Sumitomo Mitsui DS Asset Management Company Ltd Sells 6,969 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Sumitomo Mitsui DS Asset Management Company Ltd cut its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 10.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 60,550 shares of the utilities provider's stock after selling 6,969 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Public Service Enterprise Group were worth $5,116,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC purchased a new position in Public Service Enterprise Group in the 3rd quarter worth approximately $35,000. Northwest Investment Counselors LLC purchased a new position in Public Service Enterprise Group in the 3rd quarter worth approximately $48,000. Financial Life Planners purchased a new position in Public Service Enterprise Group in the 4th quarter worth approximately $56,000. Brown Lisle Cummings Inc. purchased a new position in Public Service Enterprise Group in the 4th quarter worth approximately $57,000. Finally, Legacy Investment Solutions LLC purchased a new position in Public Service Enterprise Group in the 3rd quarter worth approximately $59,000. 73.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. BMO Capital Markets upped their price objective on Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a "market perform" rating in a report on Monday, October 21st. Barclays cut Public Service Enterprise Group from an "overweight" rating to an "equal weight" rating and decreased their price objective for the stock from $88.00 to $84.00 in a report on Monday, January 27th. Wells Fargo & Company upped their price objective on Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an "overweight" rating in a report on Wednesday, October 16th. Guggenheim reaffirmed a "buy" rating on shares of Public Service Enterprise Group in a report on Wednesday, December 11th. Finally, 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. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $88.83.

Public Service Enterprise Group Trading Up 0.1 %

Shares of NYSE PEG traded up $0.05 during trading hours on Wednesday, hitting $83.82. 1,704,743 shares of the company traded hands, compared to its average volume of 2,191,577. The stock has a market capitalization of $41.76 billion, a price-to-earnings ratio of 20.59, a price-to-earnings-growth ratio of 2.77 and a beta of 0.64. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. The company's 50 day moving average price is $85.62 and its 200 day moving average price is $85.66. Public Service Enterprise Group Incorporated has a 12 month low of $57.40 and a 12 month high of $95.22.

Public Service Enterprise Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be given a dividend of $0.63 per share. The ex-dividend date is Monday, March 10th. This represents a $2.52 annualized dividend and a dividend yield of 3.01%. This is an increase from Public Service Enterprise Group's previous quarterly dividend of $0.60. Public Service Enterprise Group's payout ratio is currently 58.97%.

Insider Activity

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the company's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $83.10, for a total value of $114,511.80. Following the transaction, the chief executive officer now owns 126,791 shares of the company's stock, valued at $10,536,332.10. This represents a 1.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Kim C. Hanemann sold 956 shares of the company's stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total value of $86,126.04. Following the completion of the transaction, the chief operating officer now directly owns 70,011 shares in the company, valued at $6,307,290.99. This trade represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,712 shares of company stock valued at $317,644. 0.57% of the stock is currently owned by insiders.

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.