Montecito Bank & Trust Sells 315 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Montecito Bank & Trust lessened its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 3.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 7,830 shares of the utilities provider’s stock after selling 315 shares during the period. Montecito Bank & Trust’s holdings in Public Service Enterprise Group were worth $662,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PEG. Heritage Wealth Management Inc. acquired a new stake in Public Service Enterprise Group during the 2nd quarter worth about $422,000. DRW Securities LLC bought a new stake in shares of Public Service Enterprise Group during the 3rd quarter valued at about $8,244,000. Cullen Investment Group LTD. grew its stake in Public Service Enterprise Group by 65.3% during the fourth quarter. Cullen Investment Group LTD. now owns 26,867 shares of the utilities provider’s stock worth $2,270,000 after purchasing an additional 10,610 shares during the period. Arvest Bank Trust Division bought a new stake in Public Service Enterprise Group in the third quarter worth approximately $2,860,000. Finally, Cerity Partners LLC grew its position in shares of Public Service Enterprise Group by 36.1% during the 3rd quarter. Cerity Partners LLC now owns 96,118 shares of the utilities provider’s stock worth $8,575,000 after buying an additional 25,503 shares during the period. 73.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PEG. BMO Capital Markets boosted 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 report on Monday, October 21st. Barclays dropped their price objective on shares of 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. Guggenheim restated a “buy” rating on shares of Public Service Enterprise Group in a research note on Wednesday, December 11th. UBS Group increased their price target on Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Finally, Scotiabank boosted their price objective on Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a report on Thursday, December 12th. Four investment 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $89.17.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction 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 directly owns 144,212 shares in the company, valued at $12,245,040.92. The trade was a 0.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Kim C. Hanemann sold 956 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.09, for a total value of $86,126.04. Following the transaction, the chief operating officer now owns 70,011 shares of the company’s stock, valued at $6,307,290.99. The trade was a 1.35 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 8,234 shares of company stock valued at $722,037. 0.57% of the stock is owned by insiders.

Public Service Enterprise Group Trading Down 0.1 %

NYSE PEG opened at $88.04 on Friday. Public Service Enterprise Group Incorporated has a 12 month low of $56.91 and a 12 month high of $95.22. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. The firm has a market capitalization of $43.86 billion, a P/E ratio of 21.63, a PEG ratio of 2.82 and a beta of 0.65. The business has a fifty day simple moving average of $87.82 and a 200 day simple moving average of $84.77.

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, topping 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 business had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same period in the previous year, the company earned $0.85 earnings per share. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. On average, analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 10th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.73%. The ex-dividend date of this dividend was Tuesday, December 10th. Public Service Enterprise Group’s dividend payout ratio is presently 58.97%.

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.