Shares of Public Service Co. (NYSE:PEG) have been given a consensus recommendation of “Buy” by the nineteen analysts that are presently covering the firm, MarketBeat reports. Seven investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $51.79.
Several brokerages have issued reports on PEG. Bank of America raised Public Service from a “neutral” rating to a “buy” rating in a report on Monday, April 16th. JPMorgan Chase raised their price target on Public Service from $50.00 to $52.00 and gave the company an “overweight” rating in a report on Tuesday, April 10th. Zacks Investment Research downgraded Public Service from a “buy” rating to a “hold” rating in a report on Tuesday, March 20th. Royal Bank of Canada reaffirmed a “hold” rating and set a $52.00 price target on shares of Public Service in a report on Wednesday, March 14th. Finally, Morgan Stanley raised their price target on Public Service from $53.00 to $54.00 and gave the company an “overweight” rating in a report on Thursday, March 8th.
In related news, CEO Ralph Izzo sold 20,833 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $51.00, for a total value of $1,062,483.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Tamara Louise Linde sold 16,400 shares of the firm’s stock in a transaction on Monday, April 16th. The stock was sold at an average price of $50.36, for a total value 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 disclosure for this sale can be found here. Insiders have sold a total of 78,899 shares of company stock worth $3,935,438 in the last quarter. Company insiders own 0.58% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of Montreal Can increased its position in shares of Public Service by 12.5% in the fourth quarter. Bank of Montreal Can now owns 819,808 shares of the utilities provider’s stock worth $42,219,000 after purchasing an additional 91,251 shares during the period. Sterling Capital Management LLC bought a new position in shares of Public Service in the fourth quarter worth $8,808,000. Vident Investment Advisory LLC increased its position in shares of Public Service by 16.2% in the fourth quarter. Vident Investment Advisory LLC now owns 12,498 shares of the utilities provider’s stock worth $643,000 after purchasing an additional 1,746 shares during the period. Quadrature Capital Ltd bought a new position in shares of Public Service in the fourth quarter worth $1,444,000. Finally, Burney Co. increased its position in shares of Public Service by 2.4% in the fourth quarter. Burney Co. now owns 139,510 shares of the utilities provider’s stock worth $7,185,000 after purchasing an additional 3,235 shares during the period. Institutional investors own 68.22% of the company’s stock.
Public Service stock traded down $0.21 during mid-day trading on Wednesday, hitting $49.30. 1,639,208 shares of the company’s stock traded hands, compared to its average volume of 3,337,884. Public Service has a fifty-two week low of $41.67 and a fifty-two week high of $53.28. The company has a market capitalization of $24,990.90, a price-to-earnings ratio of 16.73, a P/E/G ratio of 3.63 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 (NYSE:PEG) last announced its quarterly earnings results on Friday, February 23rd. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. Public Service had a return on equity of 11.25% and a net margin of 17.33%. The business had revenue of $2.10 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter last year, the firm posted $0.54 EPS. equities analysts anticipate that Public Service 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 dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 3.65%. The ex-dividend date of this dividend is Thursday, June 7th. Public Service’s payout ratio is 61.43%.
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Public Service Company Profile
Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid- Atlantic United States. It operates through two segments, PSE&G and Power. The PSE&G segment transmits electricity; and distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs to customers.
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