Secure Asset Management LLC Buys 657 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Secure Asset Management LLC grew its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 3.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 21,910 shares of the utilities provider’s stock after purchasing an additional 657 shares during the period. Secure Asset Management LLC’s holdings in Public Service Enterprise Group were worth $1,615,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in Public Service Enterprise Group during the 4th quarter valued at $215,074,000. Charles Schwab Investment Management Inc. increased its position in shares of Public Service Enterprise Group by 1.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,826,477 shares of the utilities provider’s stock worth $172,839,000 after acquiring an additional 30,469 shares in the last quarter. Cohen & Steers Inc. increased 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 in the last quarter. Franklin Resources Inc. raised its holdings in shares of Public Service Enterprise Group by 12.5% in the 4th quarter. Franklin Resources Inc. now owns 2,331,709 shares of the utilities provider’s stock worth $142,584,000 after acquiring an additional 259,694 shares during the last quarter. Finally, Raymond James & Associates lifted its position in Public Service Enterprise Group by 315.2% in the 2nd quarter. Raymond James & Associates now owns 2,206,101 shares of the utilities provider’s stock valued at $162,590,000 after acquiring an additional 1,674,827 shares in the last quarter. Institutional investors own 73.34% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on PEG. Morgan Stanley boosted their price objective on Public Service Enterprise Group from $78.00 to $83.00 and gave the stock an “overweight” rating in a report on Friday. 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 report on Thursday, May 23rd. BMO Capital Markets raised their price objective on Public Service Enterprise Group from $78.00 to $86.00 and gave the company a “market perform” rating in a research note on Friday, August 2nd. Barclays upped their target price on shares of 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, Scotiabank raised their price target on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $76.67.

Insider Buying and Selling at Public Service Enterprise Group

In related news, EVP Tamara Louise Linde sold 19,127 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $80.26, for a total value of $1,535,133.02. Following the completion of the transaction, the executive vice president now directly owns 67,524 shares of the company’s stock, valued at approximately $5,419,476.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Stock Performance

Shares of PEG stock traded down $0.07 during trading hours on Friday, hitting $81.04. 1,313,121 shares of the company were exchanged, compared to its average volume of 2,817,563. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.16. The stock has a market capitalization of $40.37 billion, a price-to-earnings ratio of 22.45, a P/E/G ratio of 3.00 and a beta of 0.59. The firm has a fifty day simple moving average of $76.54 and a 200 day simple moving average of $70.51. Public Service Enterprise Group Incorporated has a 52-week low of $53.71 and a 52-week high of $81.89.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. The business’s quarterly revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.70 earnings per share. Research analysts predict that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors 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 2.96%. The ex-dividend date is Monday, September 9th. Public Service Enterprise Group’s dividend payout ratio is currently 66.48%.

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.