SteelPeak Wealth LLC Boosts Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

SteelPeak Wealth LLC boosted its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 15.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,564 shares of the utilities provider’s stock after purchasing an additional 1,000 shares during the quarter. SteelPeak Wealth LLC’s holdings in Public Service Enterprise Group were worth $505,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. River Street Advisors LLC raised its stake in shares of Public Service Enterprise Group by 11.8% during the 1st quarter. River Street Advisors LLC now owns 14,920 shares of the utilities provider’s stock worth $996,000 after buying an additional 1,579 shares in the last quarter. Fox Hill Wealth Management raised its stake in shares of Public Service Enterprise Group by 4.0% during the 1st quarter. Fox Hill Wealth Management now owns 18,297 shares of the utilities provider’s stock worth $1,222,000 after buying an additional 702 shares in the last quarter. Norwood Financial Corp raised its stake in shares of Public Service Enterprise Group by 58.3% during the 1st quarter. Norwood Financial Corp now owns 1,263 shares of the utilities provider’s stock worth $84,000 after buying an additional 465 shares in the last quarter. Edge Wealth Management LLC raised its stake in shares of Public Service Enterprise Group by 0.9% during the 1st quarter. Edge Wealth Management LLC now owns 120,426 shares of the utilities provider’s stock worth $8,042,000 after buying an additional 1,068 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Public Service Enterprise Group by 2.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 73,833 shares of the utilities provider’s stock worth $4,931,000 after buying an additional 1,555 shares in the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Price Performance

NYSE:PEG traded up $0.58 during trading hours on Friday, reaching $73.70. 5,941,282 shares of the company traded hands, compared to its average volume of 2,773,985. The firm’s 50-day moving average is $72.69 and its 200-day moving average is $65.80. The stock has a market cap of $36.71 billion, a P/E ratio of 20.42, a P/E/G ratio of 3.06 and a beta of 0.59. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.79 and a quick ratio of 0.62. Public Service Enterprise Group Incorporated has a 1-year low of $53.71 and a 1-year high of $75.82.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. The business had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.99 billion. During the same period in the prior year, the company earned $1.39 EPS. The company’s revenue for the quarter was down 26.5% compared to the same quarter last year. Equities research analysts expect 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 firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 7th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date was Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio is presently 66.48%.

Wall Street Analyst Weigh In

PEG has been the subject of a number of analyst reports. Royal Bank of Canada increased their target price on Public Service Enterprise Group from $70.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, March 7th. Scotiabank lowered 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 report on Monday, April 22nd. Guggenheim upgraded Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price target on the stock in a report on Monday, June 17th. Bank of America upped their price target on Public Service Enterprise Group from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Finally, Evercore ISI upped their price target on Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $71.50.

Insiders Place Their Bets

In related news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $66.37, for a total value of $91,192.38. Following the transaction, the chief executive officer now directly owns 152,347 shares of the company’s stock, valued at approximately $10,111,270.39. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 2,948 shares of company stock valued at $199,910 in the last quarter. 0.57% of the stock is currently owned by company insiders.

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.