Prospera Financial Services Inc Takes Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Prospera Financial Services Inc acquired a new stake in Public Service Enterprise Group Incorporated (NYSE:PEGGet Rating) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,075 shares of the utilities provider’s stock, valued at approximately $145,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. State Street Corp grew its position in shares of Public Service Enterprise Group by 0.8% in the fourth quarter. State Street Corp now owns 28,379,042 shares of the utilities provider’s stock valued at $1,893,733,000 after purchasing an additional 219,401 shares during the period. Capital Research Global Investors boosted its holdings in Public Service Enterprise Group by 24.0% in the fourth quarter. Capital Research Global Investors now owns 22,864,793 shares of the utilities provider’s stock valued at $1,525,768,000 after acquiring an additional 4,425,830 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Public Service Enterprise Group by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 9,626,846 shares of the utilities provider’s stock valued at $640,751,000 after acquiring an additional 133,384 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Public Service Enterprise Group by 8.3% in the fourth quarter. JPMorgan Chase & Co. now owns 8,329,900 shares of the utilities provider’s stock valued at $555,855,000 after acquiring an additional 640,728 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Public Service Enterprise Group by 4.7% in the fourth quarter. Invesco Ltd. now owns 4,833,329 shares of the utilities provider’s stock valued at $322,529,000 after acquiring an additional 218,068 shares during the last quarter. Hedge funds and other institutional investors own 70.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Barclays reduced their target price on Public Service Enterprise Group from $75.00 to $66.00 and set an “equal weight” rating on the stock in a report on Monday, July 18th. Credit Suisse Group assumed coverage on Public Service Enterprise Group in a report on Monday, April 25th. They issued a “neutral” rating and a $76.00 target price on the stock. Mizuho reduced their target price on Public Service Enterprise Group from $73.00 to $68.00 and set a “buy” rating on the stock in a report on Tuesday, July 12th. TheStreet cut Public Service Enterprise Group from a “b” rating to a “c” rating in a research note on Monday, June 13th. Finally, Morgan Stanley reduced their price objective on Public Service Enterprise Group from $83.00 to $82.00 and set an “overweight” rating on the stock in a research note on Monday, May 23rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Public Service Enterprise Group has a consensus rating of “Moderate Buy” and an average price target of $70.36.

Insider Activity at Public Service Enterprise Group

In related news, COO Ralph A. Larossa sold 1,054 shares of the business’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $65.75, for a total value of $69,300.50. Following the completion of the sale, the chief operating officer now directly owns 62,313 shares of the company’s stock, valued at $4,097,079.75. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, COO Ralph A. Larossa sold 1,054 shares of the company’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $65.75, for a total transaction of $69,300.50. Following the completion of the transaction, the chief operating officer now directly owns 62,313 shares of the company’s stock, valued at $4,097,079.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ralph Izzo sold 9,883 shares of the company’s stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $64.15, for a total value of $633,994.45. Following the transaction, the chief executive officer now directly owns 447,656 shares of the company’s stock, valued at $28,717,132.40. The disclosure for this sale can be found here. Insiders sold a total of 32,157 shares of company stock valued at $2,120,423 over the last three months. 0.55% of the stock is owned by insiders.

Public Service Enterprise Group Stock Down 1.0 %

Shares of NYSE PEG opened at $64.73 on Friday. Public Service Enterprise Group Incorporated has a 1 year low of $58.19 and a 1 year high of $75.61. The firm has a market cap of $32.32 billion, a price-to-earnings ratio of -33.03, a PEG ratio of 5.30 and a beta of 0.55. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.79 and a current ratio of 0.89. The stock’s 50-day simple moving average is $63.29 and its 200-day simple moving average is $66.34.

Public Service Enterprise Group (NYSE:PEGGet Rating) last announced its earnings results on Tuesday, August 2nd. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.01). The business had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $1.78 billion. Public Service Enterprise Group had a positive return on equity of 13.10% and a negative net margin of 10.59%. The firm’s revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.70 earnings per share. As a group, equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.47 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Friday, September 9th will be issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 3.34%. The ex-dividend date is Thursday, September 8th. Public Service Enterprise Group’s dividend payout ratio is currently -110.20%.

Public Service Enterprise Group Company Profile

(Get Rating)

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid-Atlantic United States. It operates through two segments, PSE&G and PSEG Power. The PSE&G segment transmits electricity; distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs.

See Also

Want to see what other hedge funds are holding PEG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Service Enterprise Group Incorporated (NYSE:PEGGet Rating).

Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

Receive News & Ratings for Public Service Enterprise Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Public Service Enterprise Group and related companies with MarketBeat.com's FREE daily email newsletter.