Cypress Capital Group Acquires Shares of 3,014 Public Service Enterprise Group Incorporated (NYSE:PEG)

Cypress Capital Group bought a new position 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 institutional investor bought 3,014 shares of the utilities provider’s stock, valued at approximately $269,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Edgestream Partners L.P. bought a new position in shares of Public Service Enterprise Group in the 1st quarter valued at about $333,000. O Shaughnessy Asset Management LLC raised its position in shares of Public Service Enterprise Group by 23.8% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 27,277 shares of the utilities provider’s stock valued at $1,822,000 after acquiring an additional 5,246 shares during the last quarter. Bessemer Group Inc. boosted its position in shares of Public Service Enterprise Group by 952.2% in the 1st quarter. Bessemer Group Inc. now owns 51,988 shares of the utilities provider’s stock worth $3,472,000 after purchasing an additional 47,047 shares during the last quarter. Lake Street Advisors Group LLC grew its stake in shares of Public Service Enterprise Group by 15.9% during the first quarter. Lake Street Advisors Group LLC now owns 4,378 shares of the utilities provider’s stock worth $292,000 after purchasing an additional 599 shares during the period. Finally, Pitcairn Co. increased its holdings in Public Service Enterprise Group by 10.1% in the first quarter. Pitcairn Co. now owns 5,189 shares of the utilities provider’s stock valued at $347,000 after purchasing an additional 474 shares during the last quarter. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total transaction of $111,190.82. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Kim C. Hanemann sold 956 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total transaction of $86,126.04. Following the completion of the sale, the chief operating officer now directly owns 70,011 shares of the company’s stock, valued at approximately $6,307,290.99. The trade was a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,739 shares of company stock valued at $2,467,753 in the last three months. 0.57% of the stock is currently owned by company insiders.

Public Service Enterprise Group Stock Up 2.1 %

Public Service Enterprise Group stock opened at $92.35 on Friday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48. The company’s 50-day moving average is $88.21 and its 200-day moving average is $80.46. The firm has a market capitalization of $46.01 billion, a PE ratio of 22.69, a P/E/G ratio of 3.31 and a beta of 0.61. Public Service Enterprise Group Incorporated has a fifty-two week low of $56.85 and a fifty-two week high of $92.41.

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

Public Service Enterprise Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 10th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.60%. The ex-dividend date is Tuesday, December 10th. Public Service Enterprise Group’s payout ratio is 58.97%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PEG shares. Jefferies Financial Group started coverage on shares of Public Service Enterprise Group in a research note on Friday, September 13th. They set a “hold” rating and a $85.00 price objective 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 company a “buy” rating in a research report on Thursday, August 29th. Scotiabank lifted their target price on Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 20th. Evercore ISI increased their price target on Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Finally, Barclays lowered their target price on Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. 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 a consensus target price of $86.69.

Public Service Enterprise Group 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.