By otakuyassine3@gmail.com 
Allspring Global Investments Holdings LLC reduced its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG – Free Report) by 4.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 351,427 shares of the utilities provider’s stock after selling 14,475 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Public Service Enterprise Group were worth $29,906,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of PEG. Foundations Investment Advisors LLC increased its stake in shares of Public Service Enterprise Group by 27.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 87,621 shares of the utilities provider’s stock worth $7,403,000 after acquiring an additional 18,627 shares during the last quarter. DRW Securities LLC purchased a new stake in shares of Public Service Enterprise Group in the third quarter valued at about $8,244,000. Cullen Investment Group LTD. increased its position 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 during the last quarter. Arvest Bank Trust Division purchased a new position in Public Service Enterprise Group during the third quarter worth about $2,860,000. Finally, Parsons Capital Management Inc. RI acquired a new position in Public Service Enterprise Group in the 4th quarter valued at about $2,565,000. 73.34% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on PEG. Scotiabank raised 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. Barclays downgraded Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $88.00 to $84.00 in a research report on Monday, January 27th. Guggenheim reiterated a “buy” rating on shares of Public Service Enterprise Group in a report on Wednesday, December 11th. UBS Group boosted their price objective on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, BMO Capital Markets increased their target price 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. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $88.83.
Get Our Latest Stock Report on PEG
Public Service Enterprise Group Trading Down 0.0 %
Shares of PEG stock opened at $83.85 on Friday. Public Service Enterprise Group Incorporated has a fifty-two week low of $58.96 and a fifty-two week high of $95.22. The company has a 50 day moving average price of $85.18 and a 200 day moving average price of $85.69. The stock has a market capitalization of $41.78 billion, a P/E ratio of 20.60, a price-to-earnings-growth ratio of 2.77 and a beta of 0.64. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68.
Public Service Enterprise Group Increases Dividend
The business also recently disclosed 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. This represents a $2.52 annualized dividend and a dividend yield of 3.01%. The ex-dividend date of this dividend is Monday, March 10th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 58.97%.
Insider Buying and Selling
In other news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $83.10, for a total value of $114,511.80. Following the transaction, the chief executive officer now directly owns 126,791 shares of the company’s stock, valued at $10,536,332.10. The trade was a 1.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Kim C. Hanemann sold 956 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total value of $86,126.04. Following the sale, the chief operating officer now directly owns 70,011 shares of the company’s stock, valued at approximately $6,307,290.99. This represents a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,712 shares of company stock valued at $317,644 in the last three months. 0.57% of the stock is owned by corporate insiders.
Public Service Enterprise Group Company 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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