Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp grew its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 103.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 950,556 shares of the utilities provider’s stock after buying an additional 483,795 shares during the period. Van ECK Associates Corp owned 0.19% of Public Service Enterprise Group worth $80,313,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Ashton Thomas Securities LLC purchased a new stake in Public Service Enterprise Group during the third quarter worth approximately $35,000. Wingate Wealth Advisors Inc. purchased a new stake in shares of Public Service Enterprise Group during the 4th quarter worth approximately $35,000. Northwest Investment Counselors LLC purchased a new stake in shares of Public Service Enterprise Group during the 3rd quarter worth approximately $48,000. Stonebridge Financial Group LLC acquired a new position in shares of Public Service Enterprise Group in the 4th quarter valued at $54,000. Finally, Financial Life Planners purchased a new position in shares of Public Service Enterprise Group in the 4th quarter valued at $56,000. 73.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, COO Kim C. Hanemann sold 956 shares of the stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total transaction of $86,126.04. Following the completion of the transaction, the chief operating officer now directly owns 70,011 shares of the company’s stock, valued at $6,307,290.99. This represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $83.10, for a total transaction of $114,511.80. Following the transaction, the chief executive officer now directly owns 126,791 shares of the company’s stock, valued at $10,536,332.10. This represents a 1.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,712 shares of company stock valued at $317,644 over the last ninety days. Corporate insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Price Performance

Shares of NYSE:PEG opened at $83.93 on Friday. The company has a 50-day simple moving average of $85.46 and a 200-day simple moving average of $85.65. Public Service Enterprise Group Incorporated has a one year low of $58.45 and a one year high of $95.22. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. The stock has a market capitalization of $41.81 billion, a price-to-earnings ratio of 20.62, a PEG ratio of 2.77 and a beta of 0.64.

Public Service Enterprise Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be issued a dividend of $0.63 per share. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.60. This represents a $2.52 annualized dividend and a yield of 3.00%. The ex-dividend date of this dividend is Monday, March 10th. Public Service Enterprise Group’s dividend payout ratio is currently 61.92%.

Analyst Ratings Changes

PEG has been the subject of several research analyst reports. Barclays downgraded shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $88.00 to $84.00 in a research note on Monday, January 27th. Guggenheim restated a “buy” rating on shares of Public Service Enterprise Group in a research note on Wednesday, December 11th. BMO Capital Markets upped their price objective 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. UBS Group upped their price objective on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Finally, Scotiabank upped 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 note on Thursday, December 12th. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $88.83.

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.