Vestcor Inc Cuts Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Vestcor Inc cut its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 8.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 52,118 shares of the utilities provider's stock after selling 5,037 shares during the quarter. Vestcor Inc's holdings in Public Service Enterprise Group were worth $4,403,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Center for Financial Planning Inc. lifted its stake in Public Service Enterprise Group by 3.0% in the 4th quarter. Center for Financial Planning Inc. now owns 4,126 shares of the utilities provider's stock valued at $349,000 after buying an additional 120 shares in the last quarter. Spire Wealth Management lifted its position in shares of Public Service Enterprise Group by 2.4% in the fourth quarter. Spire Wealth Management now owns 5,207 shares of the utilities provider's stock valued at $440,000 after acquiring an additional 121 shares in the last quarter. First Commonwealth Financial Corp PA boosted its stake in shares of Public Service Enterprise Group by 1.3% in the third quarter. First Commonwealth Financial Corp PA now owns 9,444 shares of the utilities provider's stock worth $842,000 after acquiring an additional 123 shares during the last quarter. United Asset Strategies Inc. boosted its stake in shares of Public Service Enterprise Group by 2.6% in the fourth quarter. United Asset Strategies Inc. now owns 4,921 shares of the utilities provider's stock worth $416,000 after acquiring an additional 127 shares during the last quarter. Finally, Fifth Third Bancorp increased its position in shares of Public Service Enterprise Group by 0.4% during the fourth quarter. Fifth Third Bancorp now owns 35,384 shares of the utilities provider's stock worth $2,990,000 after purchasing an additional 139 shares in the last quarter. 73.34% of the stock is owned by institutional investors and hedge funds.

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Insider Activity

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the business's stock in a transaction that occurred 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.57% of the company's stock.

Public Service Enterprise Group Trading Down 0.1 %

Shares of PEG stock traded down $0.07 during trading on Tuesday, hitting $82.16. 3,280,575 shares of the stock traded hands, compared to its average volume of 2,544,630. The firm has a market capitalization of $40.96 billion, a P/E ratio of 20.19, 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's fifty day moving average price is $83.67 and its 200-day moving average price is $86.03.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last announced its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.83 by $0.01. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company's quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.54 EPS. As a group, research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Monday, March 10th. 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 dividend yield of 3.07%. Public Service Enterprise Group's dividend payout ratio (DPR) is currently 71.19%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PEG shares. Scotiabank lifted their target price on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a "sector perform" rating in a research note on Thursday, December 12th. Guggenheim reissued a "buy" rating and issued a $98.00 price target on shares of Public Service Enterprise Group in a research note on Wednesday, February 26th. Wells Fargo & Company dropped their price objective on shares of Public Service Enterprise Group from $100.00 to $95.00 and set an "overweight" rating for the company in a research note on Wednesday, February 26th. Barclays downgraded shares of 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 report on Monday, January 27th. Finally, BMO Capital Markets boosted their target price on 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 research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Public Service Enterprise Group presently has an average rating of "Moderate Buy" and a consensus price target of $89.83.

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.