Allspring Global Investments Holdings LLC Sells 14,475 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Allspring Global Investments Holdings LLC decreased its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 4.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 351,427 shares of the utilities provider's stock after selling 14,475 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.07% of Public Service Enterprise Group worth $29,906,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Ashton Thomas Securities LLC acquired a new position in Public Service Enterprise Group during the 3rd quarter worth about $35,000. Wingate Wealth Advisors Inc. bought a new position in shares of Public Service Enterprise Group in the fourth quarter worth about $35,000. Northwest Investment Counselors LLC acquired a new position in shares of Public Service Enterprise Group during the third quarter worth approximately $48,000. Stonebridge Financial Group LLC bought a new stake in shares of Public Service Enterprise Group during the fourth quarter valued at approximately $54,000. Finally, Financial Life Planners acquired a new stake in shares of Public Service Enterprise Group in the fourth quarter valued at approximately $56,000. Institutional investors and hedge funds own 73.34% of the company's stock.

Public Service Enterprise Group Trading Up 1.0 %

Shares of PEG stock traded up $0.83 on Wednesday, reaching $85.77. The company had a trading volume of 1,905,417 shares, compared to its average volume of 2,163,878. The stock has a market cap of $42.73 billion, a PE ratio of 21.07, a PEG ratio of 2.77 and a beta of 0.64. The company has a 50-day moving average of $85.07 and a 200-day moving average of $85.85. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. Public Service Enterprise Group Incorporated has a 12 month low of $59.29 and a 12 month high of $95.22.

Public Service Enterprise Group Increases Dividend

The company also recently announced 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 annualized dividend and a yield of 2.94%. The ex-dividend date is Monday, March 10th. This is an increase from Public Service Enterprise Group's previous quarterly dividend of $0.60. Public Service Enterprise Group's dividend payout ratio is presently 58.97%.

Wall Street Analyst Weigh In

PEG has been the topic of several research reports. UBS Group upped their price objective on Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. Scotiabank upped their price target on Public Service Enterprise Group from $73.00 to $86.00 and gave the company a "sector perform" rating in a research note on Thursday, December 12th. Barclays lowered 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. Finally, Guggenheim restated 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $88.83.

Insiders Place Their Bets

In other news, CEO Ralph A. Larossa sold 1,378 shares of the business's 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 completion of the transaction, the chief executive officer now 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.18% of the company's stock.

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.