Cannon Financial Strategists Inc. Acquires Shares of 4,720 Public Service Enterprise Group Incorporated (NYSE:PEG)

Cannon Financial Strategists Inc. acquired a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) in the 3rd quarter, HoldingsChannel reports. The institutional investor acquired 4,720 shares of the utilities provider’s stock, valued at approximately $421,000.

Other institutional investors have also recently bought and sold shares of the company. Raymond James & Associates raised its position in shares of Public Service Enterprise Group by 30.1% during the third quarter. Raymond James & Associates now owns 2,869,113 shares of the utilities provider’s stock worth $255,954,000 after acquiring an additional 663,012 shares during the last quarter. Hsbc Holdings PLC raised its position in shares of Public Service Enterprise Group by 43.2% during the second quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock worth $178,763,000 after acquiring an additional 732,443 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Public Service Enterprise Group by 10.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,734,257 shares of the utilities provider’s stock worth $127,809,000 after acquiring an additional 163,333 shares during the last quarter. Reaves W H & Co. Inc. raised its position in shares of Public Service Enterprise Group by 73.9% during the first quarter. Reaves W H & Co. Inc. now owns 1,572,001 shares of the utilities provider’s stock worth $104,978,000 after acquiring an additional 667,773 shares during the last quarter. Finally, Energy Income Partners LLC raised its position in shares of Public Service Enterprise Group by 14.2% during the first quarter. Energy Income Partners LLC now owns 1,557,690 shares of the utilities provider’s stock worth $104,023,000 after acquiring an additional 193,736 shares during the last quarter. Institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Up 0.2 %

Shares of PEG stock traded up $0.17 on Monday, hitting $89.93. 404,769 shares of the stock were exchanged, compared to its average volume of 2,798,057. Public Service Enterprise Group Incorporated has a fifty-two week low of $56.85 and a fifty-two week 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. The business has a 50-day moving average of $84.72 and a 200 day moving average of $77.10. The firm has a market capitalization of $44.79 billion, a P/E ratio of 25.08, a price-to-earnings-growth ratio of 2.69 and a beta of 0.61.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Tuesday, July 30th. The utilities provider reported $0.63 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The business’s revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.70 EPS. Equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Insider Transactions at Public Service Enterprise Group

In other news, EVP Tamara Louise Linde sold 9,564 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $90.61, for a total transaction of $866,594.04. Following the completion of the sale, the executive vice president now owns 48,397 shares in the company, valued at approximately $4,385,252.17. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Tamara Louise Linde sold 9,564 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $90.61, for a total transaction of $866,594.04. Following the transaction, the executive vice president now directly owns 48,397 shares of the company’s stock, valued at approximately $4,385,252.17. This trade represents a 0.00 % 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, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $90.20, for a total transaction of $124,295.60. Following the transaction, the chief executive officer now directly owns 147,514 shares in the company, valued at approximately $13,305,762.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 41,010 shares of company stock worth $3,397,855. 0.57% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms recently commented on PEG. Royal Bank of Canada upped their price objective on Public Service Enterprise Group from $80.00 to $84.00 and gave the company an “outperform” rating in a report on Monday, July 15th. Wells Fargo & Company upped their price objective on Public Service Enterprise Group from $85.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. 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. Jefferies Financial Group began coverage on Public Service Enterprise Group in a report on Friday, September 13th. They issued a “hold” rating and a $85.00 price objective for the company. Finally, UBS Group boosted their target price on Public Service Enterprise Group from $87.00 to $94.00 and gave the company a “neutral” rating in a research note on Tuesday, September 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Public Service Enterprise Group has an average rating of “Moderate Buy” and a consensus price target of $87.15.

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.