Scotiabank Increases Public Service Enterprise Group (NYSE:PEG) Price Target to $73.00

Public Service Enterprise Group (NYSE:PEG) had its price objective increased by Scotiabank from $62.00 to $73.00 in a research note published on Tuesday morning, Benzinga reports. Scotiabank currently has a sector perform rating on the utilities provider’s stock.

Other equities analysts have also issued research reports about the stock. Barclays boosted 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 research report on Wednesday, July 10th. LADENBURG THALM/SH SH upgraded Public Service Enterprise Group from a hold rating to a strong-buy rating in a report on Monday, August 5th. Royal Bank of Canada raised their price target on Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an outperform rating in a research note on Monday, July 15th. Mizuho upped their price target on shares of Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a buy rating in a research report on Thursday, May 23rd. Finally, Bank of America boosted their price target on Public Service Enterprise Group from $73.00 to $80.00 and gave the company a buy rating in a research report on Thursday, June 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $76.08.

Public Service Enterprise Group Price Performance

PEG stock opened at $81.11 on Tuesday. The stock’s 50 day moving average price is $76.38 and its 200 day moving average price is $70.35. The firm has a market cap of $40.41 billion, a P/E ratio of 22.47, a PEG ratio of 3.00 and a beta of 0.59. 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 has a 1 year low of $53.71 and a 1 year high of $81.89.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period in the previous year, the business earned $0.70 EPS. The firm’s revenue was up .1% on a year-over-year basis. On average, sell-side analysts expect that Public Service Enterprise Group will post 3.68 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The company also recently declared 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. The ex-dividend date is Monday, September 9th. This represents a $2.40 annualized dividend and a dividend yield of 2.96%. Public Service Enterprise Group’s payout ratio is currently 66.48%.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 19,127 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $80.26, for a total transaction 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.57% of the company’s stock.

Hedge Funds Weigh In On Public Service Enterprise Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cetera Investment Advisers boosted its holdings in shares of Public Service Enterprise Group by 4.0% during the second quarter. Cetera Investment Advisers now owns 125,717 shares of the utilities provider’s stock worth $9,265,000 after purchasing an additional 4,837 shares during the period. SPC Financial Inc. increased its position in Public Service Enterprise Group by 27.5% during the second quarter. SPC Financial Inc. now owns 10,011 shares of the utilities provider’s stock worth $738,000 after buying an additional 2,158 shares during the last quarter. Advisory Alpha LLC acquired a new stake in shares of Public Service Enterprise Group in the second quarter worth about $212,000. Truist Financial Corp increased its holdings in shares of Public Service Enterprise Group by 1.0% during the 2nd quarter. Truist Financial Corp now owns 168,545 shares of the utilities provider’s stock valued at $12,422,000 after acquiring an additional 1,740 shares during the last quarter. Finally, Kimelman & Baird LLC acquired a new stake in shares of Public Service Enterprise Group in the second quarter worth $66,000. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

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.