Asset Dedication LLC Sells 6,811 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Asset Dedication LLC reduced its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 71.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,667 shares of the utilities provider's stock after selling 6,811 shares during the quarter. Asset Dedication LLC's holdings in Public Service Enterprise Group were worth $225,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in PEG. Ashton Thomas Securities LLC bought a new stake in shares of Public Service Enterprise Group during the 3rd quarter valued at about $35,000. Northwest Investment Counselors LLC bought a new stake in shares of Public Service Enterprise Group during the 3rd quarter valued at about $48,000. Legacy Investment Solutions LLC bought a new stake in shares of Public Service Enterprise Group during the 3rd quarter valued at about $59,000. Fortitude Family Office LLC grew its stake in shares of Public Service Enterprise Group by 325.0% during the 3rd quarter. Fortitude Family Office LLC now owns 799 shares of the utilities provider's stock valued at $71,000 after purchasing an additional 611 shares during the period. Finally, Salem Investment Counselors Inc. grew its stake in shares of Public Service Enterprise Group by 67.5% during the 4th quarter. Salem Investment Counselors Inc. now owns 1,119 shares of the utilities provider's stock valued at $95,000 after purchasing an additional 451 shares during the period. 73.34% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $84.91, for a total transaction of $117,005.98. Following the transaction, the chief executive officer now owns 144,212 shares of the company's stock, valued at approximately $12,245,040.92. This represents a 0.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Richard T. Thigpen sold 5,900 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $87.95, for a total value of $518,905.00. Following the transaction, the senior vice president now directly owns 25,829 shares in the company, valued at $2,271,660.55. The trade was a 18.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 8,234 shares of company stock worth $722,037 over the last quarter. Company insiders own 0.57% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PEG. UBS Group boosted their price objective on Public Service Enterprise Group from $94.00 to $98.00 and gave the company a "neutral" rating in a research note on Wednesday, October 30th. Scotiabank boosted their price objective 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. Wells Fargo & Company boosted their price objective on Public Service Enterprise Group from $85.00 to $100.00 and gave the company an "overweight" rating in a research note on Wednesday, October 16th. Barclays downgraded Public Service Enterprise Group from an "overweight" rating to an "equal weight" rating and cut their price objective for the company from $88.00 to $84.00 in a research note on Monday. Finally, Evercore ISI boosted their price objective on Public Service Enterprise Group from $92.00 to $95.00 and gave the company an "outperform" rating in a research note on Tuesday, October 8th. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $88.83.

Public Service Enterprise Group Trading Up 2.6 %

NYSE:PEG traded up $2.12 during midday trading on Thursday, hitting $83.82. 2,923,242 shares of the company traded hands, compared to its average volume of 2,397,986. The firm's fifty day moving average is $87.32 and its 200-day moving average is $85.04. Public Service Enterprise Group Incorporated has a 12-month low of $57.24 and a 12-month high of $95.22. The firm has a market capitalization of $41.76 billion, a P/E ratio of 20.60, a P/E/G ratio of 2.82 and a beta of 0.65. 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 (NYSE:PEG - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.03. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the prior year, the firm posted $0.85 EPS. Public Service Enterprise Group's quarterly revenue was up 7.6% compared to the same quarter last year. On average, sell-side analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 10th were paid a $0.60 dividend. The ex-dividend date of this dividend was Tuesday, December 10th. This represents a $2.40 dividend on an annualized basis and a yield of 2.86%. Public Service Enterprise Group's payout ratio is 58.97%.

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.