Cullen Frost Bankers Inc. Invests $90,000 in Public Service Enterprise Group Inc. (PEG) Stock

Cullen Frost Bankers Inc. purchased a new position in Public Service Enterprise Group Inc. (NYSE:PEG) during the 1st quarter, Holdings Channel reports. The firm purchased 1,502 shares of the utilities provider’s stock, valued at approximately $90,000.

A number of other institutional investors have also bought and sold shares of PEG. Rockland Trust Co. acquired a new position in Public Service Enterprise Group in the fourth quarter worth approximately $31,000. Athena Capital Advisors LLC acquired a new position in Public Service Enterprise Group in the fourth quarter worth approximately $33,000. JNBA Financial Advisors acquired a new position in Public Service Enterprise Group in the fourth quarter worth approximately $45,000. Wealthcare Advisory Partners LLC grew its position in Public Service Enterprise Group by 76.2% in the fourth quarter. Wealthcare Advisory Partners LLC now owns 890 shares of the utilities provider’s stock worth $46,000 after buying an additional 385 shares during the last quarter. Finally, Essex Savings Bank acquired a new position in Public Service Enterprise Group in the fourth quarter worth approximately $49,000. Hedge funds and other institutional investors own 69.01% of the company’s stock.

Several research firms have issued reports on PEG. JPMorgan Chase & Co. lowered shares of Public Service Enterprise Group from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $64.00 to $62.00 in a research report on Tuesday, April 23rd. Zacks Investment Research lowered shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating in a research note on Wednesday, January 23rd. ValuEngine raised shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating in a research note on Monday, February 4th. Mizuho raised their price objective on shares of Public Service Enterprise Group from $54.00 to $61.50 and gave the stock a “buy” rating in a research note on Wednesday, March 13th. Finally, Wells Fargo & Co raised their price objective on shares of Public Service Enterprise Group from $60.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, February 28th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $59.73.

In other Public Service Enterprise Group news, EVP Tamara Louise Linde sold 13,535 shares of Public Service Enterprise Group stock in a transaction on Monday, April 15th. The shares were sold at an average price of $60.04, for a total transaction of $812,641.40. Following the completion of the sale, the executive vice president now owns 49,909 shares of the company’s stock, valued at approximately $2,996,536.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ralph Izzo sold 52,406 shares of Public Service Enterprise Group stock in a transaction on Friday, March 1st. The shares were sold at an average price of $59.08, for a total transaction of $3,096,146.48. Following the sale, the chief executive officer now directly owns 487,843 shares of the company’s stock, valued at approximately $28,821,764.44. The disclosure for this sale can be found here. Insiders have sold a total of 180,054 shares of company stock valued at $10,620,958 in the last three months. Company insiders own 0.51% of the company’s stock.

Public Service Enterprise Group stock opened at $58.92 on Tuesday. Public Service Enterprise Group Inc. has a 52 week low of $49.22 and a 52 week high of $60.36. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.71 and a quick ratio of 0.53. The company has a market capitalization of $29.92 billion, a P/E ratio of 18.88, a PEG ratio of 2.99 and a beta of 0.40.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.08. Public Service Enterprise Group had a net margin of 16.03% and a return on equity of 11.35%. The firm had revenue of $2.98 billion during the quarter, compared to analyst estimates of $2.78 billion. During the same quarter last year, the business posted $0.97 EPS. Equities analysts forecast that Public Service Enterprise Group Inc. will post 3.27 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 3.19%. The ex-dividend date of this dividend is Thursday, June 6th. Public Service Enterprise Group’s dividend payout ratio is 60.26%.

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Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid- Atlantic United States. It operates through two segments, PSE&G and Power. The PSE&G segment transmits electricity; distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs to customers.

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Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

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