Oppenheimer & Co. Inc. Decreases Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Oppenheimer & Co. Inc. trimmed its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 10.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 98,769 shares of the utilities provider’s stock after selling 11,565 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Public Service Enterprise Group were worth $8,345,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in PEG. Ashton Thomas Securities LLC acquired a new stake in Public Service Enterprise Group during the 3rd quarter worth $35,000. Wingate Wealth Advisors Inc. purchased a new position in shares of Public Service Enterprise Group in the fourth quarter worth about $35,000. Stonebridge Financial Group LLC acquired a new position in Public Service Enterprise Group during the fourth quarter worth about $54,000. Financial Life Planners purchased a new stake in Public Service Enterprise Group during the 4th quarter valued at about $56,000. Finally, Legacy Investment Solutions LLC purchased a new stake in Public Service Enterprise Group during the 3rd quarter valued at about $59,000. 73.34% of the stock is owned by institutional investors and hedge funds.

Public Service Enterprise Group Price Performance

Shares of NYSE PEG opened at $80.76 on Friday. The stock has a market cap of $40.24 billion, a P/E ratio of 19.84, a P/E/G ratio of 2.78 and a beta of 0.64. Public Service Enterprise Group Incorporated has a twelve month low of $61.36 and a twelve month high of $95.22. The stock has a 50 day moving average of $84.86 and a two-hundred day moving average of $85.99. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.84 EPS 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 firm had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the prior year, the firm earned $0.54 EPS. Public Service Enterprise Group’s revenue for the quarter was down 5.4% on a year-over-year basis. On average, research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be issued a dividend of $0.63 per share. The ex-dividend date is Monday, March 10th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.12%. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.60. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 71.19%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Scotiabank boosted their target price on Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a report on Thursday, December 12th. BMO Capital Markets upped their target price on Public Service Enterprise Group from $85.00 to $86.00 and gave the company a “market perform” rating in a report on Wednesday. Guggenheim reissued a “buy” rating and set a $98.00 price target on shares of Public Service Enterprise Group in a research report on Wednesday. Barclays cut shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $88.00 to $84.00 in a research report on Monday, January 27th. Finally, Wells Fargo & Company decreased 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 report on Wednesday. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.50.

Insider Activity at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of the company’s 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 owns 144,212 shares in the company, valued at $12,245,040.92. This represents a 0.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.57% of the stock is currently owned by insiders.

Public Service Enterprise Group 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.