Parallel Advisors LLC Has $322,000 Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Parallel Advisors LLC boosted its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 20.7% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,809 shares of the utilities provider’s stock after purchasing an additional 652 shares during the period. Parallel Advisors LLC’s holdings in Public Service Enterprise Group were worth $322,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wingate Wealth Advisors Inc. purchased a new position in Public Service Enterprise Group during the fourth quarter valued at approximately $35,000. OFI Invest Asset Management purchased a new position in Public Service Enterprise Group during the fourth quarter valued at approximately $39,000. Stonebridge Financial Group LLC purchased a new position in Public Service Enterprise Group during the fourth quarter valued at approximately $54,000. Financial Life Planners purchased a new position in Public Service Enterprise Group during the fourth quarter valued at approximately $56,000. Finally, Legacy Investment Solutions LLC purchased a new position in Public Service Enterprise Group during the third quarter valued at approximately $59,000. 73.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Morgan Stanley boosted their price objective on shares of Public Service Enterprise Group from $96.00 to $100.00 and gave the company an “overweight” rating in a research report on Thursday. 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 for the company in a research report on Monday, March 3rd. Barclays downgraded shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $88.00 to $84.00 in a research report on Monday, January 27th. LADENBURG THALM/SH SH downgraded shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $82.50 target price for the company. in a research report on Wednesday. Finally, Guggenheim reissued a “buy” rating and issued a $98.00 target price on shares of Public Service Enterprise Group in a research report on Wednesday, February 26th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $89.65.

Public Service Enterprise Group Price Performance

NYSE:PEG opened at $83.00 on Friday. The stock has a market cap of $41.38 billion, a P/E ratio of 20.39, a PEG ratio of 2.78 and a beta of 0.60. Public Service Enterprise Group Incorporated has a one year low of $64.03 and a one year high of $95.22. The company has a fifty day moving average price of $83.50 and a 200 day moving average price of $86.06. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Tuesday, February 25th. The utilities provider reported $0.84 EPS for the quarter, beating the consensus estimate 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 firm 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 company earned $0.54 EPS. The business’s quarterly revenue was down 5.4% compared to the same quarter last year. Analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Increases Dividend

The firm 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 $0.63 dividend. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Monday, March 10th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.04%. Public Service Enterprise Group’s dividend payout ratio is currently 71.19%.

Insider Activity

In other news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $83.10, for a total value of $114,511.80. Following the completion of the transaction, the chief executive officer now owns 126,791 shares in the company, valued at approximately $10,536,332.10. This represents a 1.08 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.57% of the company’s stock.

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.