Envestnet Asset Management Inc. Purchases 36,589 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Envestnet Asset Management Inc. lifted its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 3.8% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 993,262 shares of the utilities provider’s stock after purchasing an additional 36,589 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Public Service Enterprise Group were worth $73,203,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Bryn Mawr Capital Management LLC grew its position in shares of Public Service Enterprise Group by 0.5% during the second quarter. Bryn Mawr Capital Management LLC now owns 25,739 shares of the utilities provider’s stock worth $1,905,000 after purchasing an additional 135 shares in the last quarter. Crestwood Advisors Group LLC lifted its holdings in shares of Public Service Enterprise Group by 4.1% in the 2nd quarter. Crestwood Advisors Group LLC now owns 3,853 shares of the utilities provider’s stock worth $284,000 after buying an additional 153 shares during the period. Evergreen Wealth Solutions LLC lifted its holdings in shares of Public Service Enterprise Group by 1.7% in the 1st quarter. Evergreen Wealth Solutions LLC now owns 9,697 shares of the utilities provider’s stock worth $648,000 after buying an additional 159 shares during the period. Coldstream Capital Management Inc. lifted its holdings in shares of Public Service Enterprise Group by 1.9% in the 2nd quarter. Coldstream Capital Management Inc. now owns 9,144 shares of the utilities provider’s stock worth $674,000 after buying an additional 172 shares during the period. Finally, KCM Investment Advisors LLC raised its position in shares of Public Service Enterprise Group by 0.3% in the 2nd quarter. KCM Investment Advisors LLC now owns 67,327 shares of the utilities provider’s stock worth $4,962,000 after acquiring an additional 180 shares in the last quarter. Institutional investors own 73.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PEG. LADENBURG THALM/SH SH raised Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 5th. Mizuho upped their target price on Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Royal Bank of Canada increased their price target on Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a research report on Monday, July 15th. Scotiabank increased their price target on Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. Finally, Morgan Stanley raised their target price on Public Service Enterprise Group from $78.00 to $83.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $77.92.

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the transaction, the chief executive officer now owns 148,892 shares in the company, valued at $12,014,095.48. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, EVP Tamara Louise Linde sold 19,127 shares of Public Service Enterprise Group stock in a transaction on 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 transaction, the executive vice president now owns 67,524 shares in the company, valued at approximately $5,419,476.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total transaction of $111,190.82. Following the transaction, the chief executive officer now owns 148,892 shares in the company, valued at approximately $12,014,095.48. The disclosure for this sale can be found here. Over the last 90 days, 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 Down 0.0 %

Shares of NYSE PEG opened at $84.73 on Wednesday. Public Service Enterprise Group Incorporated has a 12-month low of $53.71 and a 12-month high of $85.11. The company has a market cap of $42.21 billion, a P/E ratio of 23.47, a P/E/G ratio of 3.03 and a beta of 0.60. 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 has a fifty day moving average price of $79.19 and a 200 day moving average price of $73.23.

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). 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 during the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the previous year, the company earned $0.70 earnings per share. The business’s quarterly revenue was up .1% on a year-over-year basis. Research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $2.40 annualized dividend and a dividend yield of 2.83%. Public Service Enterprise Group’s payout ratio is currently 66.48%.

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.