Reaves W H & Co. Inc. Has $108 Million Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Key Points

• Reaves W H & Co. Inc. increased its stake in Public Service Enterprise Group by 58.4%, acquiring 483,682 additional shares during the first quarter, bringing their total ownership to over 1.3 million shares.
• Wall Street analysts have mixed ratings on Public Service Enterprise Group, with one analyst rating it a sell, five as hold, and six as buy, while the average target price is currently set at $90.50.
• The company announced a quarterly dividend of $0.63 per share, resulting in an annualized dividend yield of 2.8%, with the payout ratio currently at 68.85%.

Reaves W H & Co. Inc. raised its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 58.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,312,292 shares of the utilities provider's stock after acquiring an additional 483,682 shares during the quarter. Public Service Enterprise Group accounts for about 2.7% of Reaves W H & Co. Inc.'s portfolio, making the stock its 15th biggest holding. Reaves W H & Co. Inc. owned 0.26% of Public Service Enterprise Group worth $108,002,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. increased its holdings in shares of 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 valued at $3,922,000 after purchasing an additional 2,803 shares during the period. Sowell Financial Services LLC acquired a new position in shares of Public Service Enterprise Group in the 1st quarter valued at about $298,000. Exchange Traded Concepts LLC increased its holdings in shares of 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 valued at $327,000 after purchasing an additional 447 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of 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 valued at $7,417,000 after purchasing an additional 3,601 shares during the period. Finally, Vontobel Holding Ltd. acquired a new position in shares of Public Service Enterprise Group in the 1st quarter valued at about $329,000. 73.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,387 shares of the 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 approximately $18,147,423.36. This represents a 0.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.19% of the company's stock.

Public Service Enterprise Group Stock Performance

Public Service Enterprise Group stock traded up $0.23 during trading hours on Friday, reaching $87.70. 2,400,788 shares of the company were exchanged, compared to its average volume of 2,647,230. The firm has a market cap 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 current ratio of 1.00, a quick ratio of 0.65 and a debt-to-equity ratio of 1.30. The stock has a 50-day moving average of $83.63 and a 200 day moving average of $82.24. Public Service Enterprise Group Incorporated has a 12 month low of $74.67 and a 12 month high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last announced its earnings results on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.70 by $0.07. Public Service Enterprise Group had a return on equity of 12.08% and a net margin of 17.78%. The firm had revenue of $2.81 billion during the quarter, compared to analysts' expectations of $2.49 billion. During the same quarter in the prior year, the business earned $0.63 earnings per share. The company's revenue was up 15.8% on a year-over-year basis. As a group, research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be given a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 9th. Public Service Enterprise Group's dividend payout ratio is currently 63.64%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PEG. Morgan Stanley dropped their target price on Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating on the stock in a report on Wednesday, June 18th. Guggenheim dropped their price objective on Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. UBS Group increased their price objective on Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a "buy" rating in a report on Friday, July 25th. 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 report on Wednesday. Finally, 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 report on Thursday, July 10th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $90.95.

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.