IFP Advisors Inc Boosts Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

IFP Advisors Inc boosted its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 14.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,341 shares of the utilities provider’s stock after purchasing an additional 2,171 shares during the period. IFP Advisors Inc’s holdings in Public Service Enterprise Group were worth $1,465,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of PEG. Ashton Thomas Securities LLC purchased a new position in shares of Public Service Enterprise Group during the third quarter valued at approximately $35,000. Wingate Wealth Advisors Inc. purchased a new position in Public Service Enterprise Group during the 4th quarter valued at $35,000. Stonebridge Financial Group LLC purchased a new position in Public Service Enterprise Group during the 4th quarter valued at $54,000. Financial Life Planners bought a new position in Public Service Enterprise Group in the 4th quarter worth $56,000. Finally, Brown Lisle Cummings Inc. purchased a new stake in shares of Public Service Enterprise Group in the 4th quarter worth about $57,000. Institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Performance

Shares of PEG stock opened at $82.92 on Thursday. The company has a market capitalization of $41.31 billion, a price-to-earnings ratio of 20.37, a price-to-earnings-growth ratio of 2.78 and a beta of 0.64. 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 Incorporated has a one year low of $59.67 and a one year high of $95.22. The company’s 50-day moving average is $84.90 and its 200 day moving average is $86.03.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.84 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the prior year, the company posted $0.54 earnings per share. The business’s revenue for the quarter 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 firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be paid a $0.63 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.52 annualized dividend and a dividend yield of 3.04%. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.60. Public Service Enterprise Group’s payout ratio is currently 71.19%.

Analysts Set New Price Targets

PEG has been the topic of several research analyst reports. Guggenheim reiterated a “buy” rating and set a $98.00 price target on shares of Public Service Enterprise Group in a research report on Wednesday. UBS Group upped their target price 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 Public Service Enterprise Group from $85.00 to $86.00 and gave the company a “market perform” rating in a research note on Wednesday. Wells Fargo & Company reduced their price target on Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, Barclays downgraded Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $88.00 to $84.00 in a report on Monday, January 27th. Five investment 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.50.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $84.91, for a total value of $117,005.98. Following the completion of the sale, the chief executive officer now directly owns 144,212 shares in the company, valued at approximately $12,245,040.92. This trade represents a 0.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.57% of the company’s stock.

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.