LPL Financial LLC Acquires 51,478 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

LPL Financial LLC boosted its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 11.4% during the second quarter, Holdings Channel reports. The fund owned 502,446 shares of the utilities provider’s stock after purchasing an additional 51,478 shares during the period. LPL Financial LLC’s holdings in Public Service Enterprise Group were worth $37,030,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the business. Family Firm Inc. bought a new position in Public Service Enterprise Group during the 2nd quarter worth $33,000. OFI Invest Asset Management bought a new position in shares of Public Service Enterprise Group in the second quarter worth $35,000. Northwest Investment Counselors LLC acquired a new stake in Public Service Enterprise Group in the first quarter valued at about $36,000. Salomon & Ludwin LLC boosted its stake in Public Service Enterprise Group by 1,866.7% in the first quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock valued at $39,000 after buying an additional 560 shares in the last quarter. Finally, Scarborough Advisors LLC acquired a new stake in Public Service Enterprise Group in the fourth quarter valued at about $41,000. Institutional investors own 73.34% of the company’s stock.

Analyst Ratings Changes

PEG has been the topic of a number of recent research reports. Morgan Stanley lifted their price target on Public Service Enterprise Group from $78.00 to $83.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Guggenheim upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 target price for the company in a report on Monday, June 17th. Bank of America lifted their target price on Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, August 29th. Scotiabank boosted their price objective on 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. Finally, Barclays boosted their price objective on Public Service Enterprise Group from $71.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $77.92.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 19,127 shares of the company’s 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 transaction, the executive vice president now directly owns 67,524 shares in the company, valued at approximately $5,419,476.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total value of $111,190.82. Following the completion of the transaction, the chief executive officer now directly owns 148,892 shares in the company, valued at approximately $12,014,095.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Tamara Louise Linde sold 19,127 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $80.26, for a total value of $1,535,133.02. Following the sale, the executive vice president now owns 67,524 shares of the company’s stock, valued at $5,419,476.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,068 shares of company stock worth $2,406,965. 0.57% of the stock is owned by company insiders.

Public Service Enterprise Group Stock Up 1.0 %

PEG stock opened at $84.16 on Monday. Public Service Enterprise Group Incorporated has a 1-year low of $53.71 and a 1-year high of $84.18. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.16. The stock’s fifty day simple moving average is $78.81 and its two-hundred day simple moving average is $72.92. The stock has a market cap of $41.92 billion, a P/E ratio of 23.31, a P/E/G ratio of 2.99 and a beta of 0.60.

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

Public Service Enterprise Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Monday, September 9th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.85%. Public Service Enterprise Group’s payout ratio is 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.