Confluence Wealth Services Inc. Grows Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Confluence Wealth Services Inc. raised its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 25.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,711 shares of the utilities provider’s stock after purchasing an additional 2,996 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Public Service Enterprise Group were worth $1,312,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Family Firm Inc. purchased a new position in shares of Public Service Enterprise Group in the second quarter valued at about $33,000. OFI Invest Asset Management purchased a new position in Public Service Enterprise Group in the 2nd quarter worth approximately $35,000. Northwest Investment Counselors LLC bought a new position in Public Service Enterprise Group in the 3rd quarter worth approximately $48,000. Salomon & Ludwin LLC grew its holdings in Public Service Enterprise Group by 1,866.7% during the 1st quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock valued at $39,000 after buying an additional 560 shares in the last quarter. Finally, Country Trust Bank bought a new stake in shares of Public Service Enterprise Group during the second quarter valued at approximately $52,000. 73.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, EVP Tamara Louise Linde sold 9,564 shares of the stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $90.61, for a total value of $866,594.04. Following the sale, the executive vice president now directly owns 48,397 shares of the company’s stock, valued at $4,385,252.17. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $90.20, for a total transaction of $124,295.60. Following the completion of the sale, the chief executive officer now directly owns 147,514 shares of the company’s stock, valued at approximately $13,305,762.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Tamara Louise Linde sold 9,564 shares of the company’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $90.61, for a total transaction of $866,594.04. Following the completion of the transaction, the executive vice president now owns 48,397 shares in the company, valued at approximately $4,385,252.17. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 41,010 shares of company stock valued at $3,397,855. Company insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Trading Down 2.3 %

PEG stock opened at $87.31 on Friday. Public Service Enterprise Group Incorporated has a twelve month low of $56.85 and a twelve month high of $92.20. The stock has a market capitalization of $43.49 billion, a price-to-earnings ratio of 26.46, a price-to-earnings-growth ratio of 2.94 and a beta of 0.61. The company has a quick ratio of 0.46, a current ratio of 0.65 and a debt-to-equity ratio of 1.16. The firm’s fifty day simple moving average is $86.48 and its two-hundred day simple moving average is $78.65.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on PEG shares. BMO Capital Markets raised their target price on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Jefferies Financial Group started coverage on Public Service Enterprise Group in a report on Friday, September 13th. They issued a “hold” rating and a $85.00 target price on the stock. Bank of America increased their price target on Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Royal Bank of Canada lifted their price objective on Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a research note on Monday, July 15th. Finally, Scotiabank upped their price objective on Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 20th. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $87.46.

About Public Service Enterprise Group

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.