Public Service Enterprise Group’s (PEG) “Overweight” Rating Reiterated at Morgan Stanley

Morgan Stanley reaffirmed their overweight rating on shares of Public Service Enterprise Group (NYSE:PEG) in a research note released on Monday morning, Benzinga reports. They currently have a $70.00 price objective on the utilities provider’s stock, up from their previous price objective of $61.00.

Several other analysts have also weighed in on PEG. TheStreet upgraded shares of Public Service Enterprise Group from a c+ rating to a b- rating in a research note on Wednesday, March 6th. JPMorgan Chase & Co. boosted their target price on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the company an overweight rating in a research note on Friday, December 1st. BMO Capital Markets lowered their target price on shares of Public Service Enterprise Group from $64.00 to $63.00 and set a market perform rating for the company in a research note on Tuesday, February 27th. Bank of America boosted their target price 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 boosted their price target on shares of Public Service Enterprise Group from $70.00 to $72.00 and gave the company an outperform rating in a report on Thursday, March 7th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of Hold and a consensus price target of $66.38.

Public Service Enterprise Group Stock Up 1.7 %

Shares of NYSE:PEG opened at $66.65 on Monday. The company has a current ratio of 0.67, a quick ratio of 0.46 and a debt-to-equity ratio of 1.15. The company has a fifty day simple moving average of $60.99 and a 200 day simple moving average of $61.12. The firm has a market cap of $33.23 billion, a PE ratio of 12.99, a price-to-earnings-growth ratio of 2.85 and a beta of 0.57. Public Service Enterprise Group has a 12-month low of $53.71 and a 12-month high of $66.65.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Monday, February 26th. The utilities provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. Public Service Enterprise Group had a net margin of 22.81% and a return on equity of 11.53%. The business had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.45 billion. During the same quarter in the previous year, the firm earned $0.64 earnings per share. The business’s revenue was down 17.0% compared to the same quarter last year. On average, equities research analysts anticipate that Public Service Enterprise Group will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 8th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Thursday, March 7th. This represents a $2.40 annualized dividend and a yield of 3.60%. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.57. Public Service Enterprise Group’s dividend payout ratio is presently 46.78%.

Insider Buying and Selling

In related news, SVP Richard T. Thigpen sold 4,800 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $64.18, for a total value of $308,064.00. Following the completion of the sale, the senior vice president now owns 31,122 shares of the company’s stock, valued at $1,997,409.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 4,800 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $64.18, for a total value of $308,064.00. Following the completion of the sale, the senior vice president now directly owns 31,122 shares of the company’s stock, valued at approximately $1,997,409.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $63.00, for a total transaction of $86,562.00. Following the completion of the sale, the chief executive officer now directly owns 153,721 shares of the company’s stock, valued at $9,684,423. The disclosure for this sale can be found here. Insiders sold 6,574 shares of company stock valued at $419,108 over the last 90 days. 0.18% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Public Service Enterprise Group

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Union Savings Bank acquired a new stake in Public Service Enterprise Group during the 2nd quarter worth about $28,000. Operose Advisors LLC raised its holdings in Public Service Enterprise Group by 435.0% during the 3rd quarter. Operose Advisors LLC now owns 535 shares of the utilities provider’s stock worth $30,000 after buying an additional 435 shares during the period. Addison Advisors LLC acquired a new stake in Public Service Enterprise Group during the 4th quarter worth about $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. 73.34% of the stock is owned by institutional investors and hedge funds.

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.