C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Makes New $875,000 Investment in Public Service Enterprise Group Incorporated (NYSE:PEG)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 10,351 shares of the utilities provider’s stock, valued at approximately $875,000.

Other large investors have also made changes to their positions in the company. Foundations Investment Advisors LLC boosted its position in Public Service Enterprise Group by 27.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 87,621 shares of the utilities provider’s stock worth $7,403,000 after purchasing an additional 18,627 shares in the last quarter. DRW Securities LLC purchased a new position in Public Service Enterprise Group in the third quarter valued at $8,244,000. Cullen Investment Group LTD. raised its position in shares of Public Service Enterprise Group by 65.3% in the fourth quarter. Cullen Investment Group LTD. now owns 26,867 shares of the utilities provider’s stock worth $2,270,000 after acquiring an additional 10,610 shares during the period. Arvest Bank Trust Division purchased a new stake in shares of Public Service Enterprise Group during the 3rd quarter worth about $2,860,000. Finally, Parsons Capital Management Inc. RI acquired a new stake in shares of Public Service Enterprise Group during the 4th quarter valued at about $2,565,000. 73.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PEG has been the subject of a number of recent analyst reports. Guggenheim restated a “buy” rating on shares of Public Service Enterprise Group in a research report on Wednesday, December 11th. Barclays downgraded Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $88.00 to $84.00 in a research note on Monday, January 27th. Scotiabank boosted their price target on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a research report on Thursday, December 12th. Finally, UBS Group boosted their price objective on Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Public Service Enterprise Group presently has a consensus rating of “Moderate Buy” and an average price target of $88.83.

Insider Activity at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $83.10, for a total transaction of $114,511.80. Following the sale, the chief executive officer now owns 126,791 shares of the company’s stock, valued at approximately $10,536,332.10. This represents a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.18% of the stock is currently owned by company insiders.

Public Service Enterprise Group Stock Up 1.0 %

Public Service Enterprise Group stock opened at $85.77 on Thursday. 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 firm has a 50 day moving average price of $85.07 and a 200 day moving average price of $85.85. Public Service Enterprise Group Incorporated has a fifty-two week low of $59.29 and a fifty-two week high of $95.22. The company has a market capitalization of $42.73 billion, a PE ratio of 21.07, a price-to-earnings-growth ratio of 2.77 and a beta of 0.64.

Public Service Enterprise Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors 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 2.94%. The ex-dividend date is Monday, March 10th. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.60. Public Service Enterprise Group’s payout ratio is currently 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.