Raymond James Trust N.A. Grows Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Raymond James Trust N.A. raised its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 6.0% during the second quarter, Holdings Channel reports. The fund owned 99,631 shares of the utilities provider’s stock after buying an additional 5,681 shares during the period. Raymond James Trust N.A.’s holdings in Public Service Enterprise Group were worth $7,343,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Public Service Enterprise Group during the 4th quarter valued at approximately $215,074,000. Raymond James & Associates lifted its stake in shares of Public Service Enterprise Group by 315.2% during the 2nd quarter. Raymond James & Associates now owns 2,206,101 shares of the utilities provider’s stock valued at $162,590,000 after buying an additional 1,674,827 shares in the last quarter. Reaves W H & Co. Inc. lifted its stake in shares of Public Service Enterprise Group by 73.9% during the 1st quarter. Reaves W H & Co. Inc. now owns 1,572,001 shares of the utilities provider’s stock valued at $104,978,000 after buying an additional 667,773 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Public Service Enterprise Group by 381.7% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 800,848 shares of the utilities provider’s stock valued at $59,023,000 after buying an additional 634,587 shares in the last quarter. Finally, Cohen & Steers Inc. lifted its stake in shares of Public Service Enterprise Group by 23.6% during the 4th quarter. Cohen & Steers Inc. now owns 2,389,722 shares of the utilities provider’s stock valued at $146,132,000 after buying an additional 455,693 shares in the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PEG has been the topic of a number of recent research reports. Guggenheim upgraded shares of 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. Mizuho increased their target price 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 increased their target price on shares of Public Service Enterprise Group from $78.00 to $83.00 and gave the stock an “overweight” rating in a research note on Friday. Royal Bank of Canada increased their target price on shares of 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. Finally, Bank of America increased their target price 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. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $76.67.

Insider Activity 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 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 is available through the SEC website. 0.57% of the stock is owned by insiders.

Public Service Enterprise Group Price Performance

Shares of NYSE:PEG traded down $0.07 during trading on Friday, reaching $81.04. The company had a trading volume of 1,314,950 shares, compared to its average volume of 2,817,563. The company has a fifty day moving average of $76.54 and a two-hundred day moving average of $70.67. The stock has a market capitalization of $40.36 billion, a P/E ratio of 22.45, a price-to-earnings-growth ratio of 3.00 and a beta of 0.59. Public Service Enterprise Group Incorporated has a 12 month low of $53.71 and a 12 month high of $81.89. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.16.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. Public Service Enterprise Group’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the previous year, the company earned $0.70 EPS. 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 Dividend Announcement

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 issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.96%. The ex-dividend date is Monday, September 9th. Public Service Enterprise Group’s dividend payout ratio is currently 66.48%.

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.