AMJ Financial Wealth Management Raises Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

AMJ Financial Wealth Management raised its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 94.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 105,666 shares of the utilities provider’s stock after purchasing an additional 51,400 shares during the period. Public Service Enterprise Group accounts for 2.5% of AMJ Financial Wealth Management’s holdings, making the stock its 18th biggest position. AMJ Financial Wealth Management’s holdings in Public Service Enterprise Group were worth $8,928,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of PEG. Foundations Investment Advisors LLC lifted its stake in Public Service Enterprise Group by 27.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 87,621 shares of the utilities provider’s stock valued at $7,403,000 after buying an additional 18,627 shares in the last quarter. DRW Securities LLC purchased a new position in shares of Public Service Enterprise Group in the third quarter valued at approximately $8,244,000. Cullen Investment Group LTD. boosted its stake in shares of Public Service Enterprise Group by 65.3% in the fourth quarter. Cullen Investment Group LTD. now owns 26,867 shares of the utilities provider’s stock worth $2,270,000 after acquiring an additional 10,610 shares during the last quarter. Arvest Bank Trust Division purchased a new stake in shares of Public Service Enterprise Group during the third quarter worth approximately $2,860,000. Finally, Parsons Capital Management Inc. RI acquired a new position in Public Service Enterprise Group in the 4th quarter valued at $2,565,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Insider Activity 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 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 completion of the sale, the chief executive officer now directly owns 126,791 shares of the company’s stock, valued at approximately $10,536,332.10. The trade was a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.57% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PEG has been the topic of several recent research reports. Guggenheim reaffirmed a “buy” rating and set a $98.00 target price 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. Scotiabank raised 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. Barclays lowered Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $88.00 to $84.00 in a research report on Monday, January 27th. Finally, Bank of America reduced their price objective on Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating on the stock in a research report on Monday. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $89.83.

Public Service Enterprise Group Price Performance

NYSE:PEG opened at $81.79 on Tuesday. Public Service Enterprise Group Incorporated has a 52 week low of $61.99 and a 52 week high of $95.22. The stock’s fifty day moving average is $84.71 and its two-hundred day moving average is $86.08. The company has a market capitalization of $40.75 billion, a P/E ratio of 20.10, a P/E/G ratio of 2.78 and a beta of 0.64. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.01. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. Public Service Enterprise Group’s revenue was down 5.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.54 EPS. Equities analysts expect that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors 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 dividend on an annualized basis and a dividend yield of 3.08%. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.60. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 71.19%.

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.