New Age Alpha Advisors LLC Has $2.70 Million Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Key Points

• New Age Alpha Advisors LLC significantly increased its stake in Public Service Enterprise Group by 10,593.5% this year, holding shares valued at $2.70 million.
• Public Service Enterprise Group reported a quarterly earnings per share (EPS) of $0.77, exceeding analysts’ expectations and showing a 15.8% year-over-year revenue increase.
• A quarterly dividend of $0.63 per share was recently announced, representing an annualized yield of 2.9%, with a payout ratio of 63.64%.

New Age Alpha Advisors LLC grew its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 10,593.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 32,829 shares of the utilities provider's stock after purchasing an additional 32,522 shares during the period. New Age Alpha Advisors LLC's holdings in Public Service Enterprise Group were worth $2,702,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of PEG. Transce3nd LLC purchased a new stake in shares of Public Service Enterprise Group during the fourth quarter valued at $25,000. Chapman Financial Group LLC purchased a new stake in Public Service Enterprise Group in the 4th quarter worth about $25,000. REAP Financial Group LLC lifted its stake in Public Service Enterprise Group by 105.9% in the 4th quarter. REAP Financial Group LLC now owns 315 shares of the utilities provider's stock worth $27,000 after acquiring an additional 162 shares in the last quarter. Optiver Holding B.V. purchased a new stake in Public Service Enterprise Group in the 4th quarter worth about $50,000. Finally, Sound Income Strategies LLC lifted its stake in Public Service Enterprise Group by 105.9% in the 1st quarter. Sound Income Strategies LLC now owns 702 shares of the utilities provider's stock worth $58,000 after acquiring an additional 361 shares in the last quarter. 73.34% of the stock is owned by hedge funds and other institutional investors.

Public Service Enterprise Group Stock Up 0.3%

PEG stock traded up $0.23 during mid-day trading on Friday, hitting $87.70. The stock had a trading volume of 2,400,788 shares, compared to its average volume of 2,647,230. The company has a current ratio of 1.00, a quick ratio of 0.65 and a debt-to-equity ratio of 1.30. The stock has a market capitalization of $43.77 billion, a price-to-earnings ratio of 22.15, a PEG ratio of 3.05 and a beta of 0.45. The company has a fifty day moving average of $83.63 and a 200 day moving average of $82.24. Public Service Enterprise Group Incorporated has a 1-year low of $74.67 and a 1-year high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The utilities provider reported $0.77 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.07. The business had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.49 billion. Public Service Enterprise Group had a return on equity of 12.08% and a net margin of 17.78%. The firm's revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.63 EPS. On average, equities analysts expect that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal 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 of this dividend is Tuesday, September 9th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.9%. Public Service Enterprise Group's dividend payout ratio is currently 63.64%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. BMO Capital Markets increased their price objective on Public Service Enterprise Group from $84.00 to $89.00 and gave the stock a "market perform" rating in a research note on Wednesday. Evercore ISI reduced their price objective 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. Wall Street Zen downgraded Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research note on Sunday, July 20th. Morgan Stanley reduced their price objective on Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating for the company in a research note on Wednesday, June 18th. Finally, Guggenheim reduced 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 note on Thursday, May 1st. One analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $90.95.

Insider Activity at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,387 shares of the stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $83.12, for a total transaction of $115,287.44. Following the transaction, the chief executive officer owned 218,328 shares of the company's stock, valued at approximately $18,147,423.36. This represents a 0.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.19% of the company's stock.

About Public Service Enterprise Group

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.