Edge Wealth Management LLC Sells 1,271 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Edge Wealth Management LLC reduced its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 1.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 115,577 shares of the utilities provider’s stock after selling 1,271 shares during the quarter. Public Service Enterprise Group accounts for 2.0% of Edge Wealth Management LLC’s portfolio, making the stock its 19th largest position. Edge Wealth Management LLC’s holdings in Public Service Enterprise Group were worth $9,765,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Heritage Wealth Management Inc. bought a new stake in shares of Public Service Enterprise Group in the second quarter valued at about $422,000. DRW Securities LLC bought a new position in shares of Public Service Enterprise Group during the third quarter worth about $8,244,000. Arvest Bank Trust Division acquired a new stake in Public Service Enterprise Group in the 3rd quarter valued at approximately $2,860,000. Cerity Partners LLC lifted its stake in Public Service Enterprise Group by 36.1% in the 3rd quarter. Cerity Partners LLC now owns 96,118 shares of the utilities provider’s stock valued at $8,575,000 after acquiring an additional 25,503 shares in the last quarter. Finally, Cullen Investment Group LTD. boosted 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 acquiring an additional 10,610 shares during the last quarter. 73.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 144,212 shares in the company, valued at approximately $12,245,040.92. The trade was a 0.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Kim C. Hanemann sold 956 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $90.09, for a total transaction of $86,126.04. Following the sale, the chief operating officer now owns 70,011 shares in the company, valued at $6,307,290.99. This represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 8,234 shares of company stock valued at $722,037 in the last ninety days. 0.18% of the stock is currently owned by corporate insiders.

Public Service Enterprise Group Price Performance

NYSE:PEG opened at $88.41 on Friday. Public Service Enterprise Group Incorporated has a 12-month low of $56.85 and a 12-month high of $95.22. The firm has a market capitalization of $44.05 billion, a price-to-earnings ratio of 21.72, a P/E/G ratio of 2.81 and a beta of 0.65. The stock’s 50 day moving average price is $87.57 and its two-hundred day moving average price is $84.23. 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 (NYSE:PEG) last released its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.03. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same period in the prior year, the firm earned $0.85 EPS. The business’s revenue was up 7.6% on a year-over-year basis. On average, analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

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 paid a $0.60 dividend. The ex-dividend date was Tuesday, December 10th. This represents a $2.40 annualized dividend and a yield of 2.71%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 58.97%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Evercore ISI boosted their price objective on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Scotiabank lifted 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 note on Thursday, December 12th. Morgan Stanley increased their price objective on shares of Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. Guggenheim reaffirmed a “buy” rating on shares of Public Service Enterprise Group in a research report on Wednesday, December 11th. Finally, Barclays dropped their target price on Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $89.17.

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.