Public Service Enterprise Group (NYSE:PEG) Price Target Raised to $74.00

Public Service Enterprise Group (NYSE:PEG) had its price objective raised by BMO Capital Markets from $69.00 to $74.00 in a research note released on Wednesday morning, Benzinga reports. BMO Capital Markets currently has a market perform rating on the utilities provider’s stock.

A number of other brokerages have also issued reports on PEG. Wells Fargo & Company boosted their price target on Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an overweight rating in a research report on Tuesday, March 19th. Barclays upped their price objective on shares of Public Service Enterprise Group from $68.00 to $71.00 and gave the stock an overweight rating in a report on Monday, April 15th. Bank of America increased their target price on shares of 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. 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, June 17th. Finally, Mizuho increased their price objective on shares of Public Service Enterprise Group from $65.00 to $80.00 and gave the company a buy rating in a report on Thursday, May 23rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Public Service Enterprise Group currently has a consensus rating of Moderate Buy and a consensus target price of $72.42.

Public Service Enterprise Group Trading Up 0.6 %

Shares of NYSE PEG opened at $74.01 on Wednesday. The company has a market cap of $36.86 billion, a price-to-earnings ratio of 20.50, a price-to-earnings-growth ratio of 3.06 and a beta of 0.59. Public Service Enterprise Group has a 12-month low of $53.71 and a 12-month high of $75.82. The company has a current ratio of 0.79, a quick ratio of 0.62 and a debt-to-equity ratio of 1.19. The stock’s 50 day simple moving average is $72.97 and its 200 day simple moving average is $65.96.

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

Public Service Enterprise Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.24%. Public Service Enterprise Group’s dividend payout ratio is currently 66.48%.

Insider Buying and Selling

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $69.55, for a total transaction of $95,561.70. Following the sale, the chief executive officer now directly owns 150,973 shares of the company’s stock, valued at approximately $10,500,172.15. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.18% of the company’s stock.

Institutional Trading of Public Service Enterprise Group

Hedge funds have recently made changes to their positions in the stock. Rockline Wealth Management LLC acquired a new position in Public Service Enterprise Group in the 4th quarter valued at approximately $1,185,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Public Service Enterprise Group by 4.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 415,315 shares of the utilities provider’s stock worth $25,397,000 after acquiring an additional 17,838 shares in the last quarter. Jennison Associates LLC boosted its position in Public Service Enterprise Group by 79.9% during the fourth quarter. Jennison Associates LLC now owns 895,450 shares of the utilities provider’s stock valued at $54,757,000 after purchasing an additional 397,606 shares during the last quarter. TD Asset Management Inc grew its stake in Public Service Enterprise Group by 16.6% in the fourth quarter. TD Asset Management Inc now owns 376,900 shares of the utilities provider’s stock valued at $23,047,000 after purchasing an additional 53,577 shares in the last quarter. Finally, International Assets Investment Management LLC increased its position in Public Service Enterprise Group by 5,613.8% in the 4th quarter. International Assets Investment Management LLC now owns 172,443 shares of the utilities provider’s stock worth $10,545,000 after purchasing an additional 169,425 shares during the last quarter. 73.34% of the stock is owned by hedge funds and other institutional investors.

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.