Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Public Service Enterprise Group (PEG) by 19.2% in Q1, acquiring a total of 241,791 shares worth approximately $19.9 million.
• The company reported Q1 earnings of $1.43 EPS and revenue of $3.22 billion, exceeding estimates, with a net margin of 17.01%.
• Public Service Enterprise Group declared a quarterly dividend of $0.63 to be paid on September 30, reflecting an annualized yield of 2.84% with a payout ratio of 68.85%.

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 19.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 241,791 shares of the utilities provider's stock after acquiring an additional 38,921 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Public Service Enterprise Group were worth $19,899,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Empirical Finance LLC lifted its position in Public Service Enterprise Group by 2.3% during the 1st quarter. Empirical Finance LLC now owns 17,456 shares of the utilities provider's stock worth $1,437,000 after buying an additional 396 shares in the last quarter. Valley Wealth Managers Inc. lifted its holdings in shares of Public Service Enterprise Group by 0.3% during the 1st quarter. Valley Wealth Managers Inc. now owns 47,935 shares of the utilities provider's stock worth $3,945,000 after acquiring an additional 158 shares during the period. FourThought Financial Partners LLC lifted its holdings in shares of Public Service Enterprise Group by 2.8% during the 1st quarter. FourThought Financial Partners LLC now owns 4,588 shares of the utilities provider's stock worth $378,000 after acquiring an additional 127 shares during the period. HB Wealth Management LLC lifted its stake in Public Service Enterprise Group by 50.7% in the 1st quarter. HB Wealth Management LLC now owns 18,442 shares of the utilities provider's stock valued at $1,518,000 after purchasing an additional 6,207 shares during the last quarter. Finally, Stevens Capital Management LP bought a new position in Public Service Enterprise Group in the 1st quarter valued at approximately $349,000. 73.34% of the stock is owned by institutional investors.

Public Service Enterprise Group Trading Down 0.7%

NYSE PEG traded down $0.59 on Friday, hitting $89.20. 802,407 shares of the stock were exchanged, compared to its average volume of 2,883,151. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.65 and a current ratio of 0.82. The stock has a fifty day moving average price of $82.59 and a two-hundred day moving average price of $82.23. The firm has a market capitalization of $44.51 billion, a P/E ratio of 24.39, a P/E/G ratio of 3.18 and a beta of 0.48. Public Service Enterprise Group Incorporated has a 52-week low of $74.67 and a 52-week high of $95.22.

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 earnings per share for the quarter, hitting analysts' consensus estimates of $1.43. Public Service Enterprise Group had a net margin of 17.01% and a return on equity of 11.80%. The company had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.15 billion. During the same period in the prior year, the firm earned $1.31 earnings per share. The firm's revenue for the quarter was up 16.7% compared to the same quarter last year. Research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be issued a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 2.8%. The ex-dividend date is Tuesday, September 9th. Public Service Enterprise Group's dividend payout ratio is 68.85%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PEG shares. Morgan Stanley decreased their price objective 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. 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 report on Thursday, July 10th. UBS Group raised their price target on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the company a "buy" rating in a research report on Friday, July 25th. BMO Capital Markets lifted their price objective on shares of Public Service Enterprise Group from $83.00 to $84.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 22nd. Finally, Guggenheim lowered their price target on shares of Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. One research 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's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $90.50.

Insiders Place Their Bets

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 transaction of $115,287.44. Following the transaction, the chief executive officer owned 218,328 shares in the company, valued at $18,147,423.36. This trade represents a 0.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company 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.