Summit Trail Advisors LLC Increases Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Summit Trail Advisors LLC grew its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 213.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 16,650 shares of the utilities provider's stock after buying an additional 11,345 shares during the quarter. Summit Trail Advisors LLC's holdings in Public Service Enterprise Group were worth $1,112,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Public Service Enterprise Group by 13.0% during the third quarter. Vanguard Group Inc. now owns 61,673,935 shares of the utilities provider's stock valued at $3,509,864,000 after purchasing an additional 7,103,657 shares during the period. Norges Bank bought a new position in Public Service Enterprise Group in the 4th quarter worth about $215,074,000. Hsbc Holdings PLC increased its position in shares of Public Service Enterprise Group by 118.1% during the third quarter. Hsbc Holdings PLC now owns 1,364,088 shares of the utilities provider's stock worth $77,544,000 after acquiring an additional 738,684 shares during the period. Assetmark Inc. raised its stake in shares of Public Service Enterprise Group by 562.8% during the third quarter. Assetmark Inc. now owns 869,856 shares of the utilities provider's stock valued at $49,504,000 after acquiring an additional 738,619 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Public Service Enterprise Group by 2.2% in the third quarter. JPMorgan Chase & Co. now owns 33,020,997 shares of the utilities provider's stock valued at $1,879,225,000 after purchasing an additional 726,613 shares during the period. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on PEG. Scotiabank reduced their price objective on Public Service Enterprise Group from $64.00 to $62.00 and set a "sector perform" rating on the stock in a report on Monday, April 22nd. Evercore ISI raised their target price on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the company an "outperform" rating in a research report on Thursday, April 4th. TheStreet upgraded shares of Public Service Enterprise Group from a "c+" rating to a "b-" rating in a report on Wednesday, March 6th. Bank of America increased their price objective on shares of Public Service Enterprise Group from $66.00 to $73.00 and gave the company a "buy" rating in a research note on Friday, March 22nd. Finally, Royal Bank of Canada upped their target price on Public Service Enterprise Group from $70.00 to $72.00 and gave the stock an "outperform" rating in a report on Thursday, March 7th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $67.15.

Public Service Enterprise Group Stock Up 0.3 %

Public Service Enterprise Group stock traded up $0.21 during midday trading on Thursday, reaching $70.02. The company's stock had a trading volume of 3,380,941 shares, compared to its average volume of 2,899,731. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.67 and a quick ratio of 0.46. The stock has a market capitalization of $34.91 billion, a P/E ratio of 19.40, a PEG ratio of 3.02 and a beta of 0.56. The stock's 50-day simple moving average is $65.36 and its 200-day simple moving average is $62.54. Public Service Enterprise Group Incorporated has a 52-week low of $53.71 and a 52-week high of $70.46.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last announced its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.31 EPS for the quarter, missing the consensus estimate of $1.32 by ($0.01). The company had revenue of $2.76 billion during the quarter, compared to analysts' expectations of $2.99 billion. Public Service Enterprise Group had a net margin of 17.65% and a return on equity of 11.19%. The business's revenue for the quarter was down 26.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.39 earnings per share. On average, sell-side analysts expect that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date is Friday, June 7th. Public Service Enterprise Group's dividend payout ratio (DPR) is presently 66.48%.

Insider Activity at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $69.55, for a total value of $95,561.70. Following the transaction, the chief executive officer now directly owns 150,973 shares of the company's stock, valued at $10,500,172.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Richard T. Thigpen sold 4,800 shares of the firm's stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $64.18, for a total transaction of $308,064.00. Following the completion of the transaction, the senior vice president now owns 31,122 shares of the company's stock, valued at $1,997,409.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ralph A. Larossa sold 1,374 shares of the company's stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $69.55, for a total transaction of $95,561.70. Following the completion of the sale, the chief executive officer now directly owns 150,973 shares in the company, valued at $10,500,172.15. The disclosure for this sale can be found here. Insiders have sold a total of 9,322 shares of company stock valued at $607,376 in the last ninety days. Company insiders own 0.57% of the company's stock.

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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