Public Service Enterprise Group (NYSE:PEG) Price Target Cut to $62.00

Public Service Enterprise Group (NYSE:PEG) had its target price cut by Scotiabank from $64.00 to $62.00 in a research note published on Monday, Benzinga reports. They currently have a sector perform rating on the utilities provider’s stock.

Other analysts also recently issued research reports about the stock. Guggenheim downgraded shares of Public Service Enterprise Group from a buy rating to a neutral rating and set a $61.00 price target on the stock. in a report on Monday, January 22nd. Wells Fargo & Company boosted their price objective on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the company an overweight rating in a research report on Tuesday, March 19th. Royal Bank of Canada boosted their price objective on shares of Public Service Enterprise Group from $70.00 to $72.00 and gave the company an outperform rating in a research report on Thursday, March 7th. BMO Capital Markets cut their price objective 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 report on Tuesday, February 27th. Finally, Evercore ISI boosted their price objective on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the company an outperform rating in a research report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $67.15.

Public Service Enterprise Group Stock Up 1.3 %

PEG stock opened at $68.09 on Monday. Public Service Enterprise Group has a 52 week low of $53.71 and a 52 week high of $68.31. The company has a market cap of $33.95 billion, a P/E ratio of 13.27, a P/E/G ratio of 2.94 and a beta of 0.58. 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’s 50-day moving average price is $64.48 and its 200 day moving average price is $62.22.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Monday, February 26th. The utilities provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.45 billion. During the same quarter in the prior year, the firm earned $0.64 earnings per share. The company’s revenue for the quarter was down 17.0% compared to the same quarter last year. On average, research analysts expect that Public Service Enterprise Group will post 3.66 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.52%. The ex-dividend date is Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 46.78%.

Insider Buying and Selling

In other news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $63.00, for a total value of $86,562.00. Following the completion of the sale, the chief executive officer now owns 153,721 shares of the company’s stock, valued at $9,684,423. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $63.00, for a total value of $86,562.00. Following the completion of the transaction, the chief executive officer now directly owns 153,721 shares in the company, valued at $9,684,423. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Richard T. Thigpen sold 4,800 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $64.18, for a total transaction of $308,064.00. Following the completion of the transaction, the senior vice president now owns 31,122 shares of the company’s stock, valued at $1,997,409.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,948 shares of company stock valued at $511,814. Insiders own 0.57% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Dynamic Advisor Solutions LLC acquired a new stake in shares of Public Service Enterprise Group in the 3rd quarter worth about $212,000. CWM LLC increased its stake in Public Service Enterprise Group by 4.1% during the 3rd quarter. CWM LLC now owns 11,893 shares of the utilities provider’s stock valued at $677,000 after buying an additional 472 shares during the period. IFP Advisors Inc increased its stake in Public Service Enterprise Group by 16.9% during the 3rd quarter. IFP Advisors Inc now owns 1,657 shares of the utilities provider’s stock valued at $94,000 after buying an additional 239 shares during the period. Arkadios Wealth Advisors increased its stake in Public Service Enterprise Group by 28.5% during the 3rd quarter. Arkadios Wealth Advisors now owns 5,769 shares of the utilities provider’s stock valued at $328,000 after buying an additional 1,281 shares during the period. Finally, Leavell Investment Management Inc. acquired a new position in Public Service Enterprise Group during the 3rd quarter valued at about $358,000. 73.34% of the stock is currently owned by institutional investors.

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.