DAVENPORT & Co LLC Makes New Investment in Public Service Enterprise Group Incorporated (NYSE:PEG)

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

A number of other institutional investors and hedge funds also recently made changes to their positions in PEG. Robeco Institutional Asset Management B.V. grew its position 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 worth $3,922,000 after purchasing an additional 2,803 shares in the last quarter. Sowell Financial Services LLC bought a new stake in Public Service Enterprise Group in the 1st quarter worth about $298,000. Wealth Enhancement Advisory Services LLC grew its position 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 worth $7,417,000 after purchasing an additional 3,601 shares in the last quarter. Exchange Traded Concepts LLC grew its position 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 worth $327,000 after purchasing an additional 447 shares in the last quarter. Finally, Vontobel Holding Ltd. bought a new stake in Public Service Enterprise Group in the 1st quarter worth about $329,000. Institutional investors and hedge funds own 73.34% of the company's stock.

Insider Buying and Selling

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,387 shares of the stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $83.12, for a total value of $115,287.44. Following the sale, the chief executive officer directly owned 218,328 shares in the company, valued at $18,147,423.36. This represents a 0.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.19% of the company's stock.

Public Service Enterprise Group Stock Performance

PEG traded up $0.36 on Friday, hitting $82.52. The company's stock had a trading volume of 1,870,718 shares, compared to its average volume of 2,770,363. The company's 50 day simple moving average is $80.63 and its 200-day simple moving average is $82.17. The firm has a market cap of $41.18 billion, a P/E ratio of 22.55, a price-to-earnings-growth ratio of 2.96 and a beta of 0.48. Public Service Enterprise Group Incorporated has a 12 month low of $73.72 and a 12 month high of $95.22. The company has a quick ratio of 0.65, a current ratio of 0.82 and a debt-to-equity ratio of 1.25.

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

Public Service Enterprise Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 9th were issued a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 3.05%. The ex-dividend date was Monday, June 9th. Public Service Enterprise Group's dividend payout ratio (DPR) is presently 68.85%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Evercore ISI reduced their price objective on shares of 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. Barclays reduced their price objective on shares of Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating for the company in a research report on Thursday. Guggenheim reduced their target price on shares of 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. Morgan Stanley reduced their target price on shares of 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. Finally, BMO Capital Markets reduced their target price on shares of Public Service Enterprise Group from $86.00 to $83.00 and set a "market perform" rating for the company in a research report on Thursday, April 10th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $89.38.

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.