Public Service Enterprise Group (NYSE:PEG) Price Target Raised to $84.00

Public Service Enterprise Group (NYSE:PEG) had its target price boosted by Royal Bank of Canada from $80.00 to $84.00 in a research note released on Monday morning, Benzinga reports. The brokerage currently has an outperform rating on the utilities provider’s stock.

PEG has been the subject of several other reports. 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. Scotiabank reduced their price objective on shares of Public Service Enterprise Group from $64.00 to $62.00 and set a sector perform rating for the company in a research note on Monday, April 22nd. Bank of America lifted their target price 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. Barclays increased their price target on Public Service Enterprise Group from $71.00 to $80.00 and gave the stock an overweight rating in a research note on Wednesday, July 10th. Finally, Morgan Stanley lowered 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 report on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $74.17.

Public Service Enterprise Group Stock Performance

Shares of NYSE PEG opened at $75.15 on Monday. Public Service Enterprise Group has a 12-month low of $53.71 and a 12-month high of $77.46. The firm has a market capitalization of $37.43 billion, a price-to-earnings ratio of 20.82, a price-to-earnings-growth ratio of 3.09 and a beta of 0.59. 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 has a 50 day moving average of $74.14 and a 200 day moving average of $67.01.

Public Service Enterprise Group (NYSE:PEG) last issued 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 net margin of 17.65% and a return on equity of 11.10%. The business had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.99 billion. During the same period in the previous year, the firm earned $1.39 EPS. The company’s revenue was down 26.5% on a year-over-year basis. On average, research analysts anticipate that Public Service Enterprise Group will post 3.68 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date is Monday, September 9th. Public Service Enterprise Group’s payout ratio is 66.48%.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,374 shares of the business’s 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 sale, the chief executive officer now owns 150,973 shares in the company, valued at $10,500,172.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.57% of the company’s stock.

Institutional Investors Weigh In On Public Service Enterprise Group

Several large investors have recently added to or reduced their stakes in PEG. American Century Companies Inc. raised its holdings in Public Service Enterprise Group by 97.3% during the 3rd quarter. American Century Companies Inc. now owns 284,765 shares of the utilities provider’s stock valued at $16,206,000 after buying an additional 140,400 shares during the period. Wellington Management Group LLP raised its stake in shares of Public Service Enterprise Group by 31.1% in the third quarter. Wellington Management Group LLP now owns 1,026,169 shares of the utilities provider’s stock valued at $58,399,000 after acquiring an additional 243,290 shares during the period. Anchor Investment Management LLC bought a new stake in shares of Public Service Enterprise Group in the 4th quarter worth about $37,000. First Hawaiian Bank boosted its stake in shares of Public Service Enterprise Group by 9.1% during the 4th quarter. First Hawaiian Bank now owns 5,263 shares of the utilities provider’s stock worth $322,000 after purchasing an additional 439 shares during the period. Finally, Wedmont Private Capital bought a new position in Public Service Enterprise Group during the 4th quarter valued at about $220,000. 73.34% of the stock is owned by institutional investors.

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.