CIBC Asset Management Inc Has $7.39 Million Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

CIBC Asset Management Inc lowered its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 40.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 87,488 shares of the utilities provider's stock after selling 59,758 shares during the quarter. CIBC Asset Management Inc's holdings in Public Service Enterprise Group were worth $7,392,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Ashton Thomas Securities LLC bought a new stake in Public Service Enterprise Group during the third quarter worth approximately $35,000. Wingate Wealth Advisors Inc. acquired a new stake in shares of Public Service Enterprise Group during the 4th quarter valued at $35,000. Stonebridge Financial Group LLC bought a new stake in shares of Public Service Enterprise Group during the 4th quarter worth $54,000. Financial Life Planners acquired a new position in shares of Public Service Enterprise Group in the 4th quarter worth $56,000. Finally, Legacy Investment Solutions LLC acquired a new stake in shares of Public Service Enterprise Group during the third quarter worth $59,000. 73.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $84.91, for a total transaction of $117,005.98. Following the completion of the transaction, the chief executive officer now directly owns 144,212 shares of the company's stock, valued at $12,245,040.92. This trade represents a 0.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.57% of the stock is owned by corporate insiders.

Public Service Enterprise Group Price Performance

Shares of PEG stock traded down $0.85 during trading hours on Friday, hitting $83.82. The company had a trading volume of 4,699,113 shares, compared to its average volume of 2,204,013. Public Service Enterprise Group Incorporated has a 12 month low of $59.29 and a 12 month high of $95.22. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. The firm's fifty day moving average is $84.99 and its 200 day moving average is $85.89. The firm has a market capitalization of $41.76 billion, a price-to-earnings ratio of 20.59, a PEG ratio of 2.78 and a beta of 0.64.

Public Service Enterprise Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be issued a dividend of $0.63 per share. The ex-dividend date is Monday, March 10th. This is a boost from Public Service Enterprise Group's previous quarterly dividend of $0.60. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.01%. Public Service Enterprise Group's dividend payout ratio (DPR) is presently 58.97%.

Analysts Set New Price Targets

Several research analysts have commented on PEG shares. UBS Group raised their target price on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. Barclays cut shares of Public Service Enterprise Group from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $88.00 to $84.00 in a research report on Monday, January 27th. Scotiabank raised their target price 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. Finally, Guggenheim reissued a "buy" rating on shares of Public Service Enterprise Group in a research report on Wednesday, December 11th. Five research 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 stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $88.83.

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.