Valley Wealth Managers Inc. Sells 6,051 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Valley Wealth Managers Inc. lowered its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 11.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,777 shares of the utilities provider's stock after selling 6,051 shares during the quarter. Valley Wealth Managers Inc.'s holdings in Public Service Enterprise Group were worth $4,037,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Geode Capital Management LLC raised its position in shares of Public Service Enterprise Group by 0.4% during the third quarter. Geode Capital Management LLC now owns 11,829,634 shares of the utilities provider's stock worth $1,051,744,000 after purchasing an additional 49,285 shares during the period. FMR LLC raised its position 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 worth $481,825,000 after purchasing an additional 877,345 shares during the period. Jennison Associates LLC raised its position in shares of Public Service Enterprise Group by 125.3% during 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 period. Charles Schwab Investment Management Inc. raised its position in shares of Public Service Enterprise Group by 0.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,951,631 shares of the utilities provider's stock worth $263,315,000 after purchasing an additional 19,650 shares during the period. Finally, Franklin Resources Inc. raised its position in shares of Public Service Enterprise Group by 5.9% during the third quarter. Franklin Resources Inc. now owns 2,637,882 shares of the utilities provider's stock worth $235,194,000 after purchasing an additional 147,903 shares during the period. Institutional investors and hedge funds own 73.34% of the company's stock.

Public Service Enterprise Group Stock Down 1.0 %

Shares of NYSE:PEG traded down $0.85 during trading on Friday, hitting $83.82. 4,699,113 shares of the company were exchanged, compared to its average volume of 2,271,344. The stock has a market cap of $41.76 billion, a price-to-earnings ratio of 20.59, a P/E/G ratio of 2.82 and a beta of 0.64. Public Service Enterprise Group Incorporated has a fifty-two week low of $59.29 and a fifty-two week high of $95.22. The firm has a fifty day moving average price of $84.99 and a two-hundred day moving average price of $85.89. 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 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be paid a dividend of $0.63 per share. This is an increase 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 payout ratio is currently 58.97%.

Insider Transactions at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $83.10, for a total transaction of $114,511.80. Following the completion of the transaction, 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 can be accessed through this link. 0.57% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PEG has been the topic of a number of research analyst reports. Barclays lowered Public Service Enterprise Group from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $88.00 to $84.00 in a research report on Monday, January 27th. UBS Group lifted their target price on Public Service Enterprise Group from $94.00 to $98.00 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. Guggenheim reissued a "buy" rating on shares of Public Service Enterprise Group in a research report on Wednesday, December 11th. Finally, Scotiabank lifted their target price on Public Service Enterprise Group from $73.00 to $86.00 and gave the company a "sector perform" rating in a research report on Thursday, December 12th. Five 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.com, the company currently has a consensus rating of "Moderate Buy" and an average price target 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.