Webster Bank N. A. Purchases Shares of 3,000 Public Service Enterprise Group Incorporated (NYSE:PEG)

Webster Bank N. A. purchased a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,000 shares of the utilities provider’s stock, valued at approximately $221,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Addison Advisors LLC purchased a new stake in Public Service Enterprise Group during the fourth quarter valued at about $31,000. Northwest Investment Counselors LLC acquired a new position in shares of Public Service Enterprise Group during the first quarter worth about $36,000. Salomon & Ludwin LLC lifted its stake in shares of Public Service Enterprise Group by 1,866.7% during the first quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock worth $39,000 after purchasing an additional 560 shares in the last quarter. Scarborough Advisors LLC acquired a new position in shares of Public Service Enterprise Group during the fourth quarter worth about $41,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new position in shares of Public Service Enterprise Group during the fourth quarter worth about $42,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. BMO Capital Markets boosted their price objective on Public Service Enterprise Group from $78.00 to $86.00 and gave the stock a “market perform” rating in a research note on Friday, August 2nd. Morgan Stanley cut their price target on Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating on the stock in a research note on Monday, June 24th. Barclays boosted their price target on Public Service Enterprise Group from $71.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 10th. Bank of America boosted their price target on Public Service Enterprise Group from $73.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. Finally, Scotiabank cut their price target on Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating on the stock in a research note on Monday, April 22nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $75.17.

Public Service Enterprise Group Stock Performance

Shares of NYSE:PEG traded up $0.50 during trading on Friday, hitting $79.86. 2,090,427 shares of the company traded hands, compared to its average volume of 3,041,479. The stock has a market capitalization of $39.78 billion, a price-to-earnings ratio of 22.12, a PEG ratio of 2.92 and a beta of 0.59. The business’s fifty day moving average is $75.15 and its 200-day moving average is $69.01. Public Service Enterprise Group Incorporated has a one year low of $53.71 and a one year high of $81.89. The company has a quick ratio of 0.46, a current ratio of 0.65 and a debt-to-equity ratio of 1.16.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 EPS for the quarter, missing the consensus estimate of $0.64 by ($0.01). The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.03 billion. Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The firm’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period last year, the company posted $0.70 earnings per share. As a group, equities analysts predict that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.01%. The ex-dividend date is Monday, September 9th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 66.48%.

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.