Checchi Capital Advisers LLC Sells 196 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Checchi Capital Advisers LLC lowered its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 2.6% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 7,351 shares of the utilities provider’s stock after selling 196 shares during the quarter. Checchi Capital Advisers LLC’s holdings in Public Service Enterprise Group were worth $542,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Public Service Enterprise Group by 2.1% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 53,702 shares of the utilities provider’s stock valued at $3,958,000 after acquiring an additional 1,128 shares in the last quarter. Atlantic Edge Private Wealth Management LLC grew its position in Public Service Enterprise Group by 5.6% during the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 15,355 shares of the utilities provider’s stock valued at $1,132,000 after purchasing an additional 819 shares during the last quarter. Summit Securities Group LLC increased its stake in Public Service Enterprise Group by 177.8% during the 2nd quarter. Summit Securities Group LLC now owns 25,000 shares of the utilities provider’s stock valued at $1,843,000 after purchasing an additional 16,000 shares in the last quarter. AlphaStar Capital Management LLC bought a new stake in Public Service Enterprise Group during the 2nd quarter valued at about $276,000. Finally, Pegasus Asset Management Inc. purchased a new position in Public Service Enterprise Group in the second quarter worth about $217,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. BMO Capital Markets raised their price target on shares of Public Service Enterprise Group from $78.00 to $86.00 and gave the company a “market perform” rating in a research report on Friday, August 2nd. Bank of America increased their target price on Public Service Enterprise Group from $73.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Barclays boosted their price target on Public Service Enterprise Group from $71.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Morgan Stanley lifted their price objective on Public Service Enterprise Group from $78.00 to $83.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Finally, Scotiabank raised their price target on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $76.67.

Public Service Enterprise Group Price Performance

PEG stock opened at $80.53 on Thursday. The company has a market capitalization of $40.11 billion, a PE ratio of 22.31, a price-to-earnings-growth ratio of 3.00 and a beta of 0.59. The company’s fifty day moving average price is $76.85 and its 200-day moving average price is $70.99. Public Service Enterprise Group Incorporated has a one year low of $53.71 and a one year high of $81.89. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.46 and a current ratio of 0.65.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.03 billion. Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The company’s revenue was up .1% on a year-over-year basis. During the same quarter last year, the firm earned $0.70 EPS. On average, equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date of this dividend is Monday, September 9th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 66.48%.

Insiders Place Their Bets

In related news, EVP Tamara Louise Linde sold 19,127 shares of Public Service Enterprise Group stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $80.26, for a total value of $1,535,133.02. Following the completion of the sale, the executive vice president now directly owns 67,524 shares in the company, valued at $5,419,476.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.57% of the company’s stock.

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.