Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Acquired by Sit Investment Associates Inc.

Sit Investment Associates Inc. lifted its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 25.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 96,090 shares of the utilities provider’s stock after buying an additional 19,745 shares during the quarter. Sit Investment Associates Inc.’s holdings in Public Service Enterprise Group were worth $8,119,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wingate Wealth Advisors Inc. purchased a new stake in Public Service Enterprise Group in the 4th quarter worth approximately $35,000. OFI Invest Asset Management acquired a new position in shares of Public Service Enterprise Group in the 4th quarter valued at $39,000. Nemes Rush Group LLC acquired a new stake in Public Service Enterprise Group during the fourth quarter valued at $53,000. Stonebridge Financial Group LLC purchased a new position in Public Service Enterprise Group in the fourth quarter valued at $54,000. Finally, Financial Life Planners purchased a new position in Public Service Enterprise Group in the fourth quarter valued at $56,000. 73.34% of the stock is owned by institutional investors and hedge funds.

Public Service Enterprise Group Stock Performance

NYSE:PEG opened at $77.83 on Friday. The company has a market cap of $38.80 billion, a P/E ratio of 19.12, a P/E/G ratio of 2.78 and a beta of 0.52. Public Service Enterprise Group Incorporated has a twelve month low of $64.03 and a twelve month high of $95.22. The company’s 50-day moving average price is $82.34 and its 200-day moving average price is $86.03. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. The business had revenue of $2.47 billion for 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 business’s revenue was down 5.4% on a year-over-year basis. During the same period last year, the company posted $0.54 EPS. On average, sell-side analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 10th were paid a dividend of $0.63 per share. The ex-dividend date was Monday, March 10th. This represents a $2.52 dividend on an annualized basis and a yield of 3.24%. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.60. Public Service Enterprise Group’s payout ratio is 71.19%.

Insider Buying and Selling at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,378 shares of the business’s 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 transaction, the chief executive officer now owns 126,791 shares of the company’s stock, valued at approximately $10,536,332.10. The trade was a 1.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.19% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

PEG has been the topic of a number of analyst reports. Guggenheim restated a “buy” rating and set a $98.00 target price on shares of Public Service Enterprise Group in a research report on Wednesday, February 26th. Morgan Stanley raised their price objective on Public Service Enterprise Group from $96.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, March 20th. BMO Capital Markets boosted their price objective on Public Service Enterprise Group from $85.00 to $86.00 and gave the company a “market perform” rating in a research report on Wednesday, February 26th. LADENBURG THALM/SH SH lowered Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $82.50 target price on the stock. in a research report on Wednesday, March 19th. Finally, 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 report on Thursday, December 12th. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $89.65.

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.