NorthRock Partners LLC Takes $227,000 Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

NorthRock Partners LLC purchased a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) in the fourth quarter, HoldingsChannel reports. The fund purchased 2,683 shares of the utilities provider’s stock, valued at approximately $227,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Nuveen Asset Management LLC raised its position in Public Service Enterprise Group by 5.5% during the fourth quarter. Nuveen Asset Management LLC now owns 1,406,809 shares of the utilities provider’s stock valued at $118,861,000 after purchasing an additional 73,742 shares during the period. OMERS ADMINISTRATION Corp boosted its holdings in shares of Public Service Enterprise Group by 20.3% in the 4th quarter. OMERS ADMINISTRATION Corp now owns 20,774 shares of the utilities provider’s stock worth $1,755,000 after purchasing an additional 3,504 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Public Service Enterprise Group by 37.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 63,350 shares of the utilities provider’s stock valued at $5,352,000 after purchasing an additional 17,388 shares during the last quarter. Lionshead Wealth Management LLC purchased a new stake in shares of Public Service Enterprise Group in the fourth quarter valued at $4,450,000. Finally, Jacobs Levy Equity Management Inc. raised its position in Public Service Enterprise Group by 13.0% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 430,164 shares of the utilities provider’s stock worth $36,345,000 after purchasing an additional 49,332 shares during the period. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on PEG shares. Guggenheim dropped their target price 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. BMO Capital Markets dropped their price objective on Public Service Enterprise Group from $86.00 to $83.00 and set a “market perform” rating for the company in a report on Thursday, April 10th. Morgan Stanley lifted their target price on Public Service Enterprise Group from $96.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, March 20th. Bank of America cut their price target on shares of 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. Finally, LADENBURG THALM/SH SH lowered shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $82.50 target price on the stock. in a research report on Wednesday, March 19th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $88.81.

Insider Buying and Selling at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $79.26, for a total value of $109,220.28. Following the transaction, the chief executive officer now owns 221,093 shares of the company’s stock, valued at $17,523,831.18. The trade was a 0.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Stock Performance

Shares of NYSE:PEG opened at $79.33 on Monday. The firm has a 50 day moving average of $80.87 and a 200 day moving average of $84.08. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $39.58 billion, a price-to-earnings ratio of 19.49, a price-to-earnings-growth ratio of 2.78 and a beta of 0.48. Public Service Enterprise Group Incorporated has a 52 week low of $71.89 and a 52 week high of $95.22.

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

Public Service Enterprise Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 9th will be issued a $0.63 dividend. The ex-dividend date of this dividend is Monday, June 9th. This represents a $2.52 dividend on an annualized basis and a yield of 3.18%. Public Service Enterprise Group’s dividend payout ratio is presently 68.85%.

Public Service Enterprise Group 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.