33,055 Shares in Public Service Enterprise Group Incorporated (NYSE:PEG) Acquired by Gallo Partners LP

Gallo Partners LP acquired a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 33,055 shares of the utilities provider’s stock, valued at approximately $2,793,000. Public Service Enterprise Group comprises 2.1% of Gallo Partners LP’s holdings, making the stock its 14th largest holding.

Several other hedge funds have also recently modified their holdings of the stock. Transce3nd LLC purchased a new position in shares of Public Service Enterprise Group during the fourth quarter valued at about $25,000. Wingate Wealth Advisors Inc. purchased a new position in Public Service Enterprise Group during the 4th quarter valued at approximately $35,000. OFI Invest Asset Management bought a new stake in Public Service Enterprise Group in the 4th quarter worth approximately $39,000. Optiver Holding B.V. purchased a new stake in shares of Public Service Enterprise Group during the 4th quarter worth approximately $50,000. Finally, Nemes Rush Group LLC bought a new position in shares of Public Service Enterprise Group during the 4th quarter valued at approximately $53,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $82.88, for a total transaction of $114,208.64. Following the transaction, the chief executive officer now owns 221,670 shares of the company’s stock, valued at approximately $18,372,009.60. This represents a 0.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.19% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PEG has been the topic of several research reports. Guggenheim restated a “buy” rating and issued a $98.00 price target on shares of Public Service Enterprise Group in a research report on Wednesday, February 26th. Bank of America decreased their target price on shares of Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating on the stock in a research report on Monday, March 3rd. BMO Capital Markets reduced their price objective on Public Service Enterprise Group from $86.00 to $83.00 and set a “market perform” rating on the stock in a research note on Thursday, April 10th. Barclays lowered their price objective on Public Service Enterprise Group from $84.00 to $83.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 8th. Finally, StockNews.com raised Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research report on Wednesday, April 16th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $89.35.

Public Service Enterprise Group Stock Up 0.9 %

NYSE:PEG opened at $81.62 on Wednesday. The company has a market cap of $40.69 billion, a price-to-earnings ratio of 20.05, a price-to-earnings-growth ratio of 2.78 and a beta of 0.52. Public Service Enterprise Group Incorporated has a twelve month low of $66.57 and a twelve 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 stock has a fifty day simple moving average of $81.46 and a 200-day simple moving average of $85.08.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.01. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter last year, the business posted $0.54 EPS. Analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 9th will be paid a $0.63 dividend. The ex-dividend date is Monday, June 9th. This represents a $2.52 annualized dividend and a yield of 3.09%. 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.