B. Riley Wealth Advisors Inc. Boosts Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Posted by Defense World Staff on Mar 20th, 2023

B. Riley Wealth Advisors Inc. raised its position in Public Service Enterprise Group Incorporated (NYSE:PEG – Get Rating) by 34.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,828 shares of the utilities provider’s stock after acquiring an additional 6,401 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Public Service Enterprise Group were worth $1,397,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. BlackRock Inc. grew its position in Public Service Enterprise Group by 5.0% in the third quarter. BlackRock Inc. now owns 54,426,510 shares of the utilities provider’s stock valued at $3,060,399,000 after acquiring an additional 2,576,034 shares in the last quarter. Vanguard Group Inc. grew its position in Public Service Enterprise Group by 1.2% in the third quarter. Vanguard Group Inc. now owns 44,333,301 shares of the utilities provider’s stock valued at $2,492,861,000 after acquiring an additional 534,812 shares in the last quarter. State Street Corp grew its position in shares of Public Service Enterprise Group by 1.2% during the third quarter. State Street Corp now owns 31,594,778 shares of the utilities provider’s stock worth $1,776,574,000 after buying an additional 368,768 shares in the last quarter. Legal & General Group Plc grew its position in shares of Public Service Enterprise Group by 24.4% during the second quarter. Legal & General Group Plc now owns 6,965,031 shares of the utilities provider’s stock worth $440,749,000 after buying an additional 1,363,974 shares in the last quarter. Finally, Northern Trust Corp grew its position in shares of Public Service Enterprise Group by 0.7% during the second quarter. Northern Trust Corp now owns 6,071,379 shares of the utilities provider’s stock worth $384,197,000 after buying an additional 39,373 shares in the last quarter. Institutional investors and hedge funds own 70.67% of the company’s stock.

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, COO Eric Carr sold 7,105 shares of the firm’s stock in a transaction on Monday, March 13th. The stock was sold at an average price of $57.63, for a total value of $409,461.15. Following the sale, the chief operating officer now directly owns 6,482 shares in the company, valued at $373,557.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.55% of the stock is currently owned by company insiders.

Public Service Enterprise Group Stock Performance

PEG stock opened at $58.53 on Monday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.50 and a current ratio of 0.64. The stock has a market capitalization of $29.19 billion, a price-to-earnings ratio of 28.41, a PEG ratio of 10.04 and a beta of 0.55. Public Service Enterprise Group Incorporated has a 1 year low of $52.51 and a 1 year high of $75.61. The stock’s fifty day moving average is $60.74 and its two-hundred day moving average is $60.11.

Public Service Enterprise Group (NYSE:PEG – Get Rating) last posted its earnings results on Tuesday, February 21st. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.02. The company had revenue of $3.14 billion for the quarter, compared to analysts’ expectations of $2.54 billion. Public Service Enterprise Group had a return on equity of 12.88% and a net margin of 10.52%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period last year, the business posted $0.69 earnings per share. On average, research analysts predict that Public Service Enterprise Group Incorporated will post 3.43 EPS for the current year.

Public Service Enterprise Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Friday, March 10th will be paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.90%. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.54. The ex-dividend date is Thursday, March 9th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 110.68%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. TheStreet raised shares of Public Service Enterprise Group from a “c” rating to a “b” rating in a research report on Tuesday, February 21st. Morgan Stanley decreased their price target on shares of Public Service Enterprise Group from $70.00 to $68.00 and set an “overweight” rating for the company in a research report on Wednesday, February 22nd. Guggenheim decreased their price target on shares of Public Service Enterprise Group from $71.00 to $68.00 and set a “buy” rating for the company in a research report on Wednesday, February 22nd. Mizuho decreased their price target on shares of Public Service Enterprise Group from $66.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, March 13th. Finally, BMO Capital Markets decreased their price target on shares of Public Service Enterprise Group from $64.00 to $60.00 and set a “market perform” rating for the company in a research report on Monday, March 13th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Public Service Enterprise Group currently has a consensus rating of “Hold” and an average target price of $67.20.

About Public Service Enterprise Group

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Public Service Enterprise Group, Inc is an energy company, which engages in the business of regulated electric and gas utility, and nuclear generation. Its products and services include energy, capacity, ancillary services, and emissions allowances and congestion credits. The firm operates through the Public Service Electric and Gas Company (PSE&G) and PSEG Power segments.