Public Service Enterprise Group (NYSE:PEG) Rating Lowered to Neutral at Bank of America

Bank of America downgraded shares of Public Service Enterprise Group (NYSE:PEG) from a buy rating to a neutral rating in a research report report published on Friday, Briefing.com Automated Import reports. They currently have $65.00 price objective on the utilities provider’s stock.

A number of other research firms also recently commented on PEG. KeyCorp began coverage on shares of Southern in a research report on Tuesday, June 4th. They issued a sector weight rating for the company. Mizuho lifted their price target on shares of Public Service Enterprise Group from $61.50 to $64.00 and gave the stock a buy rating in a research note on Wednesday, May 29th. JPMorgan Chase & Co. set a €54.00 ($62.79) price target on shares of Axel Springer and gave the stock a neutral rating in a research note on Tuesday, April 23rd. Finally, Morgan Stanley set a $18.00 price target on shares of PG&E and gave the stock a hold rating in a research note on Friday, June 14th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $61.75.

NYSE:PEG opened at $59.77 on Friday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.52 and a current ratio of 0.68. Public Service Enterprise Group has a 12 month low of $49.22 and a 12 month high of $61.63. The company has a market cap of $30.42 billion, a P/E ratio of 19.16, a PEG ratio of 3.73 and a beta of 0.38. The stock has a 50 day moving average of $60.05.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Thursday, May 2nd. The utilities provider reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.08. Public Service Enterprise Group had a net margin of 16.03% and a return on equity of 11.35%. The business had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $2.78 billion. During the same quarter in the previous year, the firm posted $0.97 EPS. As a group, equities analysts predict that Public Service Enterprise Group will post 3.26 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 9th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend is Friday, September 6th. Public Service Enterprise Group’s dividend payout ratio is presently 60.26%.

In other news, CFO Daniel J. Cregg sold 625 shares of Public Service Enterprise Group stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $59.25, for a total transaction of $37,031.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Ralph Izzo sold 52,406 shares of Public Service Enterprise Group stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $59.12, for a total transaction of $3,098,242.72. Following the transaction, the chairman now owns 443,232 shares in the company, valued at approximately $26,203,875.84. The disclosure for this sale can be found here. Insiders have sold a total of 162,395 shares of company stock worth $9,539,546 in the last quarter. Corporate insiders own 0.51% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. Candriam Luxembourg S.C.A. lifted its stake in shares of Public Service Enterprise Group by 50.8% during the 4th quarter. Candriam Luxembourg S.C.A. now owns 55,187 shares of the utilities provider’s stock valued at $2,872,000 after buying an additional 18,581 shares in the last quarter. O Shares Investment Advisers LLC lifted its stake in shares of Public Service Enterprise Group by 1.6% during the 1st quarter. O Shares Investment Advisers LLC now owns 22,430 shares of the utilities provider’s stock valued at $1,333,000 after buying an additional 352 shares in the last quarter. Bessemer Group Inc. lifted its stake in shares of Public Service Enterprise Group by 12.1% during the 4th quarter. Bessemer Group Inc. now owns 2,627 shares of the utilities provider’s stock valued at $137,000 after buying an additional 284 shares in the last quarter. Segall Bryant & Hamill LLC lifted its stake in shares of Public Service Enterprise Group by 51.9% during the 4th quarter. Segall Bryant & Hamill LLC now owns 81,154 shares of the utilities provider’s stock valued at $4,224,000 after buying an additional 27,740 shares in the last quarter. Finally, Dalton Greiner Hartman Maher & Co. lifted its stake in shares of Public Service Enterprise Group by 226.8% during the 1st quarter. Dalton Greiner Hartman Maher & Co. now owns 175,364 shares of the utilities provider’s stock valued at $10,418,000 after buying an additional 121,702 shares in the last quarter. Institutional investors and hedge funds own 68.78% of the company’s stock.

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

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