Rhumbline Advisers Trims Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

Rhumbline Advisers cut its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 3.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 895,446 shares of the utilities provider’s stock after selling 29,609 shares during the period. Rhumbline Advisers owned approximately 0.18% of Public Service Enterprise Group worth $75,656,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Ashton Thomas Securities LLC acquired a new position in Public Service Enterprise Group during the 3rd quarter worth approximately $35,000. Wingate Wealth Advisors Inc. purchased a new stake in Public Service Enterprise Group in the 4th quarter valued at approximately $35,000. Northwest Investment Counselors LLC purchased a new stake in Public Service Enterprise Group in the 3rd quarter valued at approximately $48,000. Stonebridge Financial Group LLC purchased a new position in shares of Public Service Enterprise Group during the 4th quarter worth $54,000. Finally, Financial Life Planners purchased a new position in shares of Public Service Enterprise Group during the 4th quarter worth $56,000. 73.34% of the stock is owned by hedge funds and other institutional investors.

Public Service Enterprise Group Stock Performance

NYSE:PEG opened at $83.85 on Monday. The firm’s 50-day moving average is $85.18 and its 200-day moving average is $85.74. Public Service Enterprise Group Incorporated has a 52-week low of $58.96 and a 52-week high of $95.22. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. The company has a market cap of $41.78 billion, a price-to-earnings ratio of 20.60, a PEG ratio of 2.77 and a beta of 0.64.

Public Service Enterprise Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be issued a dividend of $0.63 per share. This is an increase 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 dividend yield of 3.01%. Public Service Enterprise Group’s payout ratio is presently 58.97%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PEG shares. UBS Group increased their price target on Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. BMO Capital Markets raised their target price on Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Barclays downgraded Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $88.00 to $84.00 in a research note on Monday, January 27th. Guggenheim reiterated a “buy” rating on shares of Public Service Enterprise Group in a research note on Wednesday, December 11th. Finally, Scotiabank lifted their price target on 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. Five 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. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.83.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, COO Kim C. Hanemann sold 956 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total transaction of $86,126.04. Following the sale, the chief operating officer now directly owns 70,011 shares of the company’s stock, valued at approximately $6,307,290.99. This represents a 1.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $83.10, for a total transaction of $114,511.80. Following the sale, the chief executive officer now directly owns 126,791 shares in the company, valued at $10,536,332.10. This represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,712 shares of company stock valued at $317,644 over the last quarter. 0.57% of the stock is owned by company insiders.

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.