Pinnacle Associates Ltd. Purchases 6,629 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Pinnacle Associates Ltd. raised its position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 17.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 45,184 shares of the utilities provider's stock after purchasing an additional 6,629 shares during the quarter. Pinnacle Associates Ltd.'s holdings in Public Service Enterprise Group were worth $4,031,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in PEG. Norden Group LLC acquired a new stake in Public Service Enterprise Group in the first quarter worth about $510,000. First Trust Direct Indexing L.P. raised its stake in shares of Public Service Enterprise Group by 1.1% in the 1st quarter. First Trust Direct Indexing L.P. now owns 17,483 shares of the utilities provider's stock worth $1,167,000 after buying an additional 183 shares in the last quarter. Maryland State Retirement & Pension System lifted its holdings in shares of Public Service Enterprise Group by 2.8% in the first quarter. Maryland State Retirement & Pension System now owns 39,029 shares of the utilities provider's stock valued at $2,522,000 after buying an additional 1,055 shares during the period. J.W. Cole Advisors Inc. boosted its stake in Public Service Enterprise Group by 17.7% during the first quarter. J.W. Cole Advisors Inc. now owns 19,913 shares of the utilities provider's stock valued at $1,330,000 after buying an additional 2,996 shares in the last quarter. Finally, Mission Wealth Management LP grew its holdings in Public Service Enterprise Group by 4.4% during the first quarter. Mission Wealth Management LP now owns 15,055 shares of the utilities provider's stock worth $1,005,000 after acquiring an additional 641 shares during the period. Institutional investors own 73.34% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on PEG. Barclays raised their price objective on shares of Public Service Enterprise Group from $80.00 to $98.00 and gave the company an "overweight" rating in a research report on Monday, October 7th. Wells Fargo & Company raised their target price on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an "overweight" rating in a report on Wednesday, October 16th. Scotiabank upped their price target on Public Service Enterprise Group from $62.00 to $73.00 and gave the company a "sector perform" rating in a report on Tuesday, August 20th. UBS Group raised their price objective on Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a "neutral" rating in a research note on Wednesday. Finally, LADENBURG THALM/SH SH upgraded Public Service Enterprise Group from a "hold" rating to a "strong-buy" rating in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $87.46.

Public Service Enterprise Group Stock Down 2.3 %

PEG stock traded down $2.10 during midday trading on Friday, reaching $87.31. The company had a trading volume of 2,486,553 shares, compared to its average volume of 2,780,362. The company has a 50 day moving average of $86.35 and a two-hundred day moving average of $78.40. The company has a market capitalization of $43.49 billion, a P/E ratio of 26.83, a PEG ratio of 2.91 and a beta of 0.61. Public Service Enterprise Group Incorporated has a 1 year low of $56.85 and a 1 year high of $92.20. The company has a current ratio of 0.65, a quick ratio of 0.46 and a debt-to-equity ratio of 1.16.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last announced its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.01). Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. The firm had revenue of $2.42 billion for the quarter, compared to analysts' expectations of $2.03 billion. During the same quarter in the prior year, the business posted $0.70 earnings per share. Public Service Enterprise Group's revenue was up .1% on a year-over-year basis. On average, equities research analysts expect that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total value of $111,190.82. Following the transaction, the chief executive officer now owns 148,892 shares in the company, valued at approximately $12,014,095.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, EVP Tamara Louise Linde sold 9,563 shares of the company's stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $79.54, for a total transaction of $760,641.02. Following the completion of the sale, the executive vice president now owns 57,961 shares in the company, valued at approximately $4,610,217.94. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the transaction, the chief executive officer now directly owns 148,892 shares in the company, valued at approximately $12,014,095.48. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 41,010 shares of company stock worth $3,397,855 in the last three months. 0.57% of the stock is owned by insiders.

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.