Public Service Enterprise Group Incorporated (NYSE:PEG) Position Increased by Essex Financial Services Inc.

Essex Financial Services Inc. raised its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 13.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,452 shares of the utilities provider’s stock after purchasing an additional 765 shares during the quarter. Essex Financial Services Inc.’s holdings in Public Service Enterprise Group were worth $545,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PEG. Creative Planning grew its stake in shares of Public Service Enterprise Group by 5.2% in the 3rd quarter. Creative Planning now owns 95,695 shares of the utilities provider’s stock valued at $8,537,000 after buying an additional 4,710 shares in the last quarter. Braun Bostich & Associates Inc. bought a new stake in Public Service Enterprise Group in the third quarter worth approximately $217,000. Sumitomo Life Insurance Co. increased its stake in shares of Public Service Enterprise Group by 2.8% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 15,152 shares of the utilities provider’s stock worth $1,352,000 after purchasing an additional 413 shares during the last quarter. Leisure Capital Management raised its holdings in shares of Public Service Enterprise Group by 1.1% during the 3rd quarter. Leisure Capital Management now owns 14,875 shares of the utilities provider’s stock valued at $1,327,000 after purchasing an additional 157 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its stake in shares of Public Service Enterprise Group by 5.7% in the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 77,729 shares of the utilities provider’s stock valued at $6,934,000 after purchasing an additional 4,160 shares during the last quarter. 73.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Guggenheim restated a “buy” rating on shares of Public Service Enterprise Group in a report on Wednesday, December 11th. Scotiabank raised their price objective on Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a research note on Thursday, December 12th. BMO Capital Markets upped their target price on Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a research report on Monday, October 21st. UBS Group lifted their price target on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Barclays downgraded shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $88.00 to $84.00 in a report on Monday, January 27th. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Public Service Enterprise Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.83.

Insider Buying and Selling at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was 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 directly owns 126,791 shares in the company, 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 SEC, which is available through this hyperlink. Also, COO Kim C. Hanemann sold 956 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $90.09, for a total value of $86,126.04. Following the completion of the transaction, the chief operating officer now directly owns 70,011 shares of the company’s stock, valued at approximately $6,307,290.99. This trade represents a 1.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,712 shares of company stock valued at $317,644 in the last quarter. Corporate insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Stock Performance

NYSE:PEG opened at $83.82 on Thursday. The firm’s 50-day moving average is $85.62 and its 200-day moving average is $85.66. The company has a market cap of $41.76 billion, a price-to-earnings ratio of 20.59, a PEG ratio of 2.77 and a beta of 0.64. 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 $57.40 and a 52-week high of $95.22.

Public Service Enterprise Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 3.01%. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.60. The ex-dividend date is Monday, March 10th. Public Service Enterprise Group’s payout ratio is currently 58.97%.

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.