WealthPlan Investment Management LLC Makes New $281,000 Investment in Public Service Enterprise Group Incorporated (NYSE:PEG)

Posted by MarketBeat News on Mar 18th, 2023

WealthPlan Investment Management LLC bought a new position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG – Get Rating) in the 3rd quarter, HoldingsChannel.com reports. The fund bought 4,687 shares of the utilities provider’s stock, valued at approximately $281,000.

Several other institutional investors have also recently bought and sold shares of PEG. D.A. Davidson & CO. raised its stake in Public Service Enterprise Group by 7.5% during the first quarter. D.A. Davidson & CO. now owns 3,657 shares of the utilities provider’s stock worth $256,000 after acquiring an additional 256 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Public Service Enterprise Group by 6.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,318,721 shares of the utilities provider’s stock worth $92,310,000 after purchasing an additional 83,174 shares during the last quarter. Prudential PLC bought a new stake in shares of Public Service Enterprise Group during the first quarter worth about $798,000. Cetera Investment Advisers grew its holdings in shares of Public Service Enterprise Group by 1.3% during the first quarter. Cetera Investment Advisers now owns 25,619 shares of the utilities provider’s stock worth $1,793,000 after purchasing an additional 332 shares during the last quarter. Finally, Sequoia Financial Advisors LLC bought a new stake in shares of Public Service Enterprise Group during the first quarter worth about $214,000. Institutional investors and hedge funds own 70.67% of the company’s stock.

Public Service Enterprise Group Price Performance

Public Service Enterprise Group stock opened at $58.53 on Friday. The stock has a market capitalization of $29.19 billion, a price-to-earnings ratio of 28.41, a PEG ratio of 9.92 and a beta of 0.55. Public Service Enterprise Group Incorporated has a 52-week low of $52.51 and a 52-week high of $75.61. The stock’s 50 day moving average price is $60.74 and its two-hundred day moving average price is $60.18. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.50 and a current ratio of 0.64.

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Public Service Enterprise Group (NYSE:PEG – Get Rating) last posted its quarterly earnings results on Tuesday, February 21st. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.02. The firm had revenue of $3.14 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Public Service Enterprise Group had a return on equity of 12.88% and a net margin of 10.52%. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.69 EPS. On average, equities analysts predict that Public Service Enterprise Group Incorporated will post 3.43 earnings per share for the current year.

Public Service Enterprise Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Friday, March 10th will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.90%. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend is Thursday, March 9th. Public Service Enterprise Group’s dividend payout ratio is presently 110.68%.

Insider Transactions at Public Service Enterprise Group

In other news, COO Eric Carr sold 7,105 shares of the company’s stock in a transaction that occurred on Monday, March 13th. The stock was sold at an average price of $57.63, for a total transaction of $409,461.15. Following the transaction, the chief operating officer now directly owns 6,482 shares of the company’s stock, valued at $373,557.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.55% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PEG has been the topic of several research reports. BMO Capital Markets reduced their price target on Public Service Enterprise Group from $64.00 to $60.00 and set a “market perform” rating on the stock in a report on Monday, March 13th. Guggenheim reduced their price target on Public Service Enterprise Group from $71.00 to $68.00 and set a “buy” rating on the stock in a report on Wednesday, February 22nd. Mizuho reduced their price target on Public Service Enterprise Group from $66.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, March 13th. TheStreet upgraded Public Service Enterprise Group from a “c” rating to a “b” rating in a report on Tuesday, February 21st. Finally, StockNews.com started coverage on Public Service Enterprise Group in a report on Thursday. They issued a “hold” rating on the stock. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $67.20.

About Public Service Enterprise Group

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Public Service Enterprise Group, Inc is an energy company, which engages in the business of regulated electric and gas utility, and nuclear generation. Its products and services include energy, capacity, ancillary services, and emissions allowances and congestion credits. The firm operates through the Public Service Electric and Gas Company (PSE&G) and PSEG Power segments.