Edgestream Partners L.P. Acquires 4,453 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Edgestream Partners L.P. raised its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 106.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,625 shares of the utilities provider's stock after buying an additional 4,453 shares during the period. Edgestream Partners L.P.'s holdings in Public Service Enterprise Group were worth $729,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Axxcess Wealth Management LLC acquired a new position in Public Service Enterprise Group during the 3rd quarter valued at about $634,000. Crossmark Global Holdings Inc. boosted its holdings in Public Service Enterprise Group by 0.6% during the third quarter. Crossmark Global Holdings Inc. now owns 26,771 shares of the utilities provider's stock worth $2,388,000 after purchasing an additional 164 shares during the last quarter. Ashton Thomas Securities LLC bought a new position in shares of Public Service Enterprise Group in the third quarter valued at approximately $35,000. WCM Investment Management LLC grew its holdings in shares of Public Service Enterprise Group by 133.1% in the third quarter. WCM Investment Management LLC now owns 13,426 shares of the utilities provider's stock valued at $1,185,000 after acquiring an additional 7,667 shares in the last quarter. Finally, Apollon Wealth Management LLC increased its position in shares of Public Service Enterprise Group by 9.8% during the third quarter. Apollon Wealth Management LLC now owns 14,713 shares of the utilities provider's stock valued at $1,313,000 after acquiring an additional 1,309 shares during the last quarter. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of the company's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $84.91, for a total value of $117,005.98. Following the completion of the transaction, the chief executive officer now directly owns 144,212 shares in the company, valued at approximately $12,245,040.92. The trade was a 0.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.18% of the company's stock.

Public Service Enterprise Group Stock Down 0.0 %

PEG opened at $78.58 on Wednesday. The firm has a market capitalization of $39.17 billion, a P/E ratio of 19.31, a price-to-earnings-growth ratio of 2.78 and a beta of 0.60. Public Service Enterprise Group Incorporated has a one year low of $63.31 and a one year high of $95.22. The company has a fifty day moving average price of $84.04 and a 200-day moving average price of $86.03. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48.

Remove Ads

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last released its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $2.47 billion for the quarter, compared to analysts' expectations of $2.03 billion. During the same quarter last year, the firm posted $0.54 EPS. The company's revenue was down 5.4% compared to the same quarter last year. Equities research 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 declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders 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 3.21%. 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 payout ratio is currently 71.19%.

Analyst Ratings Changes

PEG has been the subject of several research analyst reports. Barclays lowered Public Service Enterprise Group from an "overweight" rating to an "equal weight" rating and decreased their target price for the company from $88.00 to $84.00 in a research report on Monday, January 27th. Wells Fargo & Company decreased their price objective on shares of 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. BMO Capital Markets lifted their price objective on shares of Public Service Enterprise Group from $85.00 to $86.00 and gave the stock a "market perform" rating in a research report on Wednesday, February 26th. StockNews.com raised shares of Public Service Enterprise Group from a "sell" rating to a "hold" rating in a research report on Wednesday, March 5th. Finally, Bank of America lowered their target price on Public Service Enterprise Group from $95.00 to $92.00 and set a "buy" rating on the stock in a research note on Monday, March 3rd. Six analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $89.83.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.