Beacon Investment Advisory Services Inc. Reduces Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Beacon Investment Advisory Services Inc. cut its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 3.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,626 shares of the utilities provider’s stock after selling 667 shares during the period. Beacon Investment Advisory Services Inc.’s holdings in Public Service Enterprise Group were worth $1,177,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Addison Advisors LLC purchased a new stake in shares of Public Service Enterprise Group in the fourth quarter valued at approximately $31,000. Northwest Investment Counselors LLC acquired a new position in Public Service Enterprise Group in the first quarter valued at approximately $36,000. Bruce G. Allen Investments LLC acquired a new position in Public Service Enterprise Group in the fourth quarter valued at approximately $36,000. Salomon & Ludwin LLC lifted its holdings in Public Service Enterprise Group by 1,866.7% in the first quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 560 shares during the last quarter. Finally, Anchor Investment Management LLC acquired a new position in Public Service Enterprise Group in the fourth quarter valued at approximately $37,000. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Royal Bank of Canada upped their price objective on Public Service Enterprise Group from $80.00 to $84.00 and gave the company an “outperform” rating in a report on Monday. Barclays upped their price objective on Public Service Enterprise Group from $71.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. Guggenheim upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price target on the stock in a research note on Monday, June 17th. Morgan Stanley decreased their price target 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. Finally, Mizuho upped their price target on Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, May 23rd. 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 stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.17.

Public Service Enterprise Group Stock Up 0.8 %

Shares of Public Service Enterprise Group stock traded up $0.57 during trading hours on Friday, reaching $74.50. 910,144 shares of the company were exchanged, compared to its average volume of 2,821,712. Public Service Enterprise Group Incorporated has a 1 year low of $53.71 and a 1 year high of $77.46. The stock’s fifty day moving average is $74.15 and its 200 day moving average is $67.05. 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 firm has a market cap of $37.11 billion, a PE ratio of 20.64, a PEG ratio of 3.12 and a beta of 0.59.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.31 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 during the quarter, compared to analysts’ expectations of $2.99 billion. During the same quarter in the previous year, the company posted $1.39 EPS. The company’s revenue was down 26.5% compared to the same quarter last year. As a group, equities research analysts forecast that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.22%. Public Service Enterprise Group’s payout ratio is currently 66.48%.

Insider Activity

In other news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction dated 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 in the company, valued at approximately $10,500,172.15. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.57% of the company’s stock.

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.