Proficio Capital Partners LLC purchased a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG – Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 145,000 shares of the utilities provider’s stock, valued at approximately $12,251,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Wingate Wealth Advisors Inc. bought a new stake in shares of Public Service Enterprise Group in the 4th quarter valued at about $35,000. Stonebridge Financial Group LLC acquired a new position in shares of Public Service Enterprise Group in the 4th quarter valued at approximately $54,000. Financial Life Planners acquired a new position in shares of Public Service Enterprise Group in the 4th quarter valued at approximately $56,000. Legacy Investment Solutions LLC acquired a new position in shares of Public Service Enterprise Group in the 3rd quarter valued at approximately $59,000. Finally, Brown Lisle Cummings Inc. acquired a new position in shares of Public Service Enterprise Group in the 4th quarter valued at approximately $57,000. 73.34% of the stock is owned by institutional investors.
Insider Activity at Public Service Enterprise Group
In related news, CEO Ralph A. Larossa sold 1,378 shares of the 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 sale, the chief executive officer now owns 126,791 shares in the company, valued at approximately $10,536,332.10. This represents a 1.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.18% of the stock is owned by company insiders.
Public Service Enterprise Group Trading Up 2.3 %
Public Service Enterprise Group (NYSE:PEG – Get Free Report) last released its quarterly earnings data on Tuesday, February 25th. The utilities provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.83 by $0.01. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The firm’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.54 EPS. On average, equities research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.
Public Service Enterprise Group Increases Dividend
The firm 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 $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date of this dividend is Monday, March 10th. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.60. Public Service Enterprise Group’s dividend payout ratio is 71.19%.
Wall Street Analysts Forecast Growth
PEG has been the subject of several research analyst reports. Wells Fargo & Company decreased their price objective on Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Bank of America decreased their price objective on Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating for the company in a research report on Monday, March 3rd. Scotiabank upped 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 report on Thursday, December 12th. Barclays downgraded Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $88.00 to $84.00 in a research report on Monday, January 27th. Finally, StockNews.com raised Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research report on Friday. Six analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $89.83.
View Our Latest Analysis on PEG
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.
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