Public Service Enterprise Group Incorporated (NYSE:PEG) Receives $88.83 Average Target Price from Brokerages

Public Service Enterprise Group Incorporated (NYSE:PEG) has received an average recommendation of “Moderate Buy” from the thirteen research firms that are presently covering the stock, MarketBeat reports. Five analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $89.50.

Several research analysts have recently weighed in on PEG shares. Barclays cut shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $88.00 to $84.00 in a report on Monday, January 27th. UBS Group increased their price target on Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. BMO Capital Markets lifted their price objective on Public Service Enterprise Group from $85.00 to $86.00 and gave the stock a “market perform” rating in a report on Wednesday. Wells Fargo & Company reduced their price objective on Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Guggenheim reissued a “buy” rating and issued a $98.00 target price on shares of Public Service Enterprise Group in a research report on Wednesday.

Insiders Place Their Bets

In related news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $83.10, for a total value of $114,511.80. Following the completion of the transaction, the chief executive officer now owns 126,791 shares of the company’s stock, valued at approximately $10,536,332.10. This represents a 1.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.57% of the stock is owned by company insiders.

Hedge Funds Weigh In On Public Service Enterprise Group

Several large investors have recently made changes to their positions in the business. Norges Bank purchased a new stake in shares of Public Service Enterprise Group during the fourth quarter worth about $445,005,000. Raymond James Financial Inc. bought a new position in Public Service Enterprise Group in the 4th quarter worth approximately $376,209,000. Jennison Associates LLC grew its holdings in Public Service Enterprise Group by 125.3% during the 4th quarter. Jennison Associates LLC now owns 3,384,803 shares of the utilities provider’s stock valued at $285,982,000 after buying an additional 1,882,667 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Public Service Enterprise Group by 604.5% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,004,100 shares of the utilities provider’s stock valued at $169,404,000 after buying an additional 1,719,614 shares during the last quarter. Finally, Schroder Investment Management Group raised its position in shares of Public Service Enterprise Group by 234.1% during the fourth quarter. Schroder Investment Management Group now owns 2,117,411 shares of the utilities provider’s stock valued at $178,900,000 after buying an additional 1,483,662 shares during the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Public Service Enterprise Group Stock Performance

Shares of PEG opened at $82.92 on Thursday. The company has a market cap of $41.31 billion, a price-to-earnings ratio of 20.37, a P/E/G ratio of 2.78 and a beta of 0.64. The business’s fifty day simple moving average is $84.90 and its two-hundred day simple moving average is $86.03. Public Service Enterprise Group has a 12 month low of $59.67 and a 12 month high of $95.22. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Tuesday, February 25th. The utilities provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.83 by $0.01. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same period last year, the firm posted $0.54 earnings per share. Public Service Enterprise Group’s revenue was down 5.4% compared to the same quarter last year. Research analysts anticipate that Public Service Enterprise Group will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be issued a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 3.04%. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, March 10th. Public Service Enterprise Group’s dividend payout ratio is currently 71.19%.

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.