Edgestream Partners L.P. Acquires 4,453 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Edgestream Partners L.P. lifted its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 106.7% in the fourth quarter, HoldingsChannel reports. The fund owned 8,625 shares of the utilities provider’s stock after buying an additional 4,453 shares during the period. Edgestream Partners L.P.’s holdings in Public Service Enterprise Group were worth $729,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Axxcess Wealth Management LLC purchased a new position in Public Service Enterprise Group in the 3rd quarter worth $634,000. Crossmark Global Holdings Inc. increased its holdings in shares of Public Service Enterprise Group by 0.6% in the third quarter. Crossmark Global Holdings Inc. now owns 26,771 shares of the utilities provider’s stock worth $2,388,000 after buying an additional 164 shares during the period. Ashton Thomas Securities LLC purchased a new position in shares of Public Service Enterprise Group in the third quarter worth about $35,000. WCM Investment Management LLC lifted its stake in shares of Public Service Enterprise Group by 133.1% in the 3rd quarter. WCM Investment Management LLC now owns 13,426 shares of the utilities provider’s stock valued at $1,185,000 after acquiring an additional 7,667 shares during the last quarter. Finally, Apollon Wealth Management LLC boosted its holdings in Public Service Enterprise Group by 9.8% during the 3rd quarter. Apollon Wealth Management LLC now owns 14,713 shares of the utilities provider’s stock valued at $1,313,000 after acquiring an additional 1,309 shares during the period. 73.34% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $84.91, for a total value of $117,005.98. Following the sale, the chief executive officer now owns 144,212 shares in the company, valued at $12,245,040.92. This represents a 0.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.18% of the company’s stock.

Wall Street Analysts Forecast Growth

PEG has been the subject of several recent research reports. StockNews.com upgraded Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research report on Wednesday, March 5th. Scotiabank boosted their price objective on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a research report on Thursday, December 12th. Bank of America dropped their target price on shares of Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Guggenheim restated a “buy” rating and set a $98.00 price target on shares of Public Service Enterprise Group in a report on Wednesday, February 26th. Finally, Wells Fargo & Company lowered their price target on Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $89.83.

Public Service Enterprise Group Trading Down 0.0 %

NYSE PEG opened at $78.58 on Wednesday. The firm has a market capitalization of $39.17 billion, a PE ratio of 19.31, a P/E/G ratio of 2.78 and a beta of 0.60. The stock’s 50 day moving average is $84.04 and its 200 day moving average is $86.03. Public Service Enterprise Group Incorporated has a twelve month low of $63.31 and a twelve month high of $95.22. 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 announced its earnings results on Tuesday, February 25th. The utilities provider reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.01. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.03 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The company’s quarterly revenue was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.54 EPS. Research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be paid a dividend of $0.63 per share. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.60. The ex-dividend date is Monday, March 10th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.21%. 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.