Cerity Partners LLC Acquires 25,503 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Cerity Partners LLC lifted its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 36.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 96,118 shares of the utilities provider’s stock after buying an additional 25,503 shares during the quarter. Cerity Partners LLC’s holdings in Public Service Enterprise Group were worth $8,575,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in PEG. Great Valley Advisor Group Inc. raised its stake in Public Service Enterprise Group by 7.1% during the 3rd quarter. Great Valley Advisor Group Inc. now owns 11,166 shares of the utilities provider’s stock worth $997,000 after acquiring an additional 736 shares during the period. Keyes Stange & Wooten Wealth Management LLC raised its position in shares of Public Service Enterprise Group by 38.0% during the 3rd quarter. Keyes Stange & Wooten Wealth Management LLC now owns 4,958 shares of the utilities provider’s stock valued at $442,000 after purchasing an additional 1,365 shares during the period. Nicolet Advisory Services LLC bought a new stake in shares of Public Service Enterprise Group during the 3rd quarter valued at $202,000. Stonebrook Private Inc. lifted its stake in shares of Public Service Enterprise Group by 77.2% during the 3rd quarter. Stonebrook Private Inc. now owns 13,110 shares of the utilities provider’s stock valued at $1,170,000 after buying an additional 5,713 shares in the last quarter. Finally, Meridian Wealth Management LLC bought a new position in Public Service Enterprise Group in the 3rd quarter worth $2,965,000. 73.34% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, COO Kim C. Hanemann sold 956 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.09, for a total transaction of $86,126.04. Following the sale, the chief operating officer now owns 70,011 shares in the company, valued at approximately $6,307,290.99. The trade was a 1.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total transaction of $111,190.82. Following the transaction, the chief executive officer now owns 148,892 shares in the company, valued at approximately $12,014,095.48. This trade represents a 0.92 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,739 shares of company stock valued at $2,467,753. 0.57% of the stock is currently owned by insiders.

Public Service Enterprise Group Stock Performance

Shares of NYSE:PEG opened at $94.51 on Wednesday. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $47.09 billion, a price-to-earnings ratio of 23.22, a PEG ratio of 3.39 and a beta of 0.61. Public Service Enterprise Group Incorporated has a 12 month low of $56.85 and a 12 month high of $94.67. The firm’s 50-day moving average is $88.74 and its 200 day moving average is $81.01.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share 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 the consensus estimate of $2.44 billion. During the same period in the prior year, the business posted $0.85 earnings per share. The company’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 3.66 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 10th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend is Tuesday, December 10th. Public Service Enterprise Group’s dividend payout ratio is currently 58.97%.

Wall Street Analysts Forecast Growth

PEG has been the topic of several recent analyst reports. Scotiabank lifted their target price on Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a research note on Tuesday, August 20th. Barclays cut their price target on Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. UBS Group upped their price objective on Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. BMO Capital Markets raised their target price on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a report on Monday, October 21st. Finally, Jefferies Financial Group initiated coverage on shares of Public Service Enterprise Group in a research note on Friday, September 13th. They set a “hold” rating and a $85.00 price target on the stock. Four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and a consensus price target of $86.69.

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.