Mackenzie Financial Corp Buys 3,902 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Mackenzie Financial Corp raised its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 6.3% in the 1st quarter, Holdings Channel reports. The firm owned 65,593 shares of the utilities provider’s stock after acquiring an additional 3,902 shares during the period. Mackenzie Financial Corp’s holdings in Public Service Enterprise Group were worth $5,398,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. LPL Financial LLC boosted its holdings in shares of Public Service Enterprise Group by 10.9% during the 1st quarter. LPL Financial LLC now owns 733,229 shares of the utilities provider’s stock valued at $60,345,000 after purchasing an additional 72,117 shares during the last quarter. Alteri Wealth LLC boosted its holdings in shares of Public Service Enterprise Group by 48.1% during the 1st quarter. Alteri Wealth LLC now owns 6,532 shares of the utilities provider’s stock valued at $538,000 after purchasing an additional 2,122 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Public Service Enterprise Group by 19.2% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 241,791 shares of the utilities provider’s stock valued at $19,899,000 after purchasing an additional 38,921 shares during the last quarter. Empirical Finance LLC boosted its holdings in shares of Public Service Enterprise Group by 2.3% during the 1st quarter. Empirical Finance LLC now owns 17,456 shares of the utilities provider’s stock valued at $1,437,000 after purchasing an additional 396 shares during the last quarter. Finally, Valley Wealth Managers Inc. boosted its holdings in shares of Public Service Enterprise Group by 0.3% during the 1st quarter. Valley Wealth Managers Inc. now owns 47,935 shares of the utilities provider’s stock valued at $3,945,000 after purchasing an additional 158 shares during the last quarter. Institutional investors own 73.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on PEG. BMO Capital Markets increased their price objective on shares of Public Service Enterprise Group from $83.00 to $84.00 and gave the company a “market perform” rating in a report on Tuesday, July 22nd. Morgan Stanley dropped their price target on Public Service Enterprise Group from $101.00 to $100.00 and set an “overweight” rating for the company in a research report on Wednesday, June 18th. UBS Group lifted their price target on Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a “buy” rating in a research report on Friday, July 25th. Barclays dropped their price target on Public Service Enterprise Group from $83.00 to $82.00 and set an “equal weight” rating for the company in a research report on Thursday, July 10th. Finally, Guggenheim dropped their price target on Public Service Enterprise Group from $98.00 to $94.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $90.50.

Public Service Enterprise Group Stock Down 0.9%

Shares of NYSE PEG opened at $88.97 on Friday. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.82 and a quick ratio of 0.65. The company has a market cap of $44.40 billion, a P/E ratio of 24.31, a PEG ratio of 3.21 and a beta of 0.48. Public Service Enterprise Group Incorporated has a 1 year low of $74.67 and a 1 year high of $95.22. The firm has a 50-day simple moving average of $82.79 and a two-hundred day simple moving average of $82.26.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.43. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.15 billion. Public Service Enterprise Group had a net margin of 17.01% and a return on equity of 11.80%. The firm’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.31 earnings per share. Research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.8%. Public Service Enterprise Group’s dividend payout ratio (DPR) is 68.85%.

Insider Activity at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,387 shares of the firm’s stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $83.12, for a total transaction of $115,287.44. Following the transaction, the chief executive officer directly owned 218,328 shares of the company’s stock, valued at approximately $18,147,423.36. This trade represents a 0.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.19% of the company’s stock.

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.