Bank of Montreal Can Increases Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Bank of Montreal Can increased its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 13.1% during the 3rd quarter, Holdings Channel reports. The firm owned 699,819 shares of the utilities provider’s stock after purchasing an additional 81,066 shares during the quarter. Bank of Montreal Can’s holdings in Public Service Enterprise Group were worth $61,759,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Family Firm Inc. purchased a new position in shares of Public Service Enterprise Group in the 2nd quarter worth approximately $33,000. OFI Invest Asset Management bought a new position in Public Service Enterprise Group in the 2nd quarter valued at $35,000. Ashton Thomas Securities LLC purchased a new stake in shares of Public Service Enterprise Group during the 3rd quarter valued at $35,000. Northwest Investment Counselors LLC purchased a new stake in shares of Public Service Enterprise Group during the 3rd quarter valued at $48,000. Finally, Country Trust Bank bought a new stake in shares of Public Service Enterprise Group during the 2nd quarter worth $52,000. 73.34% of the stock is owned by institutional investors.

Public Service Enterprise Group Trading Down 0.3 %

Shares of PEG opened at $94.20 on Thursday. Public Service Enterprise Group Incorporated has a twelve month low of $56.85 and a twelve month high of $95.22. The stock has a market cap of $46.93 billion, a PE ratio of 23.15, a P/E/G ratio of 3.41 and a beta of 0.61. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. The business’s 50-day moving average price is $88.94 and its 200-day moving average price is $81.10.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.03. The firm had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.44 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The business’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.85 earnings per share. On average, equities analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 10th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.55%. The ex-dividend date of this dividend is Tuesday, December 10th. Public Service Enterprise Group’s payout ratio is 58.97%.

Wall Street Analyst Weigh In

PEG has been the subject of several research reports. Evercore ISI increased their price target on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Scotiabank increased their target price on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 20th. BMO Capital Markets lifted their price target on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a report on Monday, October 21st. Barclays reduced their price objective on Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Finally, Bank of America boosted their target price on Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $86.69.

Insider Buying and Selling

In related news, COO Kim C. Hanemann sold 956 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.09, for a total value of $86,126.04. Following the transaction, the chief operating officer now owns 70,011 shares of the company’s stock, valued at $6,307,290.99. This represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Richard T. Thigpen sold 5,900 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $87.95, for a total value of $518,905.00. Following the sale, the senior vice president now owns 25,829 shares in the company, valued at $2,271,660.55. The trade was a 18.59 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,739 shares of company stock worth $2,467,753. Insiders own 0.18% of the company’s stock.

Public Service Enterprise Group 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.