61,368 Shares in Public Service Enterprise Group Incorporated (NYSE:PEG) Purchased by Element Capital Management LLC

Element Capital Management LLC acquired a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 61,368 shares of the utilities provider’s stock, valued at approximately $3,832,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PEG. Aspire Private Capital LLC purchased a new stake in shares of Public Service Enterprise Group in the first quarter worth approximately $15,721,538,000. Cranbrook Wealth Management LLC purchased a new position in Public Service Enterprise Group during the 1st quarter worth $25,000. Ahrens Investment Partners LLC purchased a new position in Public Service Enterprise Group during the 1st quarter worth $31,000. ICA Group Wealth Management LLC acquired a new stake in Public Service Enterprise Group during the 4th quarter worth about $31,000. Finally, Clear Street Markets LLC acquired a new stake in Public Service Enterprise Group during the 4th quarter worth about $31,000. 72.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PEG. UBS Group cut Public Service Enterprise Group from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $70.00 to $66.00 in a research report on Monday, August 14th. Royal Bank of Canada decreased their price objective on Public Service Enterprise Group from $70.00 to $69.00 in a report on Wednesday. Morgan Stanley decreased their price objective on Public Service Enterprise Group from $66.00 to $62.00 and set an “overweight” rating for the company in a report on Wednesday, August 23rd. Barclays assumed coverage on Public Service Enterprise Group in a report on Wednesday, August 23rd. They issued an “overweight” rating and a $64.00 price objective for the company. Finally, The Goldman Sachs Group assumed coverage on Public Service Enterprise Group in a research note on Wednesday, June 7th. They issued a “neutral” rating and a $64.00 price target for the company. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Public Service Enterprise Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.38.

Public Service Enterprise Group Price Performance

Shares of PEG stock traded up $0.13 during trading hours on Wednesday, reaching $59.01. The company had a trading volume of 1,352,763 shares, compared to its average volume of 2,388,459. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.52 and a current ratio of 0.67. The stock has a fifty day moving average of $62.02 and a 200-day moving average of $61.67. The company has a market capitalization of $29.45 billion, a price-to-earnings ratio of 10.59, a PEG ratio of 3.22 and a beta of 0.58. Public Service Enterprise Group Incorporated has a 12-month low of $52.51 and a 12-month high of $69.27.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Tuesday, August 1st. The utilities provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.09. Public Service Enterprise Group had a return on equity of 12.64% and a net margin of 23.99%. The business had revenue of $2.42 billion during the quarter, compared to analyst estimates of $1.95 billion. During the same period in the prior year, the business earned $0.64 earnings per share. The business’s revenue was up 16.6% compared to the same quarter last year. On average, equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.45 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 Friday, September 29th. Investors of record on Friday, September 8th will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date of this dividend is Thursday, September 7th. Public Service Enterprise Group’s dividend payout ratio is presently 41.01%.

Insiders Place Their Bets

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 8,074 shares of the company’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $64.45, for a total transaction of $520,369.30. Following the transaction, the chief executive officer now directly owns 115,306 shares in the company, valued at $7,431,471.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Ralph A. Larossa sold 8,074 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $64.45, for a total value of $520,369.30. Following the sale, the chief executive officer now directly owns 115,306 shares in the company, valued at $7,431,471.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ralph A. Larossa sold 4,168 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $63.01, for a total value of $262,625.68. Following the completion of the sale, the chief executive officer now owns 122,572 shares in the company, valued at $7,723,261.72. The disclosure for this sale can be found here. Insiders have sold 12,442 shares of company stock worth $795,147 over the last ninety days. Corporate insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in Mid-Atlantic United States. The company operates through PSE&G and PSEG Power. The PSE&G segment transmits electricity; distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs.