Published On: Wed, Sep 21st, 2016

Public Service Enterprise Group Inc. (PEG) Price Target Cut to $48.00 by Analysts at Argus

Public Service Enterprise Group Inc. (NYSE:PEG) had its price target reduced by investment analysts at Argus from $52.00 to $48.00 in a research note issued on Tuesday. The brokerage presently has a “buy” rating on the stock. Argus’ price target suggests a potential upside of 12.68% from the stock’s current price.
Other research analysts have also recently issued reports about the company. Morgan Stanley raised Public Service Enterprise Group from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $43.00 to $47.00 in a report on Wednesday, July 13th. Deutsche Bank AG reissued a “hold” rating and issued a $47.00 price target on shares of Public Service Enterprise Group in a report on Wednesday, June 15th. Bank of America Corp. reissued a “hold” rating and issued a $46.00 price target on shares of Public Service Enterprise Group in a report on Tuesday, May 24th. Finally, Zacks Investment Research cut Public Service Enterprise Group from a “hold” rating to a “sell” rating in a report on Tuesday, July 19th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $46.38.

Shares of Public Service Enterprise Group (NYSE:PEG) traded down 0.14% during mid-day trading on Tuesday, reaching $42.60. The company had a trading volume of 2,074,586 shares. Public Service Enterprise Group has a 1-year low of $36.80 and a 1-year high of $47.41. The firm has a 50-day moving average price of $43.26 and a 200-day moving average price of $44.94. The stock has a market capitalization of $21.55 billion, a price-to-earnings ratio of 15.38 and a beta of 0.24.

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Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Friday, July 29th. The company reported $0.57 EPS for the quarter, missing the Zacks’ consensus estimate of $0.58 by $0.01. Public Service Enterprise Group had a return on equity of 10.71% and a net margin of 14.82%. During the same period in the previous year, the firm earned $0.57 earnings per share. Equities analysts expect that Public Service Enterprise Group will post $2.87 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 9th will be given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 3.85%. The ex-dividend date of this dividend is Wednesday, September 7th. Public Service Enterprise Group’s dividend payout ratio is currently 59.21%.
In other news, COO William Levis sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $43.73, for a total transaction of $327,975.00. Following the transaction, the chief operating officer now owns 156,671 shares of the company’s stock, valued at approximately $6,851,222.83. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ralph Izzo sold 43,313 shares of the business’s stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $46.40, for a total value of $2,009,723.20. Following the transaction, the chief executive officer now directly owns 717,755 shares in the company, valued at approximately $33,303,832. The disclosure for this sale can be found here. Insiders own 0.71% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Bruderman Asset Management LLC increased its position in Public Service Enterprise Group by 5.3% in the second quarter. Bruderman Asset Management LLC now owns 2,528 shares of the company’s stock valued at $118,000 after buying an additional 128 shares in the last quarter. Huntington National Bank increased its position in Public Service Enterprise Group by 10.3% in the second quarter. Huntington National Bank now owns 2,537 shares of the company’s stock valued at $119,000 after buying an additional 237 shares in the last quarter. Paradigm Asset Management Co. LLC increased its position in Public Service Enterprise Group by 10.9% in the second quarter. Paradigm Asset Management Co. LLC now owns 2,850 shares of the company’s stock valued at $133,000 after buying an additional 279 shares in the last quarter. Americafirst Capital Management LLC bought a new position in Public Service Enterprise Group during the second quarter valued at $135,000. Finally, Global X Management Co. LLC increased its position in Public Service Enterprise Group by 153.4% in the second quarter. Global X Management Co. LLC now owns 2,914 shares of the company’s stock valued at $136,000 after buying an additional 1,764 shares in the last quarter. 67.00% of the stock is currently owned by hedge funds and other institutional investors.
About Public Service Enterprise Group
Public Service Enterprise Group Incorporated (PSEG) is an energy holding company with operations located in the Northeastern and Mid- Atlantic United States. The Company is engaged in the transmission and distribution of electricity and natural gas. The Company’s business consists of two segments, including Public Service Electric and Gas Company (PSE&G) and PSEG Power LLC (Power).

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