Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Bought by Hanson & Doremus Investment Management

Hanson & Doremus Investment Management grew its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 49.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,650 shares of the utilities provider’s stock after purchasing an additional 1,215 shares during the quarter. Hanson & Doremus Investment Management’s holdings in Public Service Enterprise Group were worth $300,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Ninepoint Partners LP increased its position in shares of Public Service Enterprise Group by 14.1% during the fourth quarter. Ninepoint Partners LP now owns 14,786 shares of the utilities provider’s stock worth $1,249,000 after acquiring an additional 1,830 shares during the last quarter. Welch & Forbes LLC boosted its stake in Public Service Enterprise Group by 171.6% in the fourth quarter. Welch & Forbes LLC now owns 11,170 shares of the utilities provider’s stock valued at $944,000 after acquiring an additional 7,058 shares during the period. Vanguard Group Inc. boosted its stake in Public Service Enterprise Group by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 60,775,030 shares of the utilities provider’s stock valued at $5,134,882,000 after acquiring an additional 492,517 shares during the period. Empowered Funds LLC boosted its stake in Public Service Enterprise Group by 9.6% in the fourth quarter. Empowered Funds LLC now owns 9,163 shares of the utilities provider’s stock valued at $774,000 after acquiring an additional 801 shares during the period. Finally, Grantvest Financial Group LLC acquired a new position in Public Service Enterprise Group in the fourth quarter valued at approximately $215,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. 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, February 26th. Bank of America dropped their price target on Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Guggenheim cut their target price on shares of Public Service Enterprise Group from $98.00 to $94.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. Evercore ISI dropped their price target on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an “outperform” rating on the stock in a research note on Thursday, May 1st. Finally, Wall Street Zen cut shares of Public Service Enterprise Group from a “hold” rating to a “sell” rating in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $89.63.

Insider Buying and Selling at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $82.88, for a total value of $114,208.64. Following the sale, the chief executive officer now directly owns 221,670 shares of the company’s stock, valued at approximately $18,372,009.60. The trade was a 0.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Stock Up 0.2%

Shares of PEG opened at $81.13 on Tuesday. The stock has a market cap of $40.48 billion, a price-to-earnings ratio of 19.93, a P/E/G ratio of 2.78 and a beta of 0.48. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. Public Service Enterprise Group Incorporated has a 12 month low of $72.25 and a 12 month high of $95.22. The company has a 50-day moving average price of $80.36 and a two-hundred day moving average price of $82.74.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.43 earnings per share for the quarter, hitting the consensus estimate of $1.43. The company had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.15 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The company’s revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the business posted $1.31 earnings per share. Equities analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 9th will be given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 3.11%. The ex-dividend date is Monday, June 9th. Public Service Enterprise Group’s payout ratio is 68.85%.

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.