position in shares of Public Service Enterprise Group in the fourth quarter valued at approximately $215,074,000. Cohen & Steers Inc. boosted its holdings in shares of Public Service Enterprise Group by 23.6% in the fourth quarter. Cohen & Steers Inc. now owns 2,389,722 shares of the utilities provider’s stock valued at $146,132,000 after buying an additional 455,693 shares during the period. Royal Bank of Canada boosted its holdings in shares of Public Service Enterprise Group by 72.7% in the third quarter. Royal Bank of Canada now owns 963,679 shares of the utilities provider’s stock valued at $54,845,000 after buying an additional 405,533 shares during the period. Finally, Jennison Associates LLC boosted its holdings in shares of 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 valued at $54,757,000 after buying an additional 397,606 shares during the period. Institutional investors and hedge funds own 73.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PEG shares. Bank of America upped their price target on shares of Public Service Enterprise Group from $73.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Guggenheim upgraded 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 report on Monday, June 17th. Evercore ISI increased their target price on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Morgan Stanley reduced their target price on shares of Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating for the company in a report on Monday, June 24th. Finally, Wells Fargo & Company increased their target price on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Public Service Enterprise Group has a consensus rating of “Moderate Buy” and an average price target of $73.17.

Insider Activity

In other news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction dated 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 directly owns 150,973 shares of the company’s stock, valued at $10,500,172.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Stock Performance

NYSE PEG opened at $76.53 on Friday. 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 firm’s fifty day moving average price is $73.86 and its two-hundred day moving average price is $66.57. Public Service Enterprise Group Incorporated has a 1 year low of $53.71 and a 1 year high of $77.46. The firm has a market capitalization of $38.12 billion, a P/E ratio of 21.20, a price-to-earnings-growth ratio of 3.17 and a beta of 0.59.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.01). The firm 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 business’s revenue was down 26.5% compared to the same quarter last year. During the same period last year, the company posted $1.39 earnings per share. As a group, research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend was Friday, June 7th. 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.