Cerro Pacific Wealth Advisors LLC Cuts Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Cerro Pacific Wealth Advisors LLC trimmed its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 3.7% in the 4th quarter, HoldingsChannel reports. The fund owned 12,251 shares of the utilities provider’s stock after selling 466 shares during the quarter. Cerro Pacific Wealth Advisors LLC’s holdings in Public Service Enterprise Group were worth $1,093,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. ProShare Advisors LLC boosted its position in shares of Public Service Enterprise Group by 1.2% in the 2nd quarter. ProShare Advisors LLC now owns 72,314 shares of the utilities provider’s stock worth $5,330,000 after purchasing an additional 848 shares in the last quarter. Public Sector Pension Investment Board boosted its holdings in Public Service Enterprise Group by 49.5% in the second quarter. Public Sector Pension Investment Board now owns 84,446 shares of the utilities provider’s stock worth $6,224,000 after acquiring an additional 27,968 shares in the last quarter. Evergreen Capital Management LLC purchased a new stake in shares of Public Service Enterprise Group during the second quarter worth about $229,000. Bank of Montreal Can increased its holdings in shares of Public Service Enterprise Group by 20.0% during the second quarter. Bank of Montreal Can now owns 618,753 shares of the utilities provider’s stock valued at $45,881,000 after acquiring an additional 103,085 shares in the last quarter. Finally, Marshall Wace LLP raised its position in shares of Public Service Enterprise Group by 1,390.3% in the 2nd quarter. Marshall Wace LLP now owns 222,054 shares of the utilities provider’s stock valued at $16,365,000 after purchasing an additional 207,154 shares during the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PEG has been the topic of several research analyst reports. Scotiabank boosted their target price on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a research report on Thursday, December 12th. Evercore ISI boosted their price objective on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Guggenheim restated a “buy” rating on shares of Public Service Enterprise Group in a research note on Wednesday, December 11th. UBS Group boosted their price target on Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, Barclays reduced their price objective on Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating for the company in a research note on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $89.17.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $84.91, for a total transaction of $117,005.98. Following the transaction, the chief executive officer now directly owns 144,212 shares of the company’s stock, valued at $12,245,040.92. This trade represents a 0.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Kim C. Hanemann sold 956 shares of Public Service Enterprise Group stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total transaction of $86,126.04. Following the completion of the sale, the chief operating officer now owns 70,011 shares in the company, valued at approximately $6,307,290.99. This trade represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 8,234 shares of company stock valued at $722,037 in the last three months. 0.57% of the stock is currently owned by company insiders.

Public Service Enterprise Group Stock Performance

PEG opened at $88.22 on Friday. The firm has a fifty day moving average price of $87.80 and a 200 day moving average price of $84.75. Public Service Enterprise Group Incorporated has a 1 year low of $56.85 and a 1 year high of $95.22. The stock has a market cap of $43.95 billion, a P/E ratio of 21.67, a P/E/G ratio of 2.82 and a beta of 0.65. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The business had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter in the prior year, the firm posted $0.85 earnings per share. The company’s revenue was up 7.6% compared to the same quarter last year. Equities research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 10th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date of this dividend was Tuesday, December 10th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 58.97%.

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.