State of Alaska Department of Revenue Lowers Stake in Public Service Enterprise Group Incorporated (NYSE:PEG)

State of Alaska Department of Revenue decreased its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 10.2% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 56,810 shares of the utilities provider’s stock after selling 6,446 shares during the period. State of Alaska Department of Revenue’s holdings in Public Service Enterprise Group were worth $4,799,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of PEG. Old Port Advisors raised its holdings in Public Service Enterprise Group by 0.5% in the 3rd quarter. Old Port Advisors now owns 23,527 shares of the utilities provider’s stock valued at $2,099,000 after acquiring an additional 113 shares during the last quarter. Smallwood Wealth Investment Management LLC increased its stake in Public Service Enterprise Group by 1.3% in the third quarter. Smallwood Wealth Investment Management LLC now owns 9,267 shares of the utilities provider’s stock valued at $827,000 after purchasing an additional 115 shares during the last quarter. Spire Wealth Management lifted its position in Public Service Enterprise Group by 2.4% during the fourth quarter. Spire Wealth Management now owns 5,207 shares of the utilities provider’s stock worth $440,000 after buying an additional 121 shares during the period. First Commonwealth Financial Corp PA boosted its stake in Public Service Enterprise Group by 1.3% in the 3rd quarter. First Commonwealth Financial Corp PA now owns 9,444 shares of the utilities provider’s stock worth $842,000 after buying an additional 123 shares during the last quarter. Finally, Cigna Investments Inc. New grew its holdings in Public Service Enterprise Group by 2.5% in the 3rd quarter. Cigna Investments Inc. New now owns 5,053 shares of the utilities provider’s stock valued at $451,000 after buying an additional 124 shares during the period. Institutional investors and hedge funds own 73.34% of the company’s stock.

Analysts Set New Price Targets

PEG has been the topic of several research analyst reports. BMO Capital Markets raised their target price on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. Guggenheim reiterated a “buy” rating on shares of Public Service Enterprise Group in a report on Wednesday, December 11th. Scotiabank upped their price objective 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. Barclays cut Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $88.00 to $84.00 in a report on Monday, January 27th. Finally, Wells Fargo & Company upped their price target on Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Public Service Enterprise Group has a consensus rating of “Moderate Buy” and an average price target of $88.83.

Insider Buying and Selling

In other news, COO Kim C. Hanemann sold 956 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $6,307,290.99. This trade represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Richard T. Thigpen sold 5,900 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $87.95, for a total transaction of $518,905.00. Following the completion of the sale, the senior vice president now directly owns 25,829 shares in the company, valued at $2,271,660.55. This represents a 18.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,612 shares of company stock valued at $836,549 in the last quarter. Company insiders own 0.18% of the company’s stock.

Public Service Enterprise Group Stock Down 0.4 %

NYSE PEG opened at $83.61 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. Public Service Enterprise Group Incorporated has a fifty-two week low of $57.40 and a fifty-two week high of $95.22. The business has a 50 day moving average price of $86.15 and a two-hundred day moving average price of $85.35. The stock has a market cap of $41.66 billion, a PE ratio of 20.54, a P/E/G ratio of 2.67 and a beta of 0.64.

Public Service Enterprise Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 10th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date was Tuesday, December 10th. Public Service Enterprise Group’s payout ratio is 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.