Prestige Wealth Management Group LLC Purchases 757 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Prestige Wealth Management Group LLC boosted its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 4.7% during the fourth quarter, Holdings Channel.com reports. The fund owned 16,843 shares of the utilities provider’s stock after acquiring an additional 757 shares during the period. Prestige Wealth Management Group LLC’s holdings in Public Service Enterprise Group were worth $1,423,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of PEG. Wingate Wealth Advisors Inc. purchased a new stake in shares of Public Service Enterprise Group during the fourth quarter worth about $35,000. OFI Invest Asset Management purchased a new stake in Public Service Enterprise Group in the 4th quarter worth approximately $39,000. Stonebridge Financial Group LLC bought a new stake in shares of Public Service Enterprise Group in the 4th quarter worth approximately $54,000. Financial Life Planners purchased a new position in shares of Public Service Enterprise Group during the fourth quarter valued at approximately $56,000. Finally, Millstone Evans Group LLC bought a new position in shares of Public Service Enterprise Group during the fourth quarter valued at approximately $56,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Up 0.3 %

NYSE:PEG opened at $83.26 on Tuesday. The firm has a 50-day simple moving average of $83.48 and a two-hundred day simple moving average of $86.11. The firm has a market cap of $41.51 billion, a P/E ratio of 20.46, a P/E/G ratio of 2.78 and a beta of 0.60. Public Service Enterprise Group Incorporated has a fifty-two week low of $64.03 and a fifty-two 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.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results 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 net margin of 19.48% and a return on equity of 10.70%. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter last year, the firm earned $0.54 earnings per share. The firm’s quarterly revenue was down 5.4% compared to the same quarter last year. Analysts predict 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 firm 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 is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.60. This represents a $2.52 annualized dividend and a dividend yield of 3.03%. Public Service Enterprise Group’s dividend payout ratio (DPR) is 71.19%.

Insider Buying and Selling

In other news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $83.10, for a total transaction 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. This trade represents a 1.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.57% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PEG has been the topic of several recent analyst reports. Scotiabank lifted their price target on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a report on Thursday, December 12th. BMO Capital Markets raised their price objective 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. LADENBURG THALM/SH SH downgraded Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $82.50 target price on the stock. in a report on Wednesday, March 19th. Guggenheim restated a “buy” rating and issued a $98.00 target price on shares of Public Service Enterprise Group in a research note on Wednesday, February 26th. Finally, Barclays cut Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $88.00 to $84.00 in a research note on Monday, January 27th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $89.65.

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.