Belpointe Asset Management LLC Buys 176 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Belpointe Asset Management LLC increased its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 5.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 3,416 shares of the utilities provider’s stock after buying an additional 176 shares during the period. Belpointe Asset Management LLC’s holdings in Public Service Enterprise Group were worth $276,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in PEG. Norges Bank acquired a new position in shares of Public Service Enterprise Group in the 4th quarter worth approximately $445,005,000. Raymond James Financial Inc. acquired a new position in Public Service Enterprise Group in the fourth quarter valued at $376,209,000. Jennison Associates LLC boosted its position in Public Service Enterprise Group by 125.3% during the fourth quarter. Jennison Associates LLC now owns 3,384,803 shares of the utilities provider’s stock valued at $285,982,000 after acquiring an additional 1,882,667 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its position in Public Service Enterprise Group by 604.5% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,004,100 shares of the utilities provider’s stock valued at $169,404,000 after acquiring an additional 1,719,614 shares during the last quarter. Finally, Schroder Investment Management Group grew its holdings in Public Service Enterprise Group by 234.1% during the 4th quarter. Schroder Investment Management Group now owns 2,117,411 shares of the utilities provider’s stock worth $178,900,000 after acquiring an additional 1,483,662 shares during the period. 73.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on PEG shares. BMO Capital Markets dropped their price objective on Public Service Enterprise Group from $86.00 to $83.00 and set a “market perform” rating on the stock in a research note on Thursday, April 10th. Barclays cut their price target on Public Service Enterprise Group from $84.00 to $83.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 8th. Morgan Stanley lifted their price objective on shares of Public Service Enterprise Group from $96.00 to $100.00 and gave the company an “overweight” rating in a research note on Thursday, March 20th. Bank of America dropped their target price on shares of Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating on the stock in a research report on Monday, March 3rd. Finally, StockNews.com upgraded shares of Public Service Enterprise Group from a “sell” rating to a “hold” rating in a report on Wednesday. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $89.35.

Insider Activity

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $83.10, for a total value of $114,511.80. Following the transaction, the chief executive officer now owns 126,791 shares of the company’s stock, valued at approximately $10,536,332.10. The trade was a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.19% of the stock is currently owned by corporate insiders.

Public Service Enterprise Group Trading Up 0.4 %

NYSE:PEG opened at $83.33 on Friday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48. Public Service Enterprise Group Incorporated has a one year low of $64.81 and a one year high of $95.22. The company has a market cap of $41.55 billion, a PE ratio of 20.47, a PEG ratio of 2.78 and a beta of 0.52. The firm has a 50-day moving average of $81.90 and a 200-day moving average of $85.60.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the prior year, the business posted $0.54 earnings per share. The company’s quarterly revenue was down 5.4% compared to the same quarter last year. As a group, equities research analysts expect that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 10th were paid a $0.63 dividend. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Monday, March 10th. This represents a $2.52 annualized dividend and a dividend yield of 3.02%. Public Service Enterprise Group’s dividend payout ratio is presently 71.19%.

About Public Service Enterprise Group

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.