Twin Tree Management LP Purchases New Shares in Public Service Enterprise Group Incorporated (NYSE:PEG)

Twin Tree Management LP acquired a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 22,521 shares of the utilities provider’s stock, valued at approximately $1,903,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wingate Wealth Advisors Inc. acquired a new position in Public Service Enterprise Group in the 4th quarter valued at $35,000. OFI Invest Asset Management acquired a new position in Public Service Enterprise Group in the 4th quarter valued at $39,000. Stonebridge Financial Group LLC acquired a new position in Public Service Enterprise Group in the 4th quarter valued at $54,000. Financial Life Planners acquired a new position in Public Service Enterprise Group in the 4th quarter valued at $56,000. Finally, Legacy Investment Solutions LLC acquired a new position in Public Service Enterprise Group in the 3rd quarter valued at $59,000. 73.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $83.10, for a total value of $114,511.80. Following the sale, the chief executive officer now owns 126,791 shares in the company, valued at approximately $10,536,332.10. The trade was a 1.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.57% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PEG. BMO Capital Markets lifted their price objective on Public Service Enterprise Group from $85.00 to $86.00 and gave the company a “market perform” rating in a report on Wednesday, February 26th. Guggenheim reissued a “buy” rating and set a $98.00 price target on shares of Public Service Enterprise Group in a report on Wednesday, February 26th. Wells Fargo & Company lowered their price target 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. Bank of America lowered their price target on Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating for the company in a report on Monday, March 3rd. Finally, Scotiabank boosted their price target on 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. Six investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and a consensus price target of $89.83.

Public Service Enterprise Group Trading Down 0.1 %

Shares of PEG stock opened at $82.16 on Wednesday. The firm 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. Public Service Enterprise Group Incorporated has a twelve month low of $63.54 and a twelve month high of $95.22. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. The stock’s fifty day simple moving average is $83.61 and its 200 day simple moving average is $86.04.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data 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 return on equity of 10.70% and a net margin of 19.48%. Public Service Enterprise Group’s quarterly revenue was down 5.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.54 EPS. As a group, sell-side 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 declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date of this dividend is Monday, March 10th. 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%.

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.