Country Trust Bank Purchases Shares of 703 Public Service Enterprise Group Incorporated (NYSE:PEG)

Country Trust Bank purchased a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 703 shares of the utilities provider’s stock, valued at approximately $52,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Addison Advisors LLC acquired a new stake in shares of Public Service Enterprise Group during the 4th quarter worth about $31,000. Northwest Investment Counselors LLC acquired a new stake in Public Service Enterprise Group in the 1st quarter worth about $36,000. Salomon & Ludwin LLC raised its stake in Public Service Enterprise Group by 1,866.7% in the 1st quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock worth $39,000 after purchasing an additional 560 shares in the last quarter. Scarborough Advisors LLC acquired a new stake in Public Service Enterprise Group in the 4th quarter worth about $41,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new stake in Public Service Enterprise Group in the 4th quarter worth about $42,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Public Service Enterprise Group Price Performance

Shares of Public Service Enterprise Group stock traded up $0.50 during midday trading on Friday, hitting $79.86. 2,090,427 shares of the company traded hands, compared to its average volume of 3,041,479. The firm’s fifty day moving average price is $75.15 and its 200-day moving average price is $69.01. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.46 and a current ratio of 0.65. Public Service Enterprise Group Incorporated has a 12 month low of $53.71 and a 12 month high of $81.89. The stock has a market cap of $39.78 billion, a price-to-earnings ratio of 22.12, a PEG ratio of 2.92 and a beta of 0.59.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.01). Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the prior year, the business earned $0.70 earnings per share. The firm’s quarterly revenue was up .1% on a year-over-year basis. As a group, sell-side 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 announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $2.40 annualized dividend and a yield of 3.01%. Public Service Enterprise Group’s dividend payout ratio is presently 66.48%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Bank of America lifted their price objective on shares of Public Service Enterprise Group from $73.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. Mizuho lifted their price objective on shares of 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. Morgan Stanley dropped their price objective on shares of Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating for the company in a research note on Monday, June 24th. Royal Bank of Canada raised 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 report on Monday, July 15th. Finally, LADENBURG THALM/SH SH raised shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.17.

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.