AMJ Financial Wealth Management Increases Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

AMJ Financial Wealth Management increased its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 94.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 105,666 shares of the utilities provider’s stock after purchasing an additional 51,400 shares during the quarter. Public Service Enterprise Group makes up 2.5% of AMJ Financial Wealth Management’s holdings, making the stock its 18th largest position. AMJ Financial Wealth Management’s holdings in Public Service Enterprise Group were worth $8,928,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in PEG. Ashton Thomas Securities LLC purchased a new stake in shares of Public Service Enterprise Group during the third quarter valued at about $35,000. Wingate Wealth Advisors Inc. purchased a new stake in Public Service Enterprise Group during the fourth quarter valued at approximately $35,000. Stonebridge Financial Group LLC purchased a new stake in Public Service Enterprise Group during the fourth quarter valued at approximately $54,000. Financial Life Planners acquired a new stake in Public Service Enterprise Group in the fourth quarter valued at approximately $56,000. Finally, Brown Lisle Cummings Inc. purchased a new position in Public Service Enterprise Group in the fourth quarter worth $57,000. Institutional investors own 73.34% of the company’s stock.

Analysts Set New Price Targets

PEG has been the subject of several analyst reports. Scotiabank increased their price objective on Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a report on Thursday, December 12th. Guggenheim reiterated a “buy” rating and issued a $98.00 price target on shares of Public Service Enterprise Group in a research note on Wednesday, February 26th. Wells Fargo & Company dropped their price target on Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Barclays cut shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $88.00 to $84.00 in a research note on Monday, January 27th. Finally, Bank of America decreased their price target on shares of Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating for the company in a report on Monday. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $89.83.

Insider Buying and Selling

In other news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $83.10, for a total transaction of $114,511.80. Following the sale, the chief executive officer now directly owns 126,791 shares of the company’s stock, valued at $10,536,332.10. This represents a 1.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.57% of the stock is currently owned by insiders.

Public Service Enterprise Group Stock Performance

NYSE PEG opened at $81.79 on Tuesday. The firm has a market capitalization of $40.75 billion, a P/E ratio of 20.10, a PEG ratio of 2.78 and a beta of 0.64. The stock has a 50-day simple moving average of $84.71 and a two-hundred day simple moving average of $86.08. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. Public Service Enterprise Group Incorporated has a fifty-two week low of $61.99 and a fifty-two week high of $95.22.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Tuesday, February 25th. The utilities provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period last year, the company earned $0.54 earnings per share. Public Service Enterprise Group’s revenue for the quarter was down 5.4% 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 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be paid a $0.63 dividend. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.60. This represents a $2.52 annualized dividend and a dividend yield of 3.08%. The ex-dividend date of this dividend is Monday, March 10th. Public Service Enterprise Group’s payout ratio is currently 71.19%.

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.