Chicago Partners Investment Group LLC Acquires 10,855 Shares of Public Service Enterprise Group Incorporated $PEG

Chicago Partners Investment Group LLC grew its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 71.1% in the third quarter, Holdings Channel.com reports. The firm owned 26,123 shares of the utilities provider’s stock after buying an additional 10,855 shares during the period. Chicago Partners Investment Group LLC’s holdings in Public Service Enterprise Group were worth $1,881,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of PEG. Covestor Ltd grew its stake in Public Service Enterprise Group by 223.7% in the 3rd quarter. Covestor Ltd now owns 764 shares of the utilities provider’s stock valued at $52,000 after buying an additional 528 shares in the last quarter. Caldwell Trust Co lifted its position in shares of Public Service Enterprise Group by 4.1% during the third quarter. Caldwell Trust Co now owns 6,952 shares of the utilities provider’s stock worth $468,000 after acquiring an additional 274 shares in the last quarter. Rakuten Investment Management Inc. lifted its position in shares of Public Service Enterprise Group by 9.7% during the third quarter. Rakuten Investment Management Inc. now owns 89,455 shares of the utilities provider’s stock worth $6,054,000 after acquiring an additional 7,925 shares in the last quarter. MFG Investments LLC purchased a new stake in shares of Public Service Enterprise Group during the third quarter worth $201,000. Finally, Provenance Wealth Advisors LLC boosted its holdings in shares of Public Service Enterprise Group by 5,964.7% in the third quarter. Provenance Wealth Advisors LLC now owns 1,031 shares of the utilities provider’s stock worth $69,000 after acquiring an additional 1,014 shares during the period. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on PEG. HSBC initiated coverage on Public Service Enterprise Group in a research report on Thursday, October 22nd. They issued a “hold” rating and a $72.50 price target for the company. Royal Bank Of Canada dropped their price objective on Public Service Enterprise Group from $81.00 to $76.00 in a report on Monday, October 26th. Jefferies Financial Group cut their target price on Public Service Enterprise Group from $73.00 to $69.00 and set a “hold” rating for the company in a research note on Friday, October 9th. Truist Financial cut their target price on Public Service Enterprise Group from $84.00 to $78.00 and set a “hold” rating for the company in a research note on Thursday, October 15th. Finally, Argus reduced their target price on Public Service Enterprise Group from $90.00 to $86.00 and set a “buy” rating for the company in a report on Tuesday, September 29th. Seven equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Public Service Enterprise Group currently has an average rating of “Hold” and a consensus price target of $79.32.

Public Service Enterprise Group Stock Performance

NYSE PEG opened at $72.52 on Friday. Public Service Enterprise Group Incorporated has a 1 year low of $66.15 and a 1 year high of $87.63. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.01 and a quick ratio of 0.67. The stock has a market capitalization of $36.15 billion, a PE ratio of 20.48, a P/E/G ratio of 2.49 and a beta of 0.48. The company’s 50 day simple moving average is $71.18 and its two-hundred day simple moving average is $77.90.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Monday, November 2nd. The utilities provider reported $1.15 EPS for the quarter, missing analysts’ consensus estimates of $1.19 by ($0.04). The firm had revenue of $3.02 billion for the quarter, compared to analysts’ expectations of $3.19 billion. Public Service Enterprise Group had a net margin of 14.31% and a return on equity of 12.40%. The firm’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.13 earnings per share. Analysts predict that Public Service Enterprise Group Incorporated will post 4.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Ralph A. Larossa sold 2,083 shares of the business’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $73.60, for a total transaction of $153,308.80. Following the completion of the transaction, the chief executive officer directly owned 276,487 shares in the company, valued at $20,349,443.20. The trade was a 0.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Richard T. Thigpen sold 8,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $74.56, for a total value of $596,480.00. Following the completion of the transaction, the senior vice president owned 20,970 shares in the company, valued at $1,563,523.20. This represents a 27.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 12,166 shares of company stock worth $890,350 in the last quarter. 0.19% of the stock is currently owned by company insiders.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group (PSEG) is an energy company headquartered in New Jersey. Its principal subsidiary, Public Service Electric and Gas Company (PSE&G), provides regulated electric and natural gas service to residential, commercial and industrial customers across much of the state.

PSE&G operates electric and gas transmission and distribution systems and offers energy-efficiency programs. Through its generation business, PSEG also operates nuclear power plants in New Jersey, producing electricity for the regional power market.

The company traces its roots to the Public Service Corporation of New Jersey, established in 1903, and serves customers primarily in New Jersey.