Cibc World Markets Corp Acquires 10,964 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Cibc World Markets Corp raised its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 16.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 78,612 shares of the utilities provider’s stock after purchasing an additional 10,964 shares during the period. Cibc World Markets Corp’s holdings in Public Service Enterprise Group were worth $6,642,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wingate Wealth Advisors Inc. acquired a new position in shares of Public Service Enterprise Group in the fourth quarter worth approximately $35,000. OFI Invest Asset Management bought a new position in Public Service Enterprise Group during the 4th quarter worth approximately $39,000. Stonebridge Financial Group LLC acquired a new position in shares of Public Service Enterprise Group in the 4th quarter worth approximately $54,000. Financial Life Planners bought a new stake in shares of Public Service Enterprise Group in the 4th quarter valued at $56,000. Finally, Legacy Investment Solutions LLC acquired a new stake in shares of Public Service Enterprise Group during the third quarter worth $59,000. 73.34% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 144,212 shares of the company’s stock, valued at approximately $12,245,040.92. This trade represents a 0.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.57% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PEG. Guggenheim restated a “buy” rating and issued a $98.00 target price on shares of Public Service Enterprise Group in a report on Wednesday, February 26th. Bank of America dropped their price target on Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Barclays downgraded shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $88.00 to $84.00 in a research report on Monday, January 27th. Wells Fargo & Company cut their target price on shares of Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Finally, BMO Capital Markets raised their price target on shares of 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 issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.83.

Public Service Enterprise Group Stock Down 0.1 %

PEG stock opened at $82.16 on Wednesday. The firm has a market capitalization of $40.96 billion, a PE ratio of 20.19, a P/E/G ratio of 2.78 and a beta of 0.60. 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 Incorporated has a twelve month low of $63.54 and a twelve month high of $95.22. The stock’s 50 day moving average is $83.61 and its 200-day moving average is $86.04.

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 for the quarter, beating the consensus estimate of $0.83 by $0.01. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same period last year, the business earned $0.54 EPS. The business’s revenue was down 5.4% on a year-over-year basis. Sell-side analysts expect that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be paid a $0.63 dividend. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.60. The ex-dividend date is Monday, March 10th. This represents a $2.52 annualized dividend and a yield of 3.07%. Public Service Enterprise Group’s dividend payout ratio (DPR) is 71.19%.

Public Service Enterprise Group Company 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.