Sagespring Wealth Partners LLC Makes New Investment in Public Service Enterprise Group Incorporated (NYSE:PEG)

Sagespring Wealth Partners LLC acquired a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) in the fourth quarter, HoldingsChannel.com reports. The firm acquired 9,759 shares of the utilities provider’s stock, valued at approximately $825,000.

Several other large investors have also modified their holdings of PEG. Foundations Investment Advisors LLC raised its stake in shares of Public Service Enterprise Group by 27.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 87,621 shares of the utilities provider’s stock worth $7,403,000 after purchasing an additional 18,627 shares during the last quarter. Cullen Investment Group LTD. raised its position in 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 buying an additional 10,610 shares during the last quarter. Arvest Bank Trust Division acquired a new stake in shares of Public Service Enterprise Group in the 3rd quarter worth $2,860,000. Parsons Capital Management Inc. RI purchased a new stake in shares of Public Service Enterprise Group in the fourth quarter valued at about $2,565,000. Finally, Czech National Bank increased its stake in shares of Public Service Enterprise Group by 6.4% during the fourth quarter. Czech National Bank now owns 108,025 shares of the utilities provider’s stock worth $9,127,000 after acquiring an additional 6,545 shares during the period. 73.34% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on PEG. LADENBURG THALM/SH SH lowered Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $82.50 price objective on the stock. in a report on Wednesday, March 19th. BMO Capital Markets decreased their price target on Public Service Enterprise Group from $86.00 to $83.00 and set a “market perform” rating on the stock in a research note on Thursday. Barclays cut their price objective on Public Service Enterprise Group from $84.00 to $83.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 8th. Bank of America lowered their price target on shares of Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Finally, Morgan Stanley raised their price objective on shares of Public Service Enterprise Group from $96.00 to $100.00 and gave the company an “overweight” rating in a research note on Thursday, March 20th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Public Service Enterprise Group has a consensus rating of “Hold” and an average price target of $89.35.

Public Service Enterprise Group Stock Up 1.1 %

Shares of NYSE:PEG opened at $82.14 on Monday. Public Service Enterprise Group Incorporated has a 12-month low of $64.03 and a 12-month high of $95.22. The stock’s 50-day moving average price is $81.94 and its two-hundred day moving average price is $85.71. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. The firm has a market cap of $40.95 billion, a price-to-earnings ratio of 20.18, a PEG ratio of 2.78 and a beta of 0.52.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. The firm had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. Public Service Enterprise Group’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.54 earnings per share. On average, research analysts forecast 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 announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 10th were issued a $0.63 dividend. The ex-dividend date was Monday, March 10th. This represents a $2.52 dividend on an annualized basis and a yield of 3.07%. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.60. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 71.19%.

Insider Buying and Selling at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $82.88, for a total value of $114,208.64. Following the transaction, the chief executive officer now directly owns 221,670 shares of the company’s stock, valued at $18,372,009.60. The trade was a 0.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.19% of the stock is owned by company insiders.

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.