Morgan Stanley Cuts Public Service Enterprise Group (NYSE:PEG) Price Target to $76.00

Public Service Enterprise Group (NYSE:PEG) had its target price reduced by Morgan Stanley from $78.00 to $76.00 in a research report sent to investors on Monday morning, Benzinga reports. Morgan Stanley currently has an overweight rating on the utilities provider’s stock.

Other research analysts have also issued research reports about the stock. Bank of America upped their price objective on shares of Public Service Enterprise Group from $73.00 to $80.00 and gave the company a buy rating in a research report on Thursday, June 6th. BMO Capital Markets decreased their price objective on Public Service Enterprise Group from $64.00 to $63.00 and set a market perform rating on the stock in a report on Tuesday, February 27th. Royal Bank of Canada upped their target price on Public Service Enterprise Group from $70.00 to $72.00 and gave the company an outperform rating in a research note on Thursday, March 7th. Barclays lifted their price target on shares of Public Service Enterprise Group from $68.00 to $71.00 and gave the stock an overweight rating in a research note on Monday, April 15th. Finally, TheStreet upgraded shares of Public Service Enterprise Group from a c+ rating to a b- rating in a research note on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $71.50.

Public Service Enterprise Group Trading Up 0.0 %

Shares of NYSE:PEG opened at $73.12 on Monday. Public Service Enterprise Group has a 52-week low of $53.71 and a 52-week high of $75.82. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.62 and a current ratio of 0.79. The company has a market cap of $36.42 billion, a P/E ratio of 20.28, a P/E/G ratio of 3.05 and a beta of 0.59. The stock’s 50-day moving average is $72.37 and its 200-day moving average is $65.64.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.31 EPS for the quarter, missing the consensus estimate of $1.32 by ($0.01). The business had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.99 billion. Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. The business’s quarterly revenue was down 26.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.39 earnings per share. Equities research analysts predict that Public Service Enterprise Group will post 3.68 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a dividend of $0.60 per share. The ex-dividend date is Friday, June 7th. This represents a $2.40 dividend on an annualized basis and a yield of 3.28%. Public Service Enterprise Group’s dividend payout ratio is 66.48%.

Insiders Place Their Bets

In related news, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $69.55, for a total value of $95,561.70. Following the completion of the sale, the chief executive officer now owns 150,973 shares of the company’s stock, valued at $10,500,172.15. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last quarter, insiders have sold 2,948 shares of company stock valued at $199,910. 0.57% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Abich Financial Wealth Management LLC increased its position in shares of Public Service Enterprise Group by 49.6% in the 1st quarter. Abich Financial Wealth Management LLC now owns 1,907 shares of the utilities provider’s stock valued at $127,000 after buying an additional 632 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Public Service Enterprise Group by 50.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,283 shares of the utilities provider’s stock worth $89,000 after purchasing an additional 432 shares in the last quarter. DekaBank Deutsche Girozentrale raised its position in Public Service Enterprise Group by 4.1% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 114,989 shares of the utilities provider’s stock valued at $7,639,000 after buying an additional 4,505 shares during the last quarter. Peninsula Wealth LLC acquired a new stake in shares of Public Service Enterprise Group in the first quarter valued at approximately $217,000. Finally, Cetera Advisors LLC lifted its position in shares of Public Service Enterprise Group by 66.0% in the first quarter. Cetera Advisors LLC now owns 23,614 shares of the utilities provider’s stock worth $1,577,000 after purchasing an additional 9,388 shares in the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.

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.