Norden Group LLC Purchases New Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Norden Group LLC acquired a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) in the 1st quarter, Holdings Channel.com reports. The fund acquired 7,631 shares of the utilities provider’s stock, valued at approximately $510,000.

Several other institutional investors and hedge funds also recently made changes to their positions in PEG. Addison Advisors LLC bought a new position in shares of Public Service Enterprise Group during the 4th quarter worth approximately $31,000. Northwest Investment Counselors LLC bought a new position in shares of Public Service Enterprise Group in the 1st quarter worth $36,000. Bruce G. Allen Investments LLC bought a new position in shares of Public Service Enterprise Group in the 4th quarter worth $36,000. Anchor Investment Management LLC bought a new position in shares of Public Service Enterprise Group in the 4th quarter worth $37,000. Finally, PFS Partners LLC lifted its holdings in shares of Public Service Enterprise Group by 90.9% in the 1st quarter. PFS Partners LLC now owns 630 shares of the utilities provider’s stock worth $42,000 after purchasing an additional 300 shares in the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PEG. Bank of America increased their target price on Public Service Enterprise Group from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Evercore ISI increased their price target on Public Service Enterprise Group from $67.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. BMO Capital Markets increased their price target on Public Service Enterprise Group from $69.00 to $74.00 and gave the company a “market perform” rating in a research report on Wednesday, July 3rd. Scotiabank lowered their price target on Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating for the company in a research report on Monday, April 22nd. Finally, Wells Fargo & Company increased their price target on Public Service Enterprise Group from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. One research 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.17.

Insider Transactions at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,374 shares of Public Service Enterprise Group stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $69.55, for a total transaction of $95,561.70. Following the sale, the chief executive officer now owns 150,973 shares of the company’s stock, valued at approximately $10,500,172.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.18% of the company’s stock.

Public Service Enterprise Group Price Performance

PEG opened at $76.53 on Friday. Public Service Enterprise Group Incorporated has a 52-week low of $53.71 and a 52-week high of $77.46. The stock has a market capitalization of $38.12 billion, a PE ratio of 21.20, a price-to-earnings-growth ratio of 3.10 and a beta of 0.59. The stock’s 50 day moving average price is $73.86 and its 200-day moving average price is $66.57. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.62 and a current ratio of 0.79.

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

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.14%. The ex-dividend date was Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 66.48%.

Public Service Enterprise Group 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.