Frank Rimerman Advisors LLC Grows Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Frank Rimerman Advisors LLC boosted its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 20,841.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,492 shares of the utilities provider’s stock after acquiring an additional 6,461 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Public Service Enterprise Group were worth $478,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Family Firm Inc. purchased a new position in shares of Public Service Enterprise Group during the 2nd quarter worth about $33,000. OFI Invest Asset Management purchased a new position in shares of Public Service Enterprise Group during the second quarter valued at approximately $35,000. Northwest Investment Counselors LLC bought a new position in shares of Public Service Enterprise Group during the first quarter valued at approximately $36,000. Salomon & Ludwin LLC raised its holdings in shares of Public Service Enterprise Group by 1,866.7% in the first quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock worth $39,000 after buying an additional 560 shares during the period. Finally, PFS Partners LLC raised its holdings in shares of Public Service Enterprise Group by 90.9% in the first quarter. PFS Partners LLC now owns 630 shares of the utilities provider’s stock worth $42,000 after buying an additional 300 shares during the period. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Royal Bank of Canada upped their price objective on Public Service Enterprise Group from $80.00 to $84.00 and gave the company an “outperform” rating in a research report on Monday, July 15th. Jefferies Financial Group began coverage on shares of Public Service Enterprise Group in a report on Friday, September 13th. They issued a “hold” rating and a $85.00 price target on the stock. Barclays lifted their price objective on shares of Public Service Enterprise Group from $71.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, July 10th. Morgan Stanley upped their target price on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, UBS Group lifted their price target on shares of Public Service Enterprise Group from $87.00 to $94.00 and gave the company a “neutral” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $81.46.

Insiders Place Their Bets

In other news, EVP Tamara Louise Linde sold 9,563 shares of the stock in a transaction on Monday, September 9th. The stock was sold at an average price of $79.54, for a total transaction of $760,641.02. Following the completion of the sale, the executive vice president now owns 57,961 shares in the company, valued at approximately $4,610,217.94. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total transaction 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. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Tamara Louise Linde sold 9,563 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $79.54, for a total transaction of $760,641.02. Following the transaction, the executive vice president now owns 57,961 shares in the company, valued at approximately $4,610,217.94. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,068 shares of company stock valued at $2,406,965. 0.57% of the stock is currently owned by insiders.

Public Service Enterprise Group Trading Down 0.2 %

Shares of NYSE:PEG opened at $87.73 on Wednesday. The company has a market capitalization of $43.70 billion, a PE ratio of 24.30, a P/E/G ratio of 3.09 and a beta of 0.60. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.16. Public Service Enterprise Group Incorporated has a 12-month low of $53.71 and a 12-month high of $88.86. The business’s fifty day simple moving average is $80.23 and its 200-day simple moving average is $73.99.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.01). The company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. Public Service Enterprise Group’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the firm earned $0.70 EPS. As a group, equities research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 9th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Monday, September 9th. This represents a $2.40 annualized dividend and a yield of 2.74%. Public Service Enterprise Group’s dividend payout ratio (DPR) is 66.48%.

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.