Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by Wealthspire Advisors LLC

Wealthspire Advisors LLC cut its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 38.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 3,068 shares of the utilities provider’s stock after selling 1,905 shares during the period. Wealthspire Advisors LLC’s holdings in Public Service Enterprise Group were worth $259,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Foundations Investment Advisors LLC grew its holdings in shares of Public Service Enterprise Group by 27.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 87,621 shares of the utilities provider’s stock valued at $7,403,000 after purchasing an additional 18,627 shares during the period. DRW Securities LLC acquired a new stake in Public Service Enterprise Group during the third quarter worth approximately $8,244,000. Cullen Investment Group LTD. raised its holdings in Public Service Enterprise Group by 65.3% during the fourth quarter. Cullen Investment Group LTD. now owns 26,867 shares of the utilities provider’s stock worth $2,270,000 after purchasing an additional 10,610 shares in the last quarter. Arvest Bank Trust Division purchased a new position in shares of Public Service Enterprise Group during the third quarter worth approximately $2,860,000. Finally, Parsons Capital Management Inc. RI purchased a new position in shares of Public Service Enterprise Group during the fourth quarter worth approximately $2,565,000. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on PEG shares. Wells Fargo & Company lowered their price objective on shares of Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating on the stock in a research report on Wednesday. Scotiabank lifted their price target on Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a research note on Thursday, December 12th. Barclays downgraded Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $88.00 to $84.00 in a research note on Monday, January 27th. BMO Capital Markets boosted their target price on shares of Public Service Enterprise Group from $85.00 to $86.00 and gave the company a “market perform” rating in a research note on Wednesday. Finally, Guggenheim reissued a “buy” rating and issued a $98.00 target price on shares of Public Service Enterprise Group in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $89.50.

Insider Transactions at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $83.10, for a total transaction of $114,511.80. Following the completion of the transaction, the chief executive officer now owns 126,791 shares of the company’s stock, valued at $10,536,332.10. This trade represents a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Price Performance

Shares of PEG opened at $80.76 on Friday. The company has a market cap of $40.24 billion, a P/E ratio of 19.84, a PEG ratio of 2.78 and a beta of 0.64. The stock has a fifty day moving average price of $84.86 and a 200 day moving average price of $85.99. 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 12 month low of $61.36 and a 12 month high of $95.22.

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 analysts’ consensus estimates 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 earned $0.54 EPS. The firm’s revenue was down 5.4% on a year-over-year basis. On average, research 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 firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders 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. The ex-dividend date is Monday, March 10th. This represents a $2.52 annualized dividend and a dividend yield of 3.12%. 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.