Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Acquired by FORVIS Wealth Advisors LLC

FORVIS Wealth Advisors LLC lifted its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 2.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 45,376 shares of the utilities provider’s stock after acquiring an additional 1,208 shares during the period. FORVIS Wealth Advisors LLC’s holdings in Public Service Enterprise Group were worth $3,030,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Public Service Enterprise Group by 13.0% during the third 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 last quarter. JPMorgan Chase & Co. lifted its position in Public Service Enterprise Group by 2.2% during the third quarter. JPMorgan Chase & Co. now owns 33,020,997 shares of the utilities provider’s stock worth $1,879,225,000 after buying an additional 726,613 shares during the period. Legal & General Group Plc lifted its position in Public Service Enterprise Group by 1.3% during the third quarter. Legal & General Group Plc now owns 7,049,245 shares of the utilities provider’s stock worth $401,173,000 after buying an additional 87,974 shares during the period. Morgan Stanley lifted its position in Public Service Enterprise Group by 4.1% during the third quarter. Morgan Stanley now owns 5,612,490 shares of the utilities provider’s stock worth $319,407,000 after buying an additional 221,071 shares during the period. Finally, Norges Bank purchased a new position in Public Service Enterprise Group during the fourth quarter worth about $215,074,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Up 0.2 %

Public Service Enterprise Group stock traded up $0.12 during midday trading on Friday, hitting $74.11. 65,533 shares of the company were exchanged, compared to its average volume of 2,835,019. The company’s fifty day moving average price is $73.23 and its 200-day moving average price is $66.07. Public Service Enterprise Group Incorporated has a fifty-two week low of $53.71 and a fifty-two week high of $75.82. The company has a market cap of $36.91 billion, a PE ratio of 20.50, a price-to-earnings-growth ratio of 3.07 and a beta of 0.59. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.79 and a quick ratio of 0.62.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.99 billion. During the same period in the previous year, the company earned $1.39 earnings per share. The business’s revenue for the quarter was down 26.5% on a year-over-year basis. On average, research analysts predict that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts recently weighed in on PEG shares. Evercore ISI increased their target price on Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, April 4th. Royal Bank of Canada raised their price objective on Public Service Enterprise Group from $70.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, March 7th. Guggenheim upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price objective on the stock in a report on Monday, June 17th. Mizuho raised their price objective on 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, Morgan Stanley cut their price objective on Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating on the stock in a report on Monday, June 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and a consensus target price of $72.42.

Insider Transactions at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $69.55, for a total value of $95,561.70. Following the completion of the sale, the chief executive officer now owns 150,973 shares in the company, valued at $10,500,172.15. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.18% 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.