Insider Selling: Public Service Enterprise Group Incorporated (NYSE:PEG) CEO Sells $117,005.98 in Stock

Public Service Enterprise Group Incorporated (NYSE:PEG) CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $84.91, for a total transaction of $117,005.98. Following the transaction, the chief executive officer now directly owns 144,212 shares in the company, valued at $12,245,040.92. The trade was a 0.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

Public Service Enterprise Group Trading Up 1.4 %

NYSE:PEG opened at $86.25 on Monday. The business’s 50-day moving average is $87.80 and its two-hundred day moving average is $83.65. The firm has a market capitalization of $42.97 billion, a PE ratio of 21.19, a price-to-earnings-growth ratio of 3.18 and a beta of 0.65. Public Service Enterprise Group Incorporated has a 12 month low of $56.85 and a 12 month 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.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, topping 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 firm had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same period in the previous year, the company posted $0.85 EPS. Public Service Enterprise Group’s revenue for the quarter was up 7.6% on a year-over-year basis. Research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 10th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend was Tuesday, December 10th. Public Service Enterprise Group’s payout ratio is 58.97%.

Institutional Investors Weigh In On Public Service Enterprise Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PEG. Heritage Wealth Management Inc. purchased a new stake in shares of Public Service Enterprise Group during the second quarter worth about $422,000. DRW Securities LLC acquired a new stake in Public Service Enterprise Group during the 3rd quarter valued at approximately $8,244,000. Arvest Bank Trust Division purchased a new stake in Public Service Enterprise Group during the 3rd quarter worth approximately $2,860,000. Cerity Partners LLC raised its position in shares of Public Service Enterprise Group by 36.1% in the 3rd quarter. Cerity Partners LLC now owns 96,118 shares of the utilities provider’s stock valued at $8,575,000 after purchasing an additional 25,503 shares in the last quarter. Finally, Meridian Wealth Management LLC purchased a new position in shares of Public Service Enterprise Group during the 3rd quarter valued at approximately $2,965,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Analyst Ratings Changes

PEG has been the topic of several analyst reports. Morgan Stanley raised their price objective on Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Guggenheim restated a “buy” rating on shares of Public Service Enterprise Group in a report on Wednesday, December 11th. Scotiabank increased their price objective on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a report on Thursday, December 12th. Wells Fargo & Company raised their target price on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, Evercore ISI lifted their price target on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Four investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Public Service Enterprise Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.17.

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.