AlphaStar Capital Management LLC Buys New Shares in Public Service Enterprise Group Incorporated (NYSE:PEG)

AlphaStar Capital Management LLC purchased a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,749 shares of the utilities provider’s stock, valued at approximately $276,000.

Other hedge funds have also recently bought and sold shares of the company. Pegasus Asset Management Inc. bought a new stake in shares of Public Service Enterprise Group in the 2nd quarter valued at about $217,000. Raymond James Trust N.A. lifted its position in shares of Public Service Enterprise Group by 6.0% in the second quarter. Raymond James Trust N.A. now owns 99,631 shares of the utilities provider’s stock valued at $7,343,000 after buying an additional 5,681 shares during the last quarter. SNS Financial Group LLC bought a new position in shares of Public Service Enterprise Group during the 2nd quarter worth approximately $209,000. Moody Lynn & Lieberson LLC increased its holdings in shares of Public Service Enterprise Group by 15.4% during the 2nd quarter. Moody Lynn & Lieberson LLC now owns 6,443 shares of the utilities provider’s stock worth $475,000 after acquiring an additional 859 shares during the last quarter. Finally, Kanawha Capital Management LLC raised its stake in Public Service Enterprise Group by 14.3% in the 2nd quarter. Kanawha Capital Management LLC now owns 25,491 shares of the utilities provider’s stock valued at $1,879,000 after acquiring an additional 3,183 shares during the period. 73.34% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Barclays upped their price objective on shares of Public Service Enterprise Group from $71.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. Scotiabank increased 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 report on Tuesday, August 20th. Royal Bank of Canada boosted their price objective on Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a report on Monday, July 15th. Guggenheim upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 target price on the stock in a research note on Monday, June 17th. Finally, LADENBURG THALM/SH SH upgraded Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Public Service Enterprise Group currently has an average rating of “Moderate Buy” and a consensus price target of $76.67.

Public Service Enterprise Group Trading Down 0.4 %

Shares of PEG traded down $0.36 during trading hours on Tuesday, hitting $80.68. 429,224 shares of the stock were exchanged, compared to its average volume of 2,798,029. Public Service Enterprise Group Incorporated has a fifty-two week low of $53.71 and a fifty-two week high of $81.89. The business has a 50-day moving average of $76.70 and a 200-day moving average of $70.84. The firm has a market capitalization of $40.19 billion, a P/E ratio of 22.45, a price-to-earnings-growth ratio of 3.00 and a beta of 0.59. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.65 and a quick ratio of 0.46.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates 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 previous year, the business posted $0.70 earnings per share. The business’s revenue was up .1% on a year-over-year basis. On average, research analysts expect that Public Service Enterprise Group Incorporated will post 3.68 EPS 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. Shareholders of record on Monday, September 9th will be issued a $0.60 dividend. The ex-dividend date is Monday, September 9th. This represents a $2.40 dividend on an annualized basis and a yield of 2.97%. Public Service Enterprise Group’s payout ratio is currently 66.48%.

Insider Buying and Selling at Public Service Enterprise Group

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

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.