Royal Bank of Canada Reiterates Hold Rating for Public Service Enterprise Group (NYSE:PEG)

Royal Bank of Canada reissued their hold rating on shares of Public Service Enterprise Group (NYSE:PEG) in a research note published on Wednesday, March 14th. They currently have a $52.00 price objective on the utilities provider’s stock.

Other research analysts have also issued research reports about the stock. Wells Fargo reissued an outperform rating and set a $56.00 target price (down previously from $59.00) on shares of Public Service Enterprise Group in a research report on Monday, February 26th. Guggenheim restated a buy rating and set a $56.00 price objective on shares of Public Service Enterprise Group in a report on Friday, February 23rd. Zacks Investment Research downgraded shares of Public Service Enterprise Group from a buy rating to a hold rating in a report on Monday, February 19th. Morgan Stanley dropped their price objective on shares of Public Service Enterprise Group from $54.00 to $52.00 and set an overweight rating on the stock in a report on Tuesday, February 13th. Finally, Mizuho downgraded shares of Public Service Enterprise Group from a buy rating to a neutral rating in a report on Monday, February 5th. They noted that the move was a valuation call. Eight investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $51.23.

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Public Service Enterprise Group stock traded down $0.63 on Wednesday, reaching $50.10. 3,382,917 shares of the stock were exchanged, compared to its average volume of 2,930,567. The firm has a market cap of $25,288.73, a price-to-earnings ratio of 17.10, a P/E/G ratio of 4.09 and a beta of 0.39. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.79 and a quick ratio of 0.59. Public Service Enterprise Group has a twelve month low of $41.67 and a twelve month high of $53.28.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Friday, February 23rd. The utilities provider reported $0.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.56 by $0.01. The firm had revenue of $2.10 billion during the quarter, compared to analyst estimates of $2.36 billion. Public Service Enterprise Group had a net margin of 17.33% and a return on equity of 11.25%. During the same quarter in the previous year, the business earned $0.54 EPS. sell-side analysts expect that Public Service Enterprise Group will post 3.15 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, March 30th. Shareholders of record on Thursday, March 8th were given a $0.45 dividend. The ex-dividend date was Wednesday, March 7th. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.43. This represents a $1.80 dividend on an annualized basis and a yield of 3.59%. Public Service Enterprise Group’s payout ratio is 61.43%.

In other Public Service Enterprise Group news, Chairman Ralph Izzo sold 20,833 shares of the business’s stock in a transaction dated Monday, April 2nd. The shares were sold at an average price of $49.90, for a total value of $1,039,566.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders sold 62,499 shares of company stock worth $3,109,534. Company insiders own 0.58% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in Public Service Enterprise Group by 1.4% in the fourth quarter. BlackRock Inc. now owns 48,420,436 shares of the utilities provider’s stock valued at $2,493,654,000 after buying an additional 674,875 shares during the period. Nordea Investment Management AB increased its stake in Public Service Enterprise Group by 1.8% in the third quarter. Nordea Investment Management AB now owns 11,274,720 shares of the utilities provider’s stock valued at $521,456,000 after purchasing an additional 199,441 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Public Service Enterprise Group by 14.7% in the fourth quarter. Bank of New York Mellon Corp now owns 6,947,022 shares of the utilities provider’s stock valued at $357,772,000 after purchasing an additional 892,228 shares in the last quarter. Allianz Asset Management GmbH increased its stake in Public Service Enterprise Group by 14.0% in the fourth quarter. Allianz Asset Management GmbH now owns 3,590,147 shares of the utilities provider’s stock valued at $184,892,000 after purchasing an additional 441,556 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in Public Service Enterprise Group by 2.2% in the third quarter. Legal & General Group Plc now owns 3,211,024 shares of the utilities provider’s stock valued at $148,510,000 after purchasing an additional 70,089 shares in the last quarter. 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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