JPL Wealth Management LLC Acquires New Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

JPL Wealth Management LLC purchased a new position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 32,142 shares of the utilities provider's stock, valued at approximately $2,716,000.

A number of other hedge funds also recently modified their holdings of PEG. Geode Capital Management LLC raised its holdings in Public Service Enterprise Group by 0.4% in the 3rd quarter. Geode Capital Management LLC now owns 11,829,634 shares of the utilities provider's stock valued at $1,051,744,000 after buying an additional 49,285 shares during the last quarter. FMR LLC raised its stake in shares of Public Service Enterprise Group by 19.4% during the third quarter. FMR LLC now owns 5,401,024 shares of the utilities provider's stock valued at $481,825,000 after acquiring an additional 877,345 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Public Service Enterprise Group during the fourth quarter worth $376,209,000. Jennison Associates LLC grew its stake in shares of Public Service Enterprise Group by 125.3% in the fourth quarter. Jennison Associates LLC now owns 3,384,803 shares of the utilities provider's stock worth $285,982,000 after purchasing an additional 1,882,667 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Public Service Enterprise Group by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,030,083 shares of the utilities provider's stock worth $256,012,000 after purchasing an additional 78,452 shares during the last quarter. Institutional investors own 73.34% of the company's stock.

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Insider Activity at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of the business's stock in a transaction dated 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 directly owns 126,791 shares in the company, valued at approximately $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 accessible through this hyperlink. 0.57% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have commented on the company. Wells Fargo & Company cut their target price on Public Service Enterprise Group from $100.00 to $95.00 and set an "overweight" rating on the stock in a report on Wednesday, February 26th. Barclays cut 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 report on Monday, January 27th. Bank of America lowered their price target on shares of Public Service Enterprise Group from $95.00 to $92.00 and set a "buy" rating for the company in a report on Monday, March 3rd. StockNews.com upgraded shares of Public Service Enterprise Group from a "sell" rating to a "hold" rating in a report on Friday. Finally, BMO Capital Markets raised their price target on shares of Public Service Enterprise Group from $85.00 to $86.00 and gave the stock a "market perform" rating in a report on Wednesday, February 26th. Six investment 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 stock. Based on data from MarketBeat, Public Service Enterprise Group currently has a consensus rating of "Moderate Buy" and an average price target of $89.83.

Public Service Enterprise Group Stock Performance

Shares of NYSE PEG traded up $0.70 during mid-day trading on Monday, reaching $82.23. 2,031,049 shares of the company's stock were exchanged, compared to its average volume of 2,534,468. The firm has a market capitalization of $41.00 billion, a price-to-earnings ratio of 20.20, a price-to-earnings-growth ratio of 2.78 and a beta of 0.60. Public Service Enterprise Group Incorporated has a 52 week low of $63.31 and a 52 week high of $95.22. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48. The firm has a 50-day moving average price of $83.74 and a two-hundred day moving average price of $86.02.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last released its earnings results on Tuesday, February 25th. The utilities provider reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. The company had revenue of $2.47 billion for the quarter, compared to analysts' expectations of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The business's revenue for the quarter was down 5.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.54 EPS. Analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Increases Dividend

The company also recently disclosed 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 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 yield of 3.06%. The ex-dividend date is Monday, March 10th. Public Service Enterprise Group's payout ratio is currently 71.19%.

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.