Scarborough Advisors LLC Buys Shares of 670 Public Service Enterprise Group Incorporated (NYSE:PEG)

Scarborough Advisors LLC purchased a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 670 shares of the utilities provider’s stock, valued at approximately $41,000.

A number of other hedge funds have also modified their holdings of PEG. Vanguard Group Inc. raised its position in shares of Public Service Enterprise Group by 13.0% in the 3rd quarter. Vanguard Group Inc. now owns 61,673,935 shares of the utilities provider’s stock valued at $3,509,864,000 after acquiring an additional 7,103,657 shares during the period. Norges Bank acquired a new stake in shares of Public Service Enterprise Group in the 4th quarter valued at approximately $215,074,000. Hsbc Holdings PLC raised its position in shares of Public Service Enterprise Group by 118.1% in the 3rd quarter. Hsbc Holdings PLC now owns 1,364,088 shares of the utilities provider’s stock valued at $77,544,000 after acquiring an additional 738,684 shares during the period. JPMorgan Chase & Co. raised its position in shares of Public Service Enterprise Group by 2.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 33,020,997 shares of the utilities provider’s stock valued at $1,879,225,000 after acquiring an additional 726,613 shares during the period. Finally, Bank of Nova Scotia raised its position in shares of Public Service Enterprise Group by 1,350.4% in the 3rd quarter. Bank of Nova Scotia now owns 533,354 shares of the utilities provider’s stock valued at $30,353,000 after acquiring an additional 496,581 shares during the period. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Public Service Enterprise Group Price Performance

Shares of PEG opened at $73.30 on Wednesday. The stock has a market capitalization of $36.51 billion, a P/E ratio of 20.30, a P/E/G ratio of 3.02 and a beta of 0.59. Public Service Enterprise Group Incorporated has a twelve month low of $53.71 and a twelve month high of $75.82. The company has a 50 day moving average of $71.41 and a 200-day moving average of $65.21. The company has a quick ratio of 0.62, a current ratio of 0.79 and a debt-to-equity ratio of 1.19.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.01). Public Service Enterprise Group had a net margin of 17.65% and a return on equity of 11.10%. The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.99 billion. During the same period in the prior year, the business posted $1.39 earnings per share. Public Service Enterprise Group’s quarterly revenue was down 26.5% compared to the same quarter last year. As a group, equities research analysts forecast that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $2.40 annualized dividend and a dividend yield of 3.27%. Public Service Enterprise Group’s dividend payout ratio is presently 66.48%.

Insider Activity at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $69.55, for a total value of $95,561.70. Following the completion of the transaction, the chief executive officer now directly owns 150,973 shares of the company’s stock, valued at $10,500,172.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders sold 3,148 shares of company stock valued at $212,750. 0.18% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. 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 report on Monday. Evercore ISI raised their target price on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Morgan Stanley raised their target price on shares of Public Service Enterprise Group from $72.00 to $78.00 and gave the stock an “overweight” rating in a report on Tuesday, May 28th. Mizuho raised 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 report on Thursday, May 23rd. Finally, Bank of America raised 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 report on Thursday, June 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $71.67.

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.