Royal Bank of Canada Reiterates “Outperform” Rating for Public Service Enterprise Group Inc. (PEG)

Royal Bank of Canada reiterated their outperform rating on shares of Public Service Enterprise Group Inc. (NYSE:PEG) in a research note issued to investors on Wednesday, May 10th.

Several other research analysts have also commented on the company. Deutsche Bank AG reduced their price target on Public Service Enterprise Group from $49.00 to $48.00 and set a buy rating on the stock in a report on Tuesday, April 11th. Barclays PLC reduced their price target on Public Service Enterprise Group from $49.00 to $47.00 and set an equal weight rating on the stock in a report on Tuesday, April 4th. Wells Fargo & Co lowered Public Service Enterprise Group from an outperform rating to a market perform rating in a report on Monday, February 27th. Jefferies Group LLC reiterated a hold rating and set a $46.50 price target (up previously from $43.50) on shares of Public Service Enterprise Group in a report on Monday, February 27th. Finally, Mizuho assumed coverage on shares of Public Service Enterprise Group in a report on Wednesday, April 19th. They issued a neutral rating and a $44.50 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $46.36.

Public Service Enterprise Group (NYSE PEG) opened at 45.17 on Wednesday. Public Service Enterprise Group has a 52-week low of $39.28 and a 52-week high of $46.81. The stock’s 50 day moving average is $44.12 and its 200-day moving average is $43.77. The company has a market capitalization of $22.85 billion, a P/E ratio of 43.43 and a beta of 0.33.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Friday, April 28th. The utilities provider reported $0.92 EPS for the quarter, topping the consensus estimate of $0.84 by $0.08. Public Service Enterprise Group had a return on equity of 10.91% and a net margin of 13.99%. The business had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.56 billion. During the same quarter in the previous year, the firm earned $0.91 EPS. Analysts predict that Public Service Enterprise Group will post $2.90 EPS for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Friday, June 9th will be given a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date is Wednesday, June 7th. Public Service Enterprise Group’s dividend payout ratio is presently 64.57%.

In related news, COO Ralph A. Larossa sold 24,021 shares of the company’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $43.55, for a total value of $1,046,114.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Ralph Izzo sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $44.14, for a total value of $1,324,200.00. Following the completion of the transaction, the chairman now directly owns 741,932 shares of the company’s stock, valued at $32,748,878.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 116,021 shares of company stock valued at $5,104,635. Corporate insiders own 0.71% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Bronfman E.L. Rothschild L.P. boosted its stake in shares of Public Service Enterprise Group by 19.7% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,314 shares of the utilities provider’s stock worth $103,000 after buying an additional 381 shares in the last quarter. Mascoma Wealth Management LLC purchased a new stake in shares of Public Service Enterprise Group during the fourth quarter worth $110,000. Parallel Advisors LLC purchased a new stake in shares of Public Service Enterprise Group during the fourth quarter worth $114,000. Kistler Tiffany Companies LLC boosted its stake in shares of Public Service Enterprise Group by 3.8% in the first quarter. Kistler Tiffany Companies LLC now owns 2,684 shares of the utilities provider’s stock worth $119,000 after buying an additional 99 shares in the last quarter. Finally, TLP Group LLC purchased a new stake in shares of Public Service Enterprise Group during the third quarter worth $120,000. Institutional investors own 63.26% of the company’s stock.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated (PSEG) is a holding company. The Company is an energy company with operations located primarily in the Northeastern and Mid-Atlantic United States. The Company’s segments include Public Service Electric and Gas Company (PSE&G), PSEG Power LLC (Power) and Other.

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