GWN Securities Inc. purchased a new position in Public Service Enterprise Group Incorporated (NYSE:PEG – Free Report) in the 4th quarter, Holdings Channel reports. The firm purchased 4,905 shares of the utilities provider’s stock, valued at approximately $432,000.
Other hedge funds also recently bought and sold shares of the company. Wingate Wealth Advisors Inc. purchased a new stake in Public Service Enterprise Group during the fourth quarter valued at $35,000. OFI Invest Asset Management purchased a new stake in Public Service Enterprise Group during the fourth quarter valued at $39,000. Stonebridge Financial Group LLC purchased a new stake in Public Service Enterprise Group during the fourth quarter valued at $54,000. Financial Life Planners purchased a new stake in Public Service Enterprise Group during the fourth quarter valued at $56,000. Finally, Brown Lisle Cummings Inc. purchased a new stake in Public Service Enterprise Group during the fourth quarter valued at $57,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.
Insider Activity at Public Service Enterprise Group
In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the company’s 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 sale, the chief executive officer now directly owns 144,212 shares in the company, valued at $12,245,040.92. This represents a 0.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.57% of the stock is owned by corporate insiders.
Public Service Enterprise Group Stock Performance
Public Service Enterprise Group (NYSE:PEG – Get Free Report) last announced its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.84 EPS for the quarter, beating 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 company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same period in the prior year, the company earned $0.54 earnings per share. The firm’s revenue was down 5.4% on a year-over-year basis. As a group, equities research analysts predict 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 declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be paid a dividend of $0.63 per share. The ex-dividend date of this dividend is Monday, March 10th. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.60. This represents a $2.52 dividend on an annualized basis and a yield of 3.09%. Public Service Enterprise Group’s dividend payout ratio is presently 71.19%.
Analyst Upgrades and Downgrades
A number of research firms recently commented on PEG. BMO Capital Markets upped their price objective on Public Service Enterprise Group from $85.00 to $86.00 and gave the company a “market perform” rating in a research report on Wednesday, February 26th. Scotiabank boosted their price target 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. Barclays lowered Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $88.00 to $84.00 in a report on Monday, January 27th. Guggenheim reissued a “buy” rating and set a $98.00 price target on shares of Public Service Enterprise Group in a report on Wednesday, February 26th. Finally, Wells Fargo & Company cut their price target on Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Six equities research 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 data from MarketBeat, Public Service Enterprise Group has a consensus rating of “Moderate Buy” and an average target price of $89.83.
Check Out Our Latest Stock Analysis on PEG
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.
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