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

Oppenheimer & Co. Inc. lessened its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 10.5% during the fourth quarter, Holdings Channel.com reports. The firm 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 Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Ashton Thomas Securities LLC acquired a new stake in shares of Public Service Enterprise Group in the 3rd quarter valued at approximately $35,000. Wingate Wealth Advisors Inc. purchased a new position in Public Service Enterprise Group in the fourth quarter worth $35,000. Stonebridge Financial Group LLC acquired a new stake in Public Service Enterprise Group in the fourth quarter valued at $54,000. Financial Life Planners purchased a new stake in shares of Public Service Enterprise Group during the 4th quarter worth $56,000. Finally, Brown Lisle Cummings Inc. acquired a new position in shares of Public Service Enterprise Group during the 4th quarter worth $57,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Insider Transactions at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group 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 sale, the chief executive officer now owns 144,212 shares of the company’s stock, valued at $12,245,040.92. The trade was a 0.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.57% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PEG shares. BMO Capital Markets upped 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. Scotiabank upped their price target 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. Wells Fargo & Company reduced their price objective on Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating for the company in a report on Wednesday. Guggenheim reiterated a “buy” rating and set a $98.00 target price on shares of Public Service Enterprise Group in a research report on Wednesday. Finally, Barclays cut Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $88.00 to $84.00 in a research report on Monday, January 27th. Five equities research 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.50.

Public Service Enterprise Group Stock Performance

Shares of PEG stock opened at $80.76 on Friday. The company’s fifty day simple moving average is $84.86 and its 200-day simple moving average is $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 Incorporated has a 52 week low of $61.36 and a 52 week high of $95.22. The company has a market cap of $40.24 billion, a PE ratio of 19.84, a P/E/G ratio of 2.78 and a beta of 0.64.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data on Tuesday, February 25th. The utilities provider reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the previous year, the firm posted $0.54 earnings per share. The firm’s quarterly revenue was down 5.4% on a year-over-year basis. As a group, equities research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be paid 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%.

Public Service Enterprise Group Company 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.