Richardson Financial Services Inc. Takes Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Richardson Financial Services Inc. purchased a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,350 shares of the utilities provider’s stock, valued at approximately $144,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Fortis Group Advisors LLC boosted its holdings in shares of Public Service Enterprise Group by 32.3% during the fourth quarter. Fortis Group Advisors LLC now owns 15,458 shares of the utilities provider’s stock valued at $956,000 after acquiring an additional 3,777 shares during the period. Scarborough Advisors LLC acquired a new position in shares of Public Service Enterprise Group during the fourth quarter valued at $41,000. Able Wealth Management LLC acquired a new position in shares of Public Service Enterprise Group during the fourth quarter valued at $476,000. Sanibel Captiva Trust Company Inc. acquired a new position in shares of Public Service Enterprise Group during the fourth quarter valued at $11,912,000. Finally, Grayhawk Investment Strategies Inc. acquired a new position in shares of Public Service Enterprise Group during the fourth quarter valued at $478,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Public Service Enterprise Group Price Performance

Shares of NYSE:PEG traded down $0.57 during trading hours on Friday, hitting $72.64. 2,507,110 shares of the company’s stock traded hands, compared to its average volume of 2,367,796. Public Service Enterprise Group Incorporated has a 52 week low of $53.71 and a 52 week high of $75.82. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.62 and a current ratio of 0.79. The company’s fifty day simple moving average is $71.17 and its two-hundred day simple moving average is $65.06. The company has a market cap of $36.18 billion, a price-to-earnings ratio of 20.12, a price-to-earnings-growth ratio of 3.02 and a beta of 0.59.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.01). Public Service Enterprise Group had a net margin of 17.65% and a return on equity of 11.10%. The business had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.99 billion. During the same quarter last year, the business posted $1.39 EPS. The business’s revenue for the quarter was down 26.5% on a year-over-year basis. As a group, equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.68 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date of this dividend is Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio is presently 66.48%.

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $69.55, for a total transaction of $95,561.70. Following the completion of the sale, the chief executive officer now directly owns 150,973 shares of the company’s stock, valued at $10,500,172.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders sold 3,148 shares of company stock valued at $212,750. 0.57% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Morgan Stanley boosted their price target on shares of Public Service Enterprise Group from $72.00 to $78.00 and gave the company an “overweight” rating in a report on Tuesday, May 28th. Royal Bank of Canada increased their target price on shares of Public Service Enterprise Group from $70.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, March 7th. Mizuho increased their target price on shares of Public Service Enterprise Group from $65.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. Barclays increased their target price on shares of Public Service Enterprise Group from $68.00 to $71.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Finally, Wells Fargo & Company increased their target price on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Public Service Enterprise Group currently has an average rating of “Moderate Buy” and a consensus target price of $69.92.

Public Service Enterprise Group Profile

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.