JPL Wealth Management LLC Invests $2.72 Million in Public Service Enterprise Group Incorporated (NYSE:PEG)

JPL Wealth Management LLC acquired a new position in Public Service Enterprise Group Incorporated (NYSE:PEG) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 32,142 shares of the utilities provider’s stock, valued at approximately $2,716,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PEG. Ashton Thomas Securities LLC bought a new position in Public Service Enterprise Group during the third quarter valued at approximately $35,000. Wingate Wealth Advisors Inc. bought a new position in Public Service Enterprise Group during the fourth quarter valued at approximately $35,000. OFI Invest Asset Management bought a new position in Public Service Enterprise Group during the fourth quarter valued at approximately $39,000. Stonebridge Financial Group LLC bought a new position in Public Service Enterprise Group during the fourth quarter valued at approximately $54,000. Finally, Financial Life Planners bought a new position in Public Service Enterprise Group during the fourth quarter valued at approximately $56,000. 73.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PEG has been the subject of a number of research reports. Wells Fargo & Company dropped 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 note on Wednesday, February 26th. Guggenheim reiterated a “buy” rating and issued a $98.00 target price on shares of Public Service Enterprise Group in a report on Wednesday, February 26th. Scotiabank lifted their target price on Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a report on Thursday, December 12th. BMO Capital Markets lifted their target price on Public Service Enterprise Group from $85.00 to $86.00 and gave the stock a “market perform” rating in a report on Wednesday, February 26th. Finally, StockNews.com upgraded Public Service Enterprise Group from a “sell” rating to a “hold” rating in a report on Wednesday, March 5th. Six 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 company. According to MarketBeat, Public Service Enterprise Group has a consensus rating of “Moderate Buy” and an average price target of $89.83.

Public Service Enterprise Group Price Performance

PEG opened at $79.58 on Thursday. Public Service Enterprise Group Incorporated has a 52-week low of $63.31 and a 52-week high of $95.22. The stock has a market cap of $39.68 billion, a P/E ratio of 19.55, a PEG ratio of 2.78 and a beta of 0.60. The business has a fifty day moving average of $83.94 and a 200 day moving average of $85.98. 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 issued its earnings results on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.01. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the prior year, the business earned $0.54 EPS. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be issued a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 3.17%. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.60. The ex-dividend date is Monday, March 10th. Public Service Enterprise Group’s dividend payout ratio is currently 71.19%.

Insiders Place Their Bets

In other 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 completion of the transaction, the chief executive officer now directly owns 144,212 shares of the company’s stock, valued at approximately $12,245,040.92. The trade was a 0.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.18% of the company’s stock.

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.