Maxwell Wealth Strategies Inc. Buys New Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Maxwell Wealth Strategies Inc. purchased a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 8,628 shares of the utilities provider’s stock, valued at approximately $723,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PEG. Raymond James & Associates increased its stake in shares of Public Service Enterprise Group by 30.1% in the 3rd quarter. Raymond James & Associates now owns 2,869,113 shares of the utilities provider’s stock valued at $255,954,000 after purchasing an additional 663,012 shares in the last quarter. Hamlin Capital Management LLC increased its position in shares of Public Service Enterprise Group by 7.2% in the third quarter. Hamlin Capital Management LLC now owns 2,427,336 shares of the utilities provider’s stock valued at $216,543,000 after buying an additional 162,731 shares in the last quarter. Hsbc Holdings PLC increased its position in shares of Public Service Enterprise Group by 43.2% in the second quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock valued at $178,763,000 after buying an additional 732,443 shares in the last quarter. abrdn plc raised its stake in shares of Public Service Enterprise Group by 10.2% during the 3rd quarter. abrdn plc now owns 1,792,186 shares of the utilities provider’s stock worth $159,074,000 after buying an additional 165,995 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of Public Service Enterprise Group by 10.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,734,257 shares of the utilities provider’s stock valued at $127,809,000 after buying an additional 163,333 shares in the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Trading Up 2.3 %

Shares of PEG stock opened at $88.99 on Friday. Public Service Enterprise Group Incorporated has a twelve month low of $56.85 and a twelve month high of $92.20. The stock has a market cap of $44.34 billion, a price-to-earnings ratio of 21.86, a PEG ratio of 3.20 and a beta of 0.61. The company’s 50-day moving average price is $87.50 and its 200-day moving average price is $79.89. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.03. The company had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.44 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. Public Service Enterprise Group’s revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.85 EPS. As a group, equities analysts predict that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total value of $111,190.82. Following the transaction, the chief executive officer now owns 148,892 shares of the company’s stock, valued at $12,014,095.48. This represents a 0.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Tamara Louise Linde sold 9,564 shares of the stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $90.61, for a total value of $866,594.04. Following the transaction, the executive vice president now owns 48,397 shares of the company’s stock, valued at approximately $4,385,252.17. This represents a 16.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,783 shares of company stock worth $2,381,626. Company insiders own 0.57% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Bank of America upped their price objective on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a research report on Thursday, August 29th. BMO Capital Markets boosted their price objective on Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a research note on Monday, October 21st. LADENBURG THALM/SH SH upgraded Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 5th. Evercore ISI boosted their price target on Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Finally, Wells Fargo & Company raised their price objective on Public Service Enterprise Group from $85.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $86.69.

About Public Service Enterprise Group

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.