Bank of Montreal Can Acquires 81,066 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Bank of Montreal Can lifted its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 13.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 699,819 shares of the utilities provider’s stock after acquiring an additional 81,066 shares during the quarter. Bank of Montreal Can owned approximately 0.14% of Public Service Enterprise Group worth $61,759,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Old Port Advisors boosted its position in Public Service Enterprise Group by 0.5% during the third quarter. Old Port Advisors now owns 23,527 shares of the utilities provider’s stock worth $2,099,000 after purchasing an additional 113 shares during the period. Smallwood Wealth Investment Management LLC boosted its stake in Public Service Enterprise Group by 1.3% in the 3rd quarter. Smallwood Wealth Investment Management LLC now owns 9,267 shares of the utilities provider’s stock valued at $827,000 after purchasing an additional 115 shares during the period. Cigna Investments Inc. New grew its stake in shares of Public Service Enterprise Group by 2.5% in the third quarter. Cigna Investments Inc. New now owns 5,053 shares of the utilities provider’s stock valued at $451,000 after acquiring an additional 124 shares in the last quarter. Great Lakes Retirement Inc. grew its position in shares of Public Service Enterprise Group by 0.4% during the 3rd quarter. Great Lakes Retirement Inc. now owns 29,357 shares of the utilities provider’s stock worth $2,619,000 after purchasing an additional 127 shares in the last quarter. Finally, Brighton Jones LLC increased its stake in Public Service Enterprise Group by 1.8% during the 2nd quarter. Brighton Jones LLC now owns 7,430 shares of the utilities provider’s stock worth $548,000 after acquiring an additional 131 shares during the period. 73.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 9,563 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $79.54, for a total transaction of $760,641.02. Following the transaction, the executive vice president now owns 57,961 shares in the company, valued at approximately $4,610,217.94. This represents a 14.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Richard T. Thigpen sold 5,900 shares of Public Service Enterprise Group stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $87.95, for a total transaction of $518,905.00. Following the transaction, the senior vice president now owns 25,829 shares of the company’s stock, valued at $2,271,660.55. This represents a 18.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,739 shares of company stock worth $2,467,753 in the last ninety days. Corporate insiders own 0.18% of the company’s stock.

Public Service Enterprise Group Stock Performance

Shares of PEG stock opened at $94.20 on Thursday. The company has a market cap of $46.93 billion, a price-to-earnings ratio of 23.15, a price-to-earnings-growth ratio of 3.41 and a beta of 0.61. Public Service Enterprise Group Incorporated has a 52 week low of $56.85 and a 52 week high of $95.22. The firm has a 50 day moving average of $88.94 and a 200-day moving average of $81.10. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18.

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

Public Service Enterprise Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 10th will be given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis 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%.

Analyst Upgrades and Downgrades

Several research firms have commented on PEG. UBS Group raised their target price on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Barclays dropped their target price on Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Bank of America boosted their price objective on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Jefferies Financial Group started coverage on Public Service Enterprise Group in a research note on Friday, September 13th. They issued a “hold” rating and a $85.00 price target for the company. Finally, Evercore ISI lifted their price objective on Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $86.69.

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.