Bank of America Has Lowered Expectations for Public Service Enterprise Group (NYSE:PEG) Stock Price

Public Service Enterprise Group (NYSE:PEG - Free Report) had its price objective trimmed by Bank of America from $95.00 to $92.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a buy rating on the utilities provider's stock.

A number of other research analysts also recently commented on PEG. Barclays downgraded Public Service Enterprise Group from an "overweight" rating to an "equal weight" rating and lowered their target price for the company from $88.00 to $84.00 in a research note on Monday, January 27th. BMO Capital Markets increased their price objective on Public Service Enterprise Group from $85.00 to $86.00 and gave the stock a "market perform" rating in a report on Wednesday, February 26th. Scotiabank lifted their target price on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the company a "sector perform" rating in a research note on Thursday, December 12th. Guggenheim restated a "buy" rating and set a $98.00 price target on shares of Public Service Enterprise Group in a research note on Wednesday, February 26th. Finally, Wells Fargo & Company cut their price target on shares of Public Service Enterprise Group from $100.00 to $95.00 and set an "overweight" rating on the stock in a report on Wednesday, February 26th. Six analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $89.83.

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Public Service Enterprise Group Trading Down 4.3 %

Shares of NYSE:PEG traded down $3.55 during midday trading on Monday, reaching $78.11. The company had a trading volume of 3,705,128 shares, compared to its average volume of 2,627,937. The company has a fifty day simple moving average of $84.54 and a two-hundred day simple moving average of $86.06. The firm has a market cap of $38.92 billion, a price-to-earnings ratio of 19.19, a price-to-earnings-growth ratio of 2.78 and a beta of 0.64. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. Public Service Enterprise Group has a 1-year low of $63.31 and a 1-year high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The utilities provider reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. The firm had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The business's quarterly revenue was down 5.4% compared to the same quarter last year. During the same period last year, the company posted $0.54 EPS. Research analysts predict that Public Service Enterprise Group will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be given a $0.63 dividend. This is an increase from Public Service Enterprise Group's previous quarterly dividend of $0.60. This represents a $2.52 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend is Monday, March 10th. Public Service Enterprise Group's payout ratio is currently 71.19%.

Insider Transactions at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of the business's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $84.91, for a total transaction of $117,005.98. Following the transaction, the chief executive officer now owns 144,212 shares of the company's stock, valued at approximately $12,245,040.92. The trade was a 0.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.57% of the company's stock.

Institutional Trading of Public Service Enterprise Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Public Service Enterprise Group during the fourth quarter valued at about $445,005,000. Raymond James Financial Inc. acquired a new position in Public Service Enterprise Group in the 4th quarter valued at approximately $376,209,000. Jennison Associates LLC lifted its position in shares of Public Service Enterprise Group by 125.3% in the 4th quarter. Jennison Associates LLC now owns 3,384,803 shares of the utilities provider's stock worth $285,982,000 after acquiring an additional 1,882,667 shares during the period. Mitsubishi UFJ Trust & Banking Corp grew its holdings in shares of Public Service Enterprise Group by 604.5% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,004,100 shares of the utilities provider's stock worth $169,404,000 after purchasing an additional 1,719,614 shares in the last quarter. Finally, Schroder Investment Management Group increased its position in shares of Public Service Enterprise Group by 234.1% during the fourth quarter. Schroder Investment Management Group now owns 2,117,411 shares of the utilities provider's stock valued at $178,900,000 after purchasing an additional 1,483,662 shares during the period. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.