Princeton Global Asset Management LLC Buys 3,250 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Princeton Global Asset Management LLC boosted its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 30.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,967 shares of the utilities provider’s stock after purchasing an additional 3,250 shares during the period. Princeton Global Asset Management LLC’s holdings in Public Service Enterprise Group were worth $1,149,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Entropy Technologies LP bought a new position in shares of Public Service Enterprise Group in the 4th quarter valued at $2,010,000. Ninepoint Partners LP grew its position in Public Service Enterprise Group by 14.1% during the 4th quarter. Ninepoint Partners LP now owns 14,786 shares of the utilities provider’s stock worth $1,249,000 after acquiring an additional 1,830 shares during the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in Public Service Enterprise Group in the 4th quarter worth about $875,000. Van ECK Associates Corp raised its position in Public Service Enterprise Group by 103.6% in the fourth quarter. Van ECK Associates Corp now owns 950,556 shares of the utilities provider’s stock valued at $80,313,000 after purchasing an additional 483,795 shares during the last quarter. Finally, Clarity Wealth Advisors LLC bought a new position in Public Service Enterprise Group in the fourth quarter valued at about $803,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Insider Buying and Selling at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $79.26, for a total transaction of $109,220.28. Following the completion of the sale, the chief executive officer now owns 221,093 shares of the company’s stock, valued at $17,523,831.18. This trade represents a 0.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Stock Performance

Shares of PEG stock opened at $80.19 on Friday. The stock has a market capitalization of $40.01 billion, a PE ratio of 19.70, a PEG ratio of 2.78 and a beta of 0.48. The business’s 50 day simple moving average is $80.20 and its 200 day simple moving average is $83.41. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48. Public Service Enterprise Group Incorporated has a one year low of $71.89 and a one year high of $95.22.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.43. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same quarter in the previous year, the company earned $1.31 EPS. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. As a group, research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 9th will be issued a $0.63 dividend. The ex-dividend date is Monday, June 9th. This represents a $2.52 annualized dividend and a yield of 3.14%. Public Service Enterprise Group’s payout ratio is 68.85%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PEG. Evercore ISI reduced their price target on Public Service Enterprise Group from $99.00 to $92.00 and set an “outperform” rating on the stock in a report on Thursday, May 1st. LADENBURG THALM/SH SH downgraded shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $82.50 target price on the stock. in a research report on Wednesday, March 19th. Guggenheim reduced their target price on shares of Public Service Enterprise Group from $98.00 to $94.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Wall Street Zen cut shares of Public Service Enterprise Group from a “hold” rating to a “sell” rating in a research report on Thursday, May 1st. Finally, Morgan Stanley dropped their price target on shares of Public Service Enterprise Group from $102.00 to $101.00 and set an “overweight” rating for the company in a research note on Thursday, May 22nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $89.63.

About Public Service Enterprise Group

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.