Bleakley Financial Group LLC Boosts Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Bleakley Financial Group LLC raised its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 63,677 shares of the utilities provider’s stock after buying an additional 252 shares during the quarter. Bleakley Financial Group LLC’s holdings in Public Service Enterprise Group were worth $3,894,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Modera Wealth Management LLC increased its holdings in shares of Public Service Enterprise Group by 2.6% in the third quarter. Modera Wealth Management LLC now owns 6,647 shares of the utilities provider’s stock worth $378,000 after purchasing an additional 170 shares during the last quarter. IFP Advisors Inc increased its holdings in shares of Public Service Enterprise Group by 14.2% in the second quarter. IFP Advisors Inc now owns 1,418 shares of the utilities provider’s stock worth $89,000 after purchasing an additional 176 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Public Service Enterprise Group by 0.3% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 62,686 shares of the utilities provider’s stock worth $3,567,000 after purchasing an additional 177 shares during the last quarter. Strategic Investment Advisors MI grew its position in Public Service Enterprise Group by 1.0% in the fourth quarter. Strategic Investment Advisors MI now owns 17,511 shares of the utilities provider’s stock worth $1,071,000 after acquiring an additional 179 shares in the last quarter. Finally, Lido Advisors LLC grew its position in Public Service Enterprise Group by 4.1% in the third quarter. Lido Advisors LLC now owns 4,622 shares of the utilities provider’s stock worth $263,000 after acquiring an additional 183 shares in the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PEG has been the subject of several recent research reports. Morgan Stanley reiterated an “overweight” rating and issued a $70.00 price target (up previously from $61.00) on shares of Public Service Enterprise Group in a research report on Monday, March 25th. Barclays boosted their target price on Public Service Enterprise Group from $65.00 to $68.00 and gave the company an “overweight” rating in a research report on Thursday, March 14th. TheStreet upgraded Public Service Enterprise Group from a “c+” rating to a “b-” rating in a research report on Wednesday, March 6th. BMO Capital Markets dropped their target price on Public Service Enterprise Group from $64.00 to $63.00 and set a “market perform” rating for the company in a research report on Tuesday, February 27th. Finally, Bank of America boosted their price target on Public Service Enterprise Group from $66.00 to $73.00 and gave the company a “buy” rating in a report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $67.33.

Public Service Enterprise Group Stock Performance

Shares of PEG stock opened at $66.79 on Tuesday. The business’s fifty day simple moving average is $62.53 and its 200-day simple moving average is $61.48. The company has a market cap of $33.30 billion, a PE ratio of 13.02, a PEG ratio of 2.91 and a beta of 0.58. The company has a current ratio of 0.67, a quick ratio of 0.46 and a debt-to-equity ratio of 1.15. Public Service Enterprise Group Incorporated has a 12-month low of $53.71 and a 12-month high of $67.51.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Monday, February 26th. The utilities provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.45 billion. Public Service Enterprise Group had a return on equity of 11.53% and a net margin of 22.81%. The business’s quarterly revenue was down 17.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.64 earnings per share. Analysts expect that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 8th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, March 7th. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.57. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.59%. Public Service Enterprise Group’s payout ratio is 46.78%.

Insider Activity

In other news, CEO Ralph A. Larossa sold 1,374 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $63.00, for a total transaction of $86,562.00. Following the sale, the chief executive officer now directly owns 153,721 shares of the company’s stock, valued at $9,684,423. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 4,800 shares of the stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $64.18, for a total transaction of $308,064.00. Following the sale, the senior vice president now directly owns 31,122 shares of the company’s stock, valued at approximately $1,997,409.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $63.00, for a total value of $86,562.00. Following the sale, the chief executive officer now directly owns 153,721 shares in the company, valued at $9,684,423. The disclosure for this sale can be found here. Insiders have sold 7,948 shares of company stock valued at $510,300 over the last ninety days. 0.18% of the stock is currently owned by insiders.

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.