Marcum Wealth LLC Lowers Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Marcum Wealth LLC reduced its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 8.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,426 shares of the utilities provider’s stock after selling 308 shares during the period. Marcum Wealth LLC’s holdings in Public Service Enterprise Group were worth $306,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Family Firm Inc. acquired a new stake in shares of Public Service Enterprise Group in the second quarter valued at $33,000. OFI Invest Asset Management purchased a new position in shares of Public Service Enterprise Group in the 2nd quarter valued at about $35,000. Northwest Investment Counselors LLC acquired a new position in shares of Public Service Enterprise Group during the first quarter worth about $36,000. Salomon & Ludwin LLC increased its stake in shares of Public Service Enterprise Group by 1,866.7% during the first quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock worth $39,000 after buying an additional 560 shares during the period. Finally, Scarborough Advisors LLC acquired a new stake in Public Service Enterprise Group in the fourth quarter valued at approximately $41,000. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Tamara Louise Linde sold 19,127 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $80.26, for a total value of $1,535,133.02. Following the completion of the sale, the executive vice president now owns 67,524 shares in the company, valued at $5,419,476.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $90.20, for a total value of $124,295.60. Following the completion of the transaction, the chief executive officer now owns 147,514 shares in the company, valued at $13,305,762.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Tamara Louise Linde sold 19,127 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $80.26, for a total transaction of $1,535,133.02. Following the sale, the executive vice president now directly owns 67,524 shares in the company, valued at approximately $5,419,476.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 41,010 shares of company stock valued at $3,397,855 over the last quarter. Corporate insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Stock Performance

NYSE PEG opened at $88.70 on Friday. The business’s 50-day moving average price is $83.30 and its 200 day moving average price is $75.91. 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 has a market cap of $44.19 billion, a P/E ratio of 26.88, a P/E/G ratio of 2.72 and a beta of 0.61. Public Service Enterprise Group Incorporated has a 52-week low of $56.85 and a 52-week high of $92.20.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.01). Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same period in the previous year, the firm posted $0.70 EPS. The company’s revenue for the quarter was up .1% on a year-over-year basis. On average, equities research analysts expect 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 announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 9th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend was Monday, September 9th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 72.73%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. LADENBURG THALM/SH SH raised shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 5th. Jefferies Financial Group started coverage on Public Service Enterprise Group in a research note on Friday, September 13th. They issued a “hold” rating and a $85.00 price target on the stock. Barclays upped their price objective on Public Service Enterprise Group from $80.00 to $98.00 and gave the stock an “overweight” rating in a research report on Monday. Bank of America boosted their target price on Public Service Enterprise Group from $84.00 to $88.00 and gave the stock a “buy” rating in a research note on Thursday, August 29th. Finally, Royal Bank of Canada increased their price target on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the company an “outperform” rating in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $84.62.

Public Service Enterprise Group 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.