Cinctive Capital Management LP Takes $27.23 Million Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Cinctive Capital Management LP acquired a new position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 322,329 shares of the utilities provider’s stock, valued at approximately $27,234,000. Public Service Enterprise Group accounts for about 1.4% of Cinctive Capital Management LP’s investment portfolio, making the stock its 9th largest holding.

A number of other institutional investors have also made changes to their positions in the stock. Wingate Wealth Advisors Inc. bought a new position in Public Service Enterprise Group during the fourth quarter worth about $35,000. OFI Invest Asset Management bought a new stake in shares of Public Service Enterprise Group in the 4th quarter valued at about $39,000. Nemes Rush Group LLC acquired a new stake in shares of Public Service Enterprise Group in the 4th quarter valued at approximately $53,000. Stonebridge Financial Group LLC bought a new position in Public Service Enterprise Group during the 4th quarter worth approximately $54,000. Finally, Millstone Evans Group LLC acquired a new position in Public Service Enterprise Group during the fourth quarter valued at approximately $56,000. 73.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity 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 value of $117,005.98. Following the completion of the sale, the chief executive officer now owns 144,212 shares in the company, valued at $12,245,040.92. This trade represents a 0.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.19% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. LADENBURG THALM/SH SH lowered shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $82.50 target price on the stock. in a report on Wednesday, March 19th. Wells Fargo & Company dropped their price objective on Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Barclays cut Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $88.00 to $84.00 in a research note on Monday, January 27th. Morgan Stanley increased their price target on Public Service Enterprise Group from $96.00 to $100.00 and gave the stock an “overweight” rating in a report on Thursday, March 20th. Finally, Guggenheim reiterated a “buy” rating and issued a $98.00 price objective on shares of Public Service Enterprise Group in a research report on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $89.65.

Public Service Enterprise Group Stock Performance

Shares of PEG stock opened at $83.26 on Wednesday. The firm has a market cap of $41.51 billion, a PE ratio of 20.46, a P/E/G ratio of 2.78 and a beta of 0.60. The company’s fifty day simple moving average is $82.77 and its 200-day simple moving average is $86.11. 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 12 month low of $64.03 and a 12 month high of $95.22.

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

Public Service Enterprise Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 10th were issued a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was 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 presently 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.