Public Service Enterprise Group (PEG) Raised to “Buy” at Bank of America

Bank of America upgraded shares of Public Service Enterprise Group (NYSE:PEG) from a neutral rating to a buy rating in a research report report published on Monday, MarketBeat reports.

Several other analysts also recently weighed in on PEG. JPMorgan Chase increased their target price on Public Service Enterprise Group from $50.00 to $52.00 and gave the company an overweight rating in a research note on Tuesday, April 10th. UBS assumed coverage on Public Service Enterprise Group in a research note on Friday, February 2nd. They set a neutral rating and a $52.00 target price for the company. Morgan Stanley increased their target price on Public Service Enterprise Group from $53.00 to $54.00 and gave the company an overweight rating in a research note on Thursday, March 8th. Mizuho restated a hold rating and set a $47.00 target price on shares of Public Service Enterprise Group in a research note on Friday, March 2nd. Finally, Zacks Investment Research downgraded Public Service Enterprise Group from a buy rating to a hold rating in a research note on Tuesday, March 20th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Public Service Enterprise Group currently has a consensus rating of Buy and a consensus target price of $51.61.

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Shares of NYSE:PEG opened at $50.45 on Monday. Public Service Enterprise Group has a twelve month low of $41.67 and a twelve month high of $53.28. The company has a market cap of $25,445.19, a P/E ratio of 17.22, a price-to-earnings-growth ratio of 4.15 and a beta of 0.39. The company has a quick ratio of 0.59, a current ratio of 0.79 and a debt-to-equity ratio of 0.87.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Friday, February 23rd. The utilities provider reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.01. Public Service Enterprise Group had a return on equity of 11.25% and a net margin of 17.33%. The firm had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the company earned $0.54 EPS. equities research analysts forecast that Public Service Enterprise Group will post 3.13 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 8th will be given a $0.45 dividend. The ex-dividend date of this dividend is Thursday, June 7th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.57%. Public Service Enterprise Group’s dividend payout ratio is currently 61.43%.

In related news, EVP Tamara Louise Linde sold 16,400 shares of the firm’s stock in a transaction that occurred on Monday, April 16th. The stock was sold at an average price of $50.36, for a total transaction of $825,904.00. Following the completion of the transaction, the executive vice president now owns 51,604 shares in the company, valued at approximately $2,598,777.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Ralph Izzo sold 20,833 shares of the firm’s stock in a transaction that occurred on Monday, April 2nd. The stock was sold at an average price of $49.90, for a total value of $1,039,566.70. The disclosure for this sale can be found here. Insiders sold a total of 78,899 shares of company stock valued at $3,935,438 in the last quarter. Corporate insiders own 0.58% of the company’s stock.

Several institutional investors have recently bought and sold shares of the stock. Green Square Capital LLC lifted its position in shares of Public Service Enterprise Group by 27.1% during the 4th quarter. Green Square Capital LLC now owns 158,845 shares of the utilities provider’s stock worth $8,181,000 after buying an additional 33,874 shares during the period. KCM Investment Advisors LLC lifted its position in shares of Public Service Enterprise Group by 4.2% during the 4th quarter. KCM Investment Advisors LLC now owns 68,467 shares of the utilities provider’s stock worth $3,526,000 after buying an additional 2,771 shares during the period. Xact Kapitalforvaltning AB lifted its position in shares of Public Service Enterprise Group by 15.7% during the 4th quarter. Xact Kapitalforvaltning AB now owns 47,463 shares of the utilities provider’s stock worth $2,444,000 after buying an additional 6,449 shares during the period. Envestnet Asset Management Inc. lifted its position in shares of Public Service Enterprise Group by 1.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 104,787 shares of the utilities provider’s stock worth $5,396,000 after buying an additional 1,471 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of Public Service Enterprise Group by 63.8% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 333,247 shares of the utilities provider’s stock worth $17,162,000 after buying an additional 129,824 shares during the period. Institutional investors and hedge funds own 68.37% of the company’s stock.

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About Public Service Enterprise Group

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.

Analyst Recommendations for Public Service Enterprise Group (NYSE:PEG)

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