Cassaday & Co Wealth Management LLC Cuts Stock Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Cassaday & Co Wealth Management LLC lessened its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 22.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 5,286 shares of the utilities provider’s stock after selling 1,500 shares during the period. Cassaday & Co Wealth Management LLC’s holdings in Public Service Enterprise Group were worth $447,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Foundations Investment Advisors LLC raised its stake in Public Service Enterprise Group by 27.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 87,621 shares of the utilities provider’s stock worth $7,403,000 after buying an additional 18,627 shares in the last quarter. DRW Securities LLC bought a new position in shares of Public Service Enterprise Group in the 3rd quarter worth $8,244,000. Cullen Investment Group LTD. lifted its stake in shares of Public Service Enterprise Group by 65.3% during the 4th quarter. Cullen Investment Group LTD. now owns 26,867 shares of the utilities provider’s stock worth $2,270,000 after purchasing an additional 10,610 shares during the last quarter. Arvest Bank Trust Division bought a new stake in Public Service Enterprise Group during the third quarter valued at about $2,860,000. Finally, Parsons Capital Management Inc. RI purchased a new position in Public Service Enterprise Group in the fourth quarter valued at about $2,565,000. 73.34% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have commented on the stock. Scotiabank increased 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. UBS Group increased their target price on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Barclays downgraded shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $88.00 to $84.00 in a research note on Monday, January 27th. Finally, Guggenheim reaffirmed a “buy” rating on shares of Public Service Enterprise Group in a research report on Wednesday, December 11th. Five 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. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.83.

Insider Buying and Selling

In other 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 value of $117,005.98. Following 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.57% of the stock is owned by corporate insiders.

Public Service Enterprise Group Stock Performance

Shares of PEG stock opened at $83.82 on Friday. The business has a fifty day moving average of $84.99 and a 200 day moving average of $85.89. Public Service Enterprise Group Incorporated has a 1 year low of $59.29 and a 1 year high of $95.22. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48. The firm has a market capitalization of $41.76 billion, a price-to-earnings ratio of 20.59, a price-to-earnings-growth ratio of 2.82 and a beta of 0.64.

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 issued a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 3.01%. The ex-dividend date is Monday, March 10th. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.60. Public Service Enterprise Group’s dividend payout ratio is 58.97%.

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.