Cambridge Investment Research Advisors Inc. Buys 1,206 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Posted by on May 14th, 2023

Cambridge Investment Research Advisors Inc. increased its stake in Public Service Enterprise Group Incorporated (NYSE:PEG – Get Rating) by 2.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 49,050 shares of the utilities provider’s stock after purchasing an additional 1,206 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Public Service Enterprise Group were worth $3,005,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Concord Wealth Partners bought a new stake in shares of Public Service Enterprise Group in the 4th quarter worth approximately $25,000. Boyd Watterson Asset Management LLC OH purchased a new position in Public Service Enterprise Group in the 4th quarter valued at approximately $27,000. Romano Brothers AND Company purchased a new position in shares of Public Service Enterprise Group during the 4th quarter valued at $30,000. CI Investments Inc. grew its position in shares of Public Service Enterprise Group by 990.2% during the 3rd quarter. CI Investments Inc. now owns 665 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 604 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. grew its position in shares of Public Service Enterprise Group by 112.0% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 725 shares of the utilities provider’s stock valued at $41,000 after purchasing an additional 383 shares in the last quarter. Institutional investors own 70.67% of the company’s stock.

Public Service Enterprise Group Price Performance

Shares of PEG opened at $63.81 on Friday. The firm’s 50-day simple moving average is $61.62 and its two-hundred day simple moving average is $60.66. Public Service Enterprise Group Incorporated has a fifty-two week low of $52.51 and a fifty-two week high of $69.94. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.66 and a current ratio of 0.79. The stock has a market cap of $31.84 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 4.26 and a beta of 0.56.

Public Service Enterprise Group (NYSE:PEG – Get Rating) last posted its quarterly earnings results on Tuesday, May 2nd. The utilities provider reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.18. Public Service Enterprise Group had a net margin of 20.64% and a return on equity of 12.78%. The firm had revenue of $3.76 billion for the quarter, compared to analysts’ expectations of $2.89 billion. During the same quarter in the prior year, the company posted $1.33 earnings per share. The business’s revenue for the quarter was up 62.3% on a year-over-year basis. Analysts anticipate that Public Service Enterprise Group Incorporated will post 3.44 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 9th will be given a dividend of $0.57 per share. The ex-dividend date is Thursday, June 8th. This represents a $2.28 dividend on an annualized basis and a yield of 3.57%. Public Service Enterprise Group’s dividend payout ratio (DPR) is 49.14%.

Insider Activity at Public Service Enterprise Group

In related news, COO Eric Carr sold 7,105 shares of the stock in a transaction that occurred on Monday, March 13th. The shares were sold at an average price of $57.63, for a total transaction of $409,461.15. Following the transaction, the chief operating officer now owns 6,482 shares in the company, valued at $373,557.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.57% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PEG. TheStreet raised shares of Public Service Enterprise Group from a “c” rating to a “b” rating in a report on Tuesday, February 21st. StockNews.com began coverage on shares of Public Service Enterprise Group in a research note on Thursday, March 16th. They issued a “hold” rating for the company. LADENBURG THALM/SH SH began coverage on shares of Public Service Enterprise Group in a research note on Monday, April 3rd. They issued a “neutral” rating and a $60.50 price target for the company. Guggenheim boosted their price target on shares of Public Service Enterprise Group from $68.00 to $69.00 in a research report on Monday, April 24th. Finally, Morgan Stanley boosted their price target on shares of Public Service Enterprise Group from $64.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday, April 20th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $67.25.

Public Service Enterprise Group Company Profile

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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.

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Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

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