Concurrent Investment Advisors LLC Raises Stock Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Concurrent Investment Advisors LLC grew its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 3.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,012 shares of the utilities provider’s stock after buying an additional 439 shares during the period. Concurrent Investment Advisors LLC’s holdings in Public Service Enterprise Group were worth $936,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PEG. Norges Bank bought a new stake in Public Service Enterprise Group during the 4th quarter valued at approximately $215,074,000. Reaves W H & Co. Inc. lifted its holdings in shares of Public Service Enterprise Group by 73.9% in the first quarter. Reaves W H & Co. Inc. now owns 1,572,001 shares of the utilities provider’s stock worth $104,978,000 after buying an additional 667,773 shares in the last quarter. Cohen & Steers Inc. boosted its position in shares of 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 acquiring an additional 455,693 shares during the last quarter. Jennison Associates LLC boosted its holdings in Public Service Enterprise Group by 79.9% during the 4th quarter. Jennison Associates LLC now owns 895,450 shares of the utilities provider’s stock valued at $54,757,000 after acquiring an additional 397,606 shares during the period. Finally, BNP Paribas Financial Markets boosted its stake in shares of Public Service Enterprise Group by 131.1% during the first quarter. BNP Paribas Financial Markets now owns 693,566 shares of the utilities provider’s stock valued at $46,316,000 after purchasing an additional 393,420 shares during the period. 73.34% of the stock is currently owned by institutional investors.

Public Service Enterprise Group Price Performance

Public Service Enterprise Group stock traded down $1.74 during midday trading on Monday, reaching $74.54. The company had a trading volume of 2,434,858 shares, compared to its average volume of 2,836,729. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.79 and a quick ratio of 0.62. Public Service Enterprise Group Incorporated has a 12-month low of $53.71 and a 12-month high of $77.46. The company has a market capitalization of $37.13 billion, a P/E ratio of 20.73, a P/E/G ratio of 3.17 and a beta of 0.59. The firm’s fifty day simple moving average is $73.98 and its 200-day simple moving average is $66.76.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results 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 business had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.99 billion. During the same period in the previous year, the company earned $1.39 EPS. Public Service Enterprise Group’s quarterly revenue was down 26.5% compared to the same quarter last year. As a group, equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

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

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $69.55, for a total transaction of $95,561.70. Following the completion of the sale, 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 is available through this hyperlink. 0.57% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Mizuho lifted their price objective on Public Service Enterprise Group from $65.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. Evercore ISI increased 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. Wells Fargo & Company lifted their price objective on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the company an “overweight” rating in a report on Tuesday, March 19th. Bank of America increased their target price on Public Service Enterprise Group from $73.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Finally, Scotiabank reduced 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 report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, Public Service Enterprise Group has a consensus rating of “Moderate Buy” and a consensus price target of $74.17.

Public Service Enterprise Group 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.