Innova Wealth Partners Invests $304,000 in Public Service Enterprise Group Incorporated (NYSE:PEG)

Innova Wealth Partners acquired a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,600 shares of the utilities provider’s stock, valued at approximately $304,000.

Several other institutional investors have also added to or reduced their stakes in PEG. Fortem Financial Group LLC lifted its stake in shares of Public Service Enterprise Group by 2.0% during the 4th quarter. Fortem Financial Group LLC now owns 8,392 shares of the utilities provider’s stock valued at $709,000 after buying an additional 164 shares in the last quarter. Pensionfund Sabic grew its stake in Public Service Enterprise Group by 26.3% in the 4th quarter. Pensionfund Sabic now owns 19,200 shares of the utilities provider’s stock valued at $1,622,000 after buying an additional 4,000 shares in the last quarter. Centre Asset Management LLC raised its holdings in Public Service Enterprise Group by 7.4% during the 4th quarter. Centre Asset Management LLC now owns 3,812 shares of the utilities provider’s stock valued at $322,000 after acquiring an additional 264 shares during the period. GAMMA Investing LLC lifted its position in shares of Public Service Enterprise Group by 14.8% during the fourth quarter. GAMMA Investing LLC now owns 6,852 shares of the utilities provider’s stock worth $579,000 after acquiring an additional 881 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Public Service Enterprise Group by 3.1% in the third quarter. Principal Financial Group Inc. now owns 602,574 shares of the utilities provider’s stock worth $53,756,000 after acquiring an additional 18,344 shares during the period. 73.34% of the stock is owned by hedge funds and other institutional investors.

Public Service Enterprise Group Trading Down 0.4 %

NYSE PEG opened at $85.40 on Wednesday. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. The stock’s 50-day simple moving average is $87.65 and its two-hundred day simple moving average is $83.82. Public Service Enterprise Group Incorporated has a twelve month low of $56.85 and a twelve month high of $95.22. The company has a market capitalization of $42.55 billion, a price-to-earnings ratio of 20.98, a PEG ratio of 3.18 and a beta of 0.65.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. The company had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.44 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. Public Service Enterprise Group’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the firm posted $0.85 EPS. Research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 10th were given a $0.60 dividend. The ex-dividend date of this dividend was Tuesday, December 10th. This represents a $2.40 annualized dividend and a yield of 2.81%. Public Service Enterprise Group’s payout ratio is currently 58.97%.

Analyst Upgrades and Downgrades

PEG has been the topic of a number of analyst reports. Barclays decreased their price objective on Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Scotiabank upped their price target on Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a research report on Thursday, December 12th. Guggenheim reissued a “buy” rating on shares of Public Service Enterprise Group in a report on Wednesday, December 11th. Jefferies Financial Group initiated coverage on shares of Public Service Enterprise Group in a research note on Friday, September 13th. They set a “hold” rating and a $85.00 price objective for the company. Finally, Evercore ISI increased their target price on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and an average price target of $89.17.

Insider Activity

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $84.91, for a total transaction of $117,005.98. Following the completion of the transaction, the chief executive officer now owns 144,212 shares of the company’s stock, valued at $12,245,040.92. This represents a 0.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Richard T. Thigpen sold 5,900 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $87.95, for a total value of $518,905.00. Following the completion of the sale, the senior vice president now owns 25,829 shares of the company’s stock, valued at approximately $2,271,660.55. This trade represents a 18.59 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 8,234 shares of company stock valued at $722,037. 0.57% of the stock is currently owned by company insiders.

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.