First PREMIER Bank Lowers Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

First PREMIER Bank cut its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 3.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 60,487 shares of the utilities provider’s stock after selling 1,882 shares during the quarter. Public Service Enterprise Group makes up about 1.1% of First PREMIER Bank’s investment portfolio, making the stock its 27th largest position. First PREMIER Bank’s holdings in Public Service Enterprise Group were worth $4,039,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Northwest Investment Counselors LLC purchased a new stake in Public Service Enterprise Group in the first quarter worth about $36,000. &PARTNERS bought a new position in Public Service Enterprise Group in the first quarter worth about $425,000. Gulf International Bank UK Ltd raised its holdings in Public Service Enterprise Group by 0.7% in the first quarter. Gulf International Bank UK Ltd now owns 41,213 shares of the utilities provider’s stock worth $2,752,000 after purchasing an additional 281 shares in the last quarter. Park Avenue Securities LLC raised its holdings in Public Service Enterprise Group by 5.4% in the first quarter. Park Avenue Securities LLC now owns 26,733 shares of the utilities provider’s stock worth $1,785,000 after purchasing an additional 1,378 shares in the last quarter. Finally, Banque Cantonale Vaudoise raised its holdings in Public Service Enterprise Group by 12.1% in the first quarter. Banque Cantonale Vaudoise now owns 53,920 shares of the utilities provider’s stock worth $3,601,000 after purchasing an additional 5,820 shares in the last quarter. 73.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $69.55, for a total transaction of $95,561.70. Following the sale, the chief executive officer now owns 150,973 shares of the company’s stock, valued at approximately $10,500,172.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 2,948 shares of company stock valued at $199,910 in the last 90 days. 0.57% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PEG has been the subject of a number of recent research reports. Barclays boosted their target price on shares of Public Service Enterprise Group from $68.00 to $71.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Guggenheim upgraded shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 target price for the company in a report on Monday, June 17th. Wells Fargo & Company upped their price objective on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the company an “overweight” rating in a report on Tuesday, March 19th. Mizuho upped their price objective on shares of Public Service Enterprise Group from $65.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. Finally, TheStreet upgraded shares of Public Service Enterprise Group from a “c+” rating to a “b-” rating in a report on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $71.50.

Public Service Enterprise Group Stock Performance

NYSE PEG traded up $1.54 during trading hours on Monday, reaching $74.55. The stock had a trading volume of 538,990 shares, compared to its average volume of 2,799,892. The stock has a fifty day moving average of $71.83 and a 200 day moving average of $65.42. The stock has a market cap of $37.13 billion, a P/E ratio of 20.65, a price-to-earnings-growth ratio of 3.06 and a beta of 0.59. Public Service Enterprise Group Incorporated has a 52-week low of $53.71 and a 52-week high of $75.82. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.62 and a current ratio of 0.79.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.31 EPS for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). The firm had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.99 billion. Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. Public Service Enterprise Group’s revenue for the quarter was down 26.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.39 EPS. Sell-side analysts predict that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.60 per share. The ex-dividend date is Friday, June 7th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.22%. Public Service Enterprise Group’s payout ratio is 66.48%.

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.