Ridgewood Investments LLC Acquires New Shares in Public Service Enterprise Group Incorporated (NYSE:PEG)

Posted by Defense World Staff on Jul 11th, 2023

Ridgewood Investments LLC purchased a new position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG – Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 884 shares of the utilities provider’s stock, valued at approximately $55,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Kentucky Retirement Systems increased its holdings in Public Service Enterprise Group by 0.4% in the fourth quarter. Kentucky Retirement Systems now owns 39,221 shares of the utilities provider’s stock valued at $2,403,000 after purchasing an additional 171 shares during the period. Beech Hill Advisors Inc. increased its stake in shares of Public Service Enterprise Group by 1.3% in the 1st quarter. Beech Hill Advisors Inc. now owns 13,885 shares of the utilities provider’s stock valued at $867,000 after acquiring an additional 180 shares in the last quarter. Moody National Bank Trust Division lifted its position in shares of Public Service Enterprise Group by 1.5% during the 1st quarter. Moody National Bank Trust Division now owns 13,455 shares of the utilities provider’s stock valued at $840,000 after acquiring an additional 193 shares during the period. Desjardins Global Asset Management Inc. boosted its stake in Public Service Enterprise Group by 5.2% during the fourth quarter. Desjardins Global Asset Management Inc. now owns 3,953 shares of the utilities provider’s stock worth $242,000 after acquiring an additional 195 shares in the last quarter. Finally, Trust Co. of Vermont grew its holdings in Public Service Enterprise Group by 2.4% in the fourth quarter. Trust Co. of Vermont now owns 8,619 shares of the utilities provider’s stock worth $528,000 after purchasing an additional 198 shares during the period. Institutional investors and hedge funds own 70.37% of the company’s stock.

Insider Activity at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 4,168 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $63.01, for a total value of $262,625.68. Following the sale, the chief executive officer now directly owns 122,572 shares of the company’s stock, valued at $7,723,261.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.57% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PEG. LADENBURG THALM/SH SH began coverage on shares of Public Service Enterprise Group in a research report on Monday, April 3rd. They set a “neutral” rating and a $60.50 price objective on the stock. The Goldman Sachs Group assumed coverage on shares of Public Service Enterprise Group in a research report on Wednesday, June 7th. They issued a “neutral” rating and a $64.00 price target on the stock. StockNews.com began coverage on Public Service Enterprise Group in a report on Thursday, May 18th. They set a “hold” rating for the company. Morgan Stanley lifted their target price on 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. Finally, Mizuho dropped their price objective on Public Service Enterprise Group from $66.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, March 13th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Public Service Enterprise Group has an average rating of “Hold” and an average target price of $66.14.

Public Service Enterprise Group Trading Down 0.6 %

Shares of PEG stock opened at $62.17 on Tuesday. Public Service Enterprise Group Incorporated has a 1 year low of $52.51 and a 1 year high of $69.94. The company’s fifty day simple moving average is $62.07 and its two-hundred day simple moving average is $61.57. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.79 and a quick ratio of 0.66. The stock has a market capitalization of $31.02 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 4.20 and a beta of 0.57.

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

Public Service Enterprise Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Friday, June 9th were given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date was Thursday, June 8th. Public Service Enterprise Group’s payout ratio is presently 49.14%.

Public Service Enterprise Group Profile

(Free Report)

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in Mid-Atlantic United States. The company operates through PSE&G and PSEG Power. The PSE&G segment transmits electricity; distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs.