Single Point Partners LLC Invests $320,000 in Public Service Enterprise Group Incorporated (NYSE:PEG)

Single Point Partners LLC acquired a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,784 shares of the utilities provider’s stock, valued at approximately $320,000.

A number of other hedge funds 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 in the 3rd quarter worth approximately $35,000. Wingate Wealth Advisors Inc. purchased a new stake in Public Service Enterprise Group during the fourth quarter worth $35,000. Northwest Investment Counselors LLC bought a new stake in Public Service Enterprise Group during the 3rd quarter valued at $48,000. Stonebridge Financial Group LLC purchased a new position in shares of Public Service Enterprise Group in the 4th quarter valued at $54,000. Finally, Financial Life Planners bought a new position in shares of Public Service Enterprise Group in the 4th quarter worth $56,000. 73.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $84.91, for a total transaction of $117,005.98. Following the completion of the transaction, the chief executive officer now directly owns 144,212 shares in the company, valued at approximately $12,245,040.92. This trade represents a 0.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Kim C. Hanemann sold 956 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.09, for a total value of $86,126.04. Following the completion of the sale, the chief operating officer now owns 70,011 shares in the company, valued at approximately $6,307,290.99. This represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,712 shares of company stock worth $317,644 over the last 90 days. 0.57% of the stock is currently owned by company insiders.

Public Service Enterprise Group Trading Up 0.3 %

Public Service Enterprise Group stock opened at $83.88 on Tuesday. The stock has a 50-day moving average price of $85.93 and a 200 day moving average price of $85.54. The company has a market capitalization of $41.79 billion, a price-to-earnings ratio of 20.61, a price-to-earnings-growth ratio of 2.77 and a beta of 0.64. Public Service Enterprise Group Incorporated has a 52 week low of $57.40 and a 52 week high of $95.22. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18.

Public Service Enterprise Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 10th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.86%. The ex-dividend date was Tuesday, December 10th. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 58.97%.

Analysts Set New Price Targets

Several equities analysts have issued reports on PEG shares. Barclays lowered Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $88.00 to $84.00 in a research note on Monday, January 27th. BMO Capital Markets boosted their price objective on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a research note on Monday, October 21st. Guggenheim restated a “buy” rating on shares of Public Service Enterprise Group in a research note on Wednesday, December 11th. Scotiabank lifted their price target on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a report on Thursday, December 12th. Finally, Wells Fargo & Company raised their price objective on Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Five investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $88.83.

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.