Envestnet Asset Management Inc. Grows Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Envestnet Asset Management Inc. grew its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 2.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 992,812 shares of the utilities provider's stock after purchasing an additional 27,472 shares during the period. Envestnet Asset Management Inc. owned approximately 0.20% of Public Service Enterprise Group worth $81,708,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Transce3nd LLC purchased a new position in shares of Public Service Enterprise Group during the 4th quarter valued at $25,000. Chapman Financial Group LLC purchased a new position in shares of Public Service Enterprise Group during the 4th quarter valued at $25,000. REAP Financial Group LLC grew its position in shares of Public Service Enterprise Group by 105.9% during the 4th quarter. REAP Financial Group LLC now owns 315 shares of the utilities provider's stock valued at $27,000 after purchasing an additional 162 shares in the last quarter. Optiver Holding B.V. purchased a new position in shares of Public Service Enterprise Group during the 4th quarter valued at $50,000. Finally, Nemes Rush Group LLC purchased a new position in shares of Public Service Enterprise Group during the 4th quarter valued at $53,000. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PEG shares. LADENBURG THALM/SH SH downgraded shares of Public Service Enterprise Group from a "buy" rating to a "neutral" rating and set a $82.50 price objective for the company. in a report on Wednesday, March 19th. BMO Capital Markets dropped their price target on Public Service Enterprise Group from $86.00 to $83.00 and set a "market perform" rating for the company in a research note on Thursday, April 10th. Wall Street Zen lowered Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research note on Thursday, May 1st. Guggenheim dropped their price target on Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Finally, Evercore ISI dropped their price target on Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $89.38.

Public Service Enterprise Group Trading Up 0.8%

Shares of PEG stock opened at $82.20 on Friday. The stock has a market capitalization of $41.02 billion, a PE ratio of 22.46, a P/E/G ratio of 2.92 and a beta of 0.48. Public Service Enterprise Group Incorporated has a 1-year low of $73.72 and a 1-year high of $95.22. The business has a 50-day moving average of $80.57 and a 200 day moving average of $82.19. 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 (NYSE:PEG - Get Free Report) last issued its 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 company 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%. Public Service Enterprise Group's quarterly revenue was up 16.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.31 EPS. As a group, sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 9th were given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend was Monday, June 9th. Public Service Enterprise Group's payout ratio is 68.85%.

Insider Buying and Selling

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,387 shares of the company'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 transaction, the chief executive officer owned 218,328 shares of the company's stock, 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 at the SEC website. 0.19% of the stock is owned by insiders.

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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