Pinnacle Financial Partners Inc Purchases Shares of 3,011 Public Service Enterprise Group Incorporated (NYSE:PEG)

Pinnacle Financial Partners Inc purchased a new position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 3,011 shares of the utilities provider’s stock, valued at approximately $269,000.

A number of other large investors have also modified their holdings of the business. Heritage Wealth Management Inc. purchased a new stake in Public Service Enterprise Group during the 2nd quarter worth approximately $422,000. QRG Capital Management Inc. grew its holdings in shares of Public Service Enterprise Group by 28.0% during the second quarter. QRG Capital Management Inc. now owns 70,927 shares of the utilities provider’s stock valued at $5,227,000 after buying an additional 15,505 shares during the last quarter. CWM LLC increased its position in shares of Public Service Enterprise Group by 72.3% in the 2nd quarter. CWM LLC now owns 20,786 shares of the utilities provider’s stock valued at $1,532,000 after acquiring an additional 8,723 shares during the period. Czech National Bank raised its stake in Public Service Enterprise Group by 8.3% in the 2nd quarter. Czech National Bank now owns 94,913 shares of the utilities provider’s stock worth $6,995,000 after acquiring an additional 7,235 shares during the last quarter. Finally, Diversified Trust Co acquired a new stake in Public Service Enterprise Group during the 2nd quarter worth about $585,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Insider Buying and Selling

In other news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the sale, the chief executive officer now owns 148,892 shares in the company, valued at $12,014,095.48. This trade represents a 0.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Tamara Louise Linde sold 9,563 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $79.54, for a total transaction of $760,641.02. Following the sale, the executive vice president now directly owns 57,961 shares of the company’s stock, valued at $4,610,217.94. This represents a 14.16 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,783 shares of company stock valued at $2,381,626. 0.57% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

PEG has been the subject of several research analyst reports. LADENBURG THALM/SH SH upgraded Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 5th. BMO Capital Markets increased their price target on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a report on Monday, October 21st. Evercore ISI lifted their price objective on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Barclays dropped their price objective on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Finally, UBS Group boosted their target price on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $86.69.

Public Service Enterprise Group Price Performance

NYSE:PEG opened at $87.00 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. Public Service Enterprise Group Incorporated has a 52 week low of $56.85 and a 52 week high of $92.20. The stock’s 50-day moving average price is $87.20 and its 200-day moving average price is $79.69. The stock has a market capitalization of $43.35 billion, a PE ratio of 21.38, a price-to-earnings-growth ratio of 3.20 and a beta of 0.61.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 EPS 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 return on equity of 10.70% and a net margin of 19.48%. Public Service Enterprise Group’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period last year, the company earned $0.85 earnings per share. As a group, equities analysts expect that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current fiscal year.

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.