Meridian Wealth Management LLC Has $2.87 Million Stock Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Meridian Wealth Management LLC raised its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 2.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,994 shares of the utilities provider’s stock after purchasing an additional 763 shares during the period. Meridian Wealth Management LLC’s holdings in Public Service Enterprise Group were worth $2,872,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Ashton Thomas Securities LLC bought a new stake in shares of Public Service Enterprise Group during the third quarter worth approximately $35,000. Wingate Wealth Advisors Inc. bought a new position in shares of Public Service Enterprise Group during the fourth quarter worth approximately $35,000. Stonebridge Financial Group LLC acquired a new stake in Public Service Enterprise Group during the 4th quarter worth approximately $54,000. Financial Life Planners bought a new stake in Public Service Enterprise Group in the 4th quarter valued at $56,000. Finally, Legacy Investment Solutions LLC acquired a new position in Public Service Enterprise Group in the 3rd quarter valued at $59,000. 73.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PEG shares. Bank of America reduced their target price on shares of Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating for the company in a research report on Monday. BMO Capital Markets increased their target price on shares of Public Service Enterprise Group from $85.00 to $86.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 26th. 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 research report on Thursday, December 12th. Wells Fargo & Company cut their price target on Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Finally, Guggenheim restated a “buy” rating and set a $98.00 price objective on shares of Public Service Enterprise Group in a research note on Wednesday, February 26th. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $89.83.

Insider Buying and Selling at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $83.10, for a total value of $114,511.80. Following the transaction, the chief executive officer now owns 126,791 shares in the company, valued at $10,536,332.10. This trade represents a 1.08 % 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 hyperlink. Company insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Trading Up 0.8 %

Shares of Public Service Enterprise Group stock opened at $81.79 on Tuesday. The stock has a market capitalization of $40.75 billion, a PE ratio of 20.10, a price-to-earnings-growth ratio of 2.78 and a beta of 0.64. Public Service Enterprise Group Incorporated has a 52 week low of $61.99 and a 52 week high of $95.22. The stock has a 50 day moving average price of $84.71 and a two-hundred day moving average price of $86.08. 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 released its quarterly earnings data on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the prior year, the company posted $0.54 earnings per share. The business’s revenue was down 5.4% on a year-over-year basis. As a group, equities analysts anticipate 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 declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be given a $0.63 dividend. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.52 annualized dividend and a yield of 3.08%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 71.19%.

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.