DAVENPORT & Co LLC Buys Shares of 3,417 Public Service Enterprise Group Incorporated (NYSE:PEG)

DAVENPORT & Co LLC bought a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,417 shares of the utilities provider's stock, valued at approximately $281,000.

Other institutional investors also recently bought and sold shares of the company. Transce3nd LLC bought a new position in Public Service Enterprise Group in the fourth quarter valued at about $25,000. Chapman Financial Group LLC purchased a new stake in Public Service Enterprise Group in the fourth quarter worth about $25,000. REAP Financial Group LLC increased its position in Public Service Enterprise Group by 105.9% in the fourth quarter. REAP Financial Group LLC now owns 315 shares of the utilities provider's stock worth $27,000 after buying an additional 162 shares in the last quarter. OFI Invest Asset Management purchased a new stake in Public Service Enterprise Group in the fourth quarter worth about $39,000. Finally, Optiver Holding B.V. purchased a new stake in Public Service Enterprise Group in the fourth quarter worth about $50,000. Institutional investors own 73.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PEG. UBS Group upgraded Public Service Enterprise Group from a "neutral" rating to a "buy" rating and upped their price target for the stock from $86.00 to $97.00 in a research report on Monday. Barclays reduced their price target on Public Service Enterprise Group from $84.00 to $83.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Morgan Stanley reduced their price target 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. LADENBURG THALM/SH SH cut Public Service Enterprise Group from a "buy" rating to a "neutral" rating and set a $82.50 price target for the company. in a research report on Wednesday, March 19th. Finally, 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. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $89.46.

Insider Activity

In other news, CEO Ralph A. Larossa sold 1,387 shares of the firm'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 value of $115,287.44. Following the completion of the sale, the chief executive officer directly owned 218,328 shares of the company's stock, valued at $18,147,423.36. This trade represents a 0.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.19% of the stock is owned by insiders.

Public Service Enterprise Group Stock Performance

NYSE PEG opened at $81.58 on Wednesday. The stock has a market capitalization of $40.71 billion, a PE ratio of 22.29, a P/E/G ratio of 2.95 and a beta of 0.48. The business has a 50 day simple moving average of $80.46 and a two-hundred day simple moving average of $82.22. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.82 and a quick ratio of 0.65. Public Service Enterprise Group Incorporated has a 1-year low of $73.72 and a 1-year high of $95.22.

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

Public Service Enterprise Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 9th were paid a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend was Monday, June 9th. Public Service Enterprise Group's payout ratio is 68.85%.

Public Service Enterprise Group Company 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.

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