Archer Investment Corp Lowers Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Archer Investment Corp reduced its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 61.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,870 shares of the utilities provider’s stock after selling 2,945 shares during the period. Archer Investment Corp’s holdings in Public Service Enterprise Group were worth $167,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Raymond James & Associates lifted its holdings in Public Service Enterprise Group by 315.2% in the second quarter. Raymond James & Associates now owns 2,206,101 shares of the utilities provider’s stock valued at $162,590,000 after acquiring an additional 1,674,827 shares during the period. Sound Shore Management Inc. CT acquired a new stake in shares of Public Service Enterprise Group in the second quarter valued at about $71,298,000. Hsbc Holdings PLC boosted its holdings in Public Service Enterprise Group by 43.2% during the second quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock worth $178,763,000 after buying an additional 732,443 shares in the last quarter. Raymond James Financial Services Advisors Inc. grew its position in Public Service Enterprise Group by 381.7% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 800,848 shares of the utilities provider’s stock worth $59,023,000 after buying an additional 634,587 shares during the period. Finally, Zurich Insurance Group Ltd FI purchased a new position in Public Service Enterprise Group in the first quarter valued at about $28,132,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Analyst Ratings Changes

PEG has been the topic of a number of research reports. UBS Group upped their price target on Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Morgan Stanley raised their price target on Public Service Enterprise Group from $83.00 to $95.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Scotiabank boosted their price objective on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a research report on Tuesday, August 20th. BMO Capital Markets increased their price objective on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Finally, Evercore ISI lifted their target price on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $86.69.

Public Service Enterprise Group Trading Up 2.3 %

PEG stock opened at $88.99 on Friday. The company has a market cap of $44.34 billion, a price-to-earnings ratio of 21.86, a PEG ratio of 3.20 and a beta of 0.61. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. The business has a fifty day simple moving average of $87.50 and a 200-day simple moving average of $79.89. Public Service Enterprise Group Incorporated has a 52 week low of $56.85 and a 52 week high of $92.20.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The business had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter last year, the firm posted $0.85 EPS. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. On average, equities research analysts expect that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current year.

Insider Transactions at Public Service Enterprise Group

In other news, SVP Richard T. Thigpen sold 5,900 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $87.95, for a total transaction of $518,905.00. Following the completion of the transaction, the senior vice president now directly owns 25,829 shares in the company, valued at approximately $2,271,660.55. This represents a 18.59 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Tamara Louise Linde sold 9,564 shares of Public Service Enterprise Group stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $90.61, for a total transaction of $866,594.04. Following the completion of the sale, the executive vice president now owns 48,397 shares of the company’s stock, valued at approximately $4,385,252.17. This trade represents a 16.50 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,783 shares of company stock valued at $2,381,626. Corporate insiders own 0.57% of the company’s stock.

About Public Service Enterprise Group

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.