Sheaff Brock Investment Advisors LLC Invests $242,000 in Public Service Enterprise Group Incorporated (PEG) Stock

Sheaff Brock Investment Advisors LLC purchased a new position in Public Service Enterprise Group Incorporated (NYSE:PEG) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,630 shares of the utilities provider’s stock, valued at approximately $242,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. BlackRock Inc. boosted its holdings in Public Service Enterprise Group by 4,031.7% in the first quarter. BlackRock Inc. now owns 48,379,255 shares of the utilities provider’s stock worth $2,145,620,000 after acquiring an additional 47,208,334 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Public Service Enterprise Group by 3.4% during the first quarter. Vanguard Group Inc. now owns 35,042,083 shares of the utilities provider’s stock worth $1,554,116,000 after purchasing an additional 1,144,077 shares during the period. State Street Corp lifted its holdings in shares of Public Service Enterprise Group by 1.2% during the first quarter. State Street Corp now owns 27,076,299 shares of the utilities provider’s stock worth $1,200,831,000 after purchasing an additional 319,134 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Public Service Enterprise Group by 7.9% during the first quarter. Bank of New York Mellon Corp now owns 7,266,782 shares of the utilities provider’s stock worth $322,282,000 after purchasing an additional 534,074 shares during the period. Finally, Federated Investors Inc. PA lifted its holdings in shares of Public Service Enterprise Group by 179.9% during the second quarter. Federated Investors Inc. PA now owns 6,711,861 shares of the utilities provider’s stock worth $288,677,000 after purchasing an additional 4,314,015 shares during the period. 65.97% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts recently commented on the company. Morgan Stanley lifted their target price on Public Service Enterprise Group from $51.00 to $53.00 and gave the stock an “equal weight” rating in a report on Friday, September 8th. BidaskClub raised Public Service Enterprise Group from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Mizuho raised Public Service Enterprise Group from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $44.50 to $50.00 in a report on Friday, August 11th. Citigroup Inc. reaffirmed a “neutral” rating and set a $49.00 target price (up previously from $44.00) on shares of Public Service Enterprise Group in a report on Thursday, August 10th. Finally, Zacks Investment Research downgraded Public Service Enterprise Group from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $48.38.

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Shares of Public Service Enterprise Group Incorporated (PEG) opened at 45.84 on Wednesday. The stock has a market capitalization of $23.19 billion, a PE ratio of 51.51 and a beta of 0.39. Public Service Enterprise Group Incorporated has a 52-week low of $39.28 and a 52-week high of $47.47. The stock has a 50 day moving average price of $46.00 and a 200-day moving average price of $44.64.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Friday, July 28th. The utilities provider reported $0.62 EPS for the quarter, beating the consensus estimate of $0.57 by $0.05. The business had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.33 billion. Public Service Enterprise Group had a return on equity of 11.46% and a net margin of 4.88%. During the same period last year, the firm earned $0.57 EPS. On average, equities research analysts anticipate that Public Service Enterprise Group Incorporated will post $2.92 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 8th will be issued a $0.43 dividend. The ex-dividend date is Thursday, September 7th. This represents a $1.72 annualized dividend and a dividend yield of 3.75%. Public Service Enterprise Group’s dividend payout ratio is currently 193.26%.

In related news, Chairman Ralph Izzo sold 23,400 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $45.23, for a total value of $1,058,382.00. Following the completion of the transaction, the chairman now directly owns 748,474 shares of the company’s stock, valued at approximately $33,853,479.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Derek M. Dirisio sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $47.11, for a total value of $70,665.00. The disclosure for this sale can be found here. Insiders sold a total of 54,900 shares of company stock valued at $2,413,947 over the last three months. Insiders own 0.61% 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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Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

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