Brown Brothers Harriman & Co. Increases Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Brown Brothers Harriman & Co. raised its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 528.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,197 shares of the utilities provider’s stock after buying an additional 6,051 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Public Service Enterprise Group were worth $530,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. WINTON GROUP Ltd purchased a new position in Public Service Enterprise Group during the second quarter valued at $523,000. Mystic Asset Management Inc. purchased a new position in shares of Public Service Enterprise Group in the 2nd quarter worth about $210,000. Prosperity Consulting Group LLC raised its position in shares of Public Service Enterprise Group by 7.3% in the 2nd quarter. Prosperity Consulting Group LLC now owns 5,102 shares of the utilities provider’s stock worth $376,000 after purchasing an additional 345 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Public Service Enterprise Group by 3.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 993,262 shares of the utilities provider’s stock worth $73,203,000 after purchasing an additional 36,589 shares during the last quarter. Finally, Wealthspire Advisors LLC purchased a new position in shares of Public Service Enterprise Group in the 2nd quarter worth about $298,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. BMO Capital Markets lifted their price target on Public Service Enterprise Group from $78.00 to $86.00 and gave the stock a “market perform” rating in a research report on Friday, August 2nd. Royal Bank of Canada lifted their price target on Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a research report on Monday, July 15th. Jefferies Financial Group assumed coverage on Public Service Enterprise Group in a research report on Friday, September 13th. They issued a “hold” rating and a $85.00 price target for the company. Mizuho lifted their price target on Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Finally, Morgan Stanley lifted their price objective on Public Service Enterprise Group from $78.00 to $83.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. 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 given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $77.92.

Public Service Enterprise Group Trading Down 0.0 %

Public Service Enterprise Group stock opened at $84.73 on Wednesday. The business has a 50-day simple moving average of $79.19 and a two-hundred day simple moving average of $73.23. The company has a market cap of $42.21 billion, a P/E ratio of 23.47, a P/E/G ratio of 3.03 and a beta of 0.60. Public Service Enterprise Group Incorporated has a 52-week low of $53.71 and a 52-week high of $85.11. The company has a quick ratio of 0.46, a current ratio of 0.65 and a debt-to-equity ratio of 1.16.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.03 billion. Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.70 earnings per share. Analysts predict that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be paid a dividend of $0.60 per share. The ex-dividend date is Monday, September 9th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.83%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 66.48%.

Insider Activity at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 148,892 shares in the company, valued at approximately $12,014,095.48. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 148,892 shares in the company, valued at approximately $12,014,095.48. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Tamara Louise Linde sold 9,563 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $79.54, for a total value of $760,641.02. Following the transaction, the executive vice president now owns 57,961 shares of the company’s stock, valued at $4,610,217.94. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,068 shares of company stock worth $2,406,965. 0.57% of the stock is owned by company insiders.

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.