Cetera Investment Advisers Buys 18,788 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Key Points

• Cetera Investment Advisers increased its stake in Public Service Enterprise Group by 15%, acquiring an additional 18,788 shares, bringing its total holdings to 144,014 shares valued at $11.85 million.
• Public Service Enterprise Group reported a quarterly earnings per share of $1.43, meeting analyst expectations, and its revenue increased by 16.7% year-over-year to $3.22 billion.
• The company announced a quarterly dividend of $0.63 per share, with an annualized dividend yield of 2.84%, and a payout ratio of 68.85%.

Cetera Investment Advisers raised its position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 15.0% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 144,014 shares of the utilities provider's stock after acquiring an additional 18,788 shares during the period. Cetera Investment Advisers' holdings in Public Service Enterprise Group were worth $11,852,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in the stock. Robeco Institutional Asset Management B.V. grew its holdings in Public Service Enterprise Group by 6.2% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 47,659 shares of the utilities provider's stock valued at $3,922,000 after buying an additional 2,803 shares in the last quarter. Sowell Financial Services LLC acquired a new position in Public Service Enterprise Group in the 1st quarter valued at $298,000. Exchange Traded Concepts LLC grew its holdings in Public Service Enterprise Group by 12.7% in the 1st quarter. Exchange Traded Concepts LLC now owns 3,977 shares of the utilities provider's stock valued at $327,000 after buying an additional 447 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Public Service Enterprise Group by 4.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 90,126 shares of the utilities provider's stock valued at $7,417,000 after buying an additional 3,601 shares in the last quarter. Finally, Vontobel Holding Ltd. bought a new stake in shares of Public Service Enterprise Group during the 1st quarter valued at $329,000. Institutional investors and hedge funds own 73.34% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. UBS Group upped their target price on Public Service Enterprise Group from $97.00 to $103.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Morgan Stanley cut their target price on Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating for the company in a research report on Wednesday, June 18th. Evercore ISI cut their target price on Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. Wall Street Zen downgraded Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research report on Sunday, July 20th. Finally, Guggenheim dropped their price objective on Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $90.50.

Insider Activity at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,387 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $83.12, for a total transaction of $115,287.44. Following the completion of the sale, the chief executive officer owned 218,328 shares in the company, valued at $18,147,423.36. The trade was a 0.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.19% of the stock is currently owned by corporate insiders.

Public Service Enterprise Group Trading Down 0.9%

PEG stock traded down $0.82 during trading on Friday, hitting $88.97. The company had a trading volume of 2,460,260 shares, compared to its average volume of 2,894,682. The business has a 50-day moving average of $82.59 and a 200-day moving average of $82.23. Public Service Enterprise Group Incorporated has a one year low of $74.67 and a one year high of $95.22. The stock has a market cap of $44.40 billion, a PE ratio of 24.31, a PEG ratio of 3.18 and a beta of 0.48. The company has a current ratio of 0.82, a quick ratio of 0.65 and a debt-to-equity ratio of 1.25.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last released its earnings results on Wednesday, April 30th. The utilities provider reported $1.43 EPS for the quarter, hitting the consensus estimate of $1.43. Public Service Enterprise Group had a return on equity of 11.80% and a net margin of 17.01%. The business had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.15 billion. During the same quarter last year, the firm posted $1.31 earnings per share. The firm's revenue was up 16.7% on a year-over-year basis. Research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be issued a dividend of $0.63 per share. The ex-dividend date is Tuesday, September 9th. This represents a $2.52 annualized dividend and a dividend yield of 2.8%. Public Service Enterprise Group's payout ratio is currently 68.85%.

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.