BNP Paribas Financial Markets Acquires 393,420 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

BNP Paribas Financial Markets raised its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 131.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 693,566 shares of the utilities provider’s stock after purchasing an additional 393,420 shares during the quarter. BNP Paribas Financial Markets owned 0.14% of Public Service Enterprise Group worth $46,316,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. boosted its position in Public Service Enterprise Group by 8.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 83,024 shares of the utilities provider’s stock valued at $5,544,000 after buying an additional 6,539 shares during the period. Prosperity Consulting Group LLC boosted its holdings in shares of Public Service Enterprise Group by 16.5% in the first quarter. Prosperity Consulting Group LLC now owns 4,757 shares of the utilities provider’s stock valued at $318,000 after purchasing an additional 672 shares during the period. Mission Wealth Management LP grew its stake in Public Service Enterprise Group by 4.4% in the first quarter. Mission Wealth Management LP now owns 15,055 shares of the utilities provider’s stock worth $1,005,000 after purchasing an additional 641 shares in the last quarter. J.W. Cole Advisors Inc. grew its stake in Public Service Enterprise Group by 17.7% in the first quarter. J.W. Cole Advisors Inc. now owns 19,913 shares of the utilities provider’s stock worth $1,330,000 after purchasing an additional 2,996 shares in the last quarter. Finally, Hartline Investment Corp purchased a new position in Public Service Enterprise Group during the 1st quarter worth $962,000. 73.34% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on PEG shares. BMO Capital Markets increased their price target on Public Service Enterprise Group from $69.00 to $74.00 and gave the stock a “market perform” rating in a research report on Wednesday. Scotiabank cut their target price on shares of Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating on the stock in a research report on Monday, April 22nd. Mizuho upped their price target on shares of Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Evercore ISI lifted their price objective on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. Finally, Bank of America boosted their price objective on shares of Public Service Enterprise Group from $73.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $72.42.

Public Service Enterprise Group Stock Performance

Shares of Public Service Enterprise Group stock traded up $0.08 during midday trading on Friday, hitting $74.07. The company had a trading volume of 2,004,156 shares, compared to its average volume of 2,656,045. The company has a fifty day simple moving average of $73.35 and a 200 day simple moving average of $66.16. The stock has a market cap of $36.89 billion, a price-to-earnings ratio of 20.52, a PEG ratio of 3.07 and a beta of 0.59. The company has a quick ratio of 0.62, a current ratio of 0.79 and a debt-to-equity ratio of 1.19. Public Service Enterprise Group Incorporated has a 12-month low of $53.71 and a 12-month high of $75.82.

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

Public Service Enterprise Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 7th were given a $0.60 dividend. The ex-dividend date was Friday, June 7th. This represents a $2.40 dividend on an annualized basis and a yield of 3.24%. Public Service Enterprise Group’s dividend payout ratio is currently 66.48%.

Insider Buying and Selling

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of Public Service Enterprise Group stock in a transaction that occurred on 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 in the company, valued at approximately $10,500,172.15. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.18% of the stock is owned by corporate insiders.

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.