Cibc World Markets Corp Raises Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Cibc World Markets Corp raised its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 16.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 78,612 shares of the utilities provider’s stock after acquiring an additional 10,964 shares during the quarter. Cibc World Markets Corp’s holdings in Public Service Enterprise Group were worth $6,642,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the company. Empowered Funds LLC increased its holdings in Public Service Enterprise Group by 7.7% in the 3rd quarter. Empowered Funds LLC now owns 8,362 shares of the utilities provider’s stock worth $746,000 after acquiring an additional 597 shares during the last quarter. OneAscent Wealth Management LLC bought a new position in Public Service Enterprise Group during the third quarter worth about $280,000. New England Asset Management Inc. increased its stake in shares of Public Service Enterprise Group by 3.0% in the third quarter. New England Asset Management Inc. now owns 90,118 shares of the utilities provider’s stock worth $8,039,000 after purchasing an additional 2,605 shares in the last quarter. OneAscent Financial Services LLC bought a new stake in shares of Public Service Enterprise Group in the third quarter valued at approximately $293,000. Finally, Banque Cantonale Vaudoise lifted its stake in shares of Public Service Enterprise Group by 11.2% during the 3rd quarter. Banque Cantonale Vaudoise now owns 80,901 shares of the utilities provider’s stock valued at $7,217,000 after buying an additional 8,171 shares in the last quarter. 73.34% of the stock is owned by hedge funds and other institutional investors.

Public Service Enterprise Group Stock Performance

NYSE PEG opened at $82.16 on Wednesday. The company has a market capitalization of $40.96 billion, a P/E ratio of 20.19, a P/E/G ratio of 2.78 and a beta of 0.60. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. Public Service Enterprise Group Incorporated has a 52-week low of $63.54 and a 52-week high of $95.22. The company has a fifty day moving average of $83.61 and a 200-day moving average of $86.04.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.01. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same period last year, the business earned $0.54 earnings per share. The business’s quarterly revenue was down 5.4% on a year-over-year basis. As a group, equities research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be paid a dividend of $0.63 per share. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.60. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date is Monday, March 10th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 71.19%.

Insider Transactions at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $83.10, for a total transaction of $114,511.80. Following the transaction, the chief executive officer now directly owns 126,791 shares in the company, valued at $10,536,332.10. This trade represents a 1.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.57% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PEG shares. Bank of America lowered 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 report on Monday, March 3rd. BMO Capital Markets increased their price objective 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. Wells Fargo & Company reduced their target price on Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Guggenheim reissued a “buy” rating and issued a $98.00 price target on shares of Public Service Enterprise Group in a report on Wednesday, February 26th. Finally, Barclays lowered shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $88.00 to $84.00 in a research report on Monday, January 27th. Six 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 company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $89.83.

Public Service Enterprise Group 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.