HB Wealth Management LLC Raises Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Key Points

• HB Wealth Management LLC increased its holdings in Public Service Enterprise Group (PEG) by 50.7%, acquiring an additional 6,207 shares in the first quarter, bringing its total to 18,442 shares valued at $1.52 million.
• CEO Ralph A. Larossa sold 1,387 shares of the company's stock for approximately $115,287, which reduced his ownership by 0.63%.
• Public Service Enterprise Group declared a quarterly dividend of $0.63 per share, with an ex-dividend date of September 9th, following a year of strong revenue growth of 16.7%.

HB Wealth Management LLC lifted its stake in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 50.7% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 18,442 shares of the utilities provider's stock after buying an additional 6,207 shares during the quarter. HB Wealth Management LLC's holdings in Public Service Enterprise Group were worth $1,518,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PEG. Transce3nd LLC bought a new position in shares of Public Service Enterprise Group during the 4th quarter valued at about $25,000. Chapman Financial Group LLC bought a new position in shares of Public Service Enterprise Group during the 4th quarter valued at approximately $25,000. REAP Financial Group LLC raised its stake in shares of 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 valued at $27,000 after acquiring an additional 162 shares during the period. Optiver Holding B.V. bought a new stake in Public Service Enterprise Group in the fourth quarter worth about $50,000. Finally, Nemes Rush Group LLC bought a new stake in shares of Public Service Enterprise Group during the 4th quarter worth approximately $53,000. Institutional investors own 73.34% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on PEG. Guggenheim dropped their target price on shares of Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Barclays dropped their price objective on Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 10th. BMO Capital Markets lifted their target price on Public Service Enterprise Group from $83.00 to $84.00 and gave the company a "market perform" rating in a research report on Tuesday, July 22nd. Wall Street Zen cut Public Service Enterprise Group from a "hold" rating to a "sell" rating in a report on Sunday, July 20th. Finally, UBS Group raised their price target on Public Service Enterprise Group from $97.00 to $103.00 and gave the company a "buy" rating in a research note on Friday, July 25th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $90.50.

Public Service Enterprise Group Stock Down 0.5%

Shares of NYSE PEG traded down $0.47 during trading hours on Friday, hitting $89.32. 705,906 shares of the stock were exchanged, compared to its average volume of 2,882,238. Public Service Enterprise Group Incorporated has a 12 month low of $74.67 and a 12 month high of $95.22. The firm has a fifty day moving average price of $82.59 and a 200-day moving average price of $82.23. The company has a quick ratio of 0.65, a current ratio of 0.82 and a debt-to-equity ratio of 1.25. The company has a market cap of $44.57 billion, a PE ratio of 24.40, a PEG ratio of 3.18 and a beta of 0.48.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.43 earnings per share for the quarter, hitting analysts' consensus estimates of $1.43. Public Service Enterprise Group had a return on equity of 11.80% and a net margin of 17.01%. The firm 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 earned $1.31 EPS. The business's quarterly revenue was up 16.7% on a year-over-year basis. On average, sell-side analysts expect that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The business 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 dividend payout ratio is 68.85%.

Insider Activity

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,387 shares of the firm's stock in a transaction 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 completion of the transaction, the chief executive officer owned 218,328 shares of the company's stock, valued at approximately $18,147,423.36. This trade represents a 0.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.19% of the stock is currently owned by company insiders.

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.