Allianz Asset Management GmbH Sells 52,643 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

Allianz Asset Management GmbH reduced its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 4.4% in the fourth quarter, Holdings Channel.com reports. The fund owned 1,157,490 shares of the utilities provider’s stock after selling 52,643 shares during the period. Allianz Asset Management GmbH’s holdings in Public Service Enterprise Group were worth $97,796,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in PEG. Old Port Advisors lifted its holdings in Public Service Enterprise Group by 0.5% during the 3rd quarter. Old Port Advisors now owns 23,527 shares of the utilities provider’s stock worth $2,099,000 after purchasing an additional 113 shares in the last quarter. Center for Financial Planning Inc. lifted its holdings in shares of Public Service Enterprise Group by 3.0% in the fourth quarter. Center for Financial Planning Inc. now owns 4,126 shares of the utilities provider’s stock worth $349,000 after buying an additional 120 shares in the last quarter. Spire Wealth Management boosted its position in shares of Public Service Enterprise Group by 2.4% in the fourth quarter. Spire Wealth Management now owns 5,207 shares of the utilities provider’s stock valued at $440,000 after acquiring an additional 121 shares during the period. First Commonwealth Financial Corp PA grew its stake in Public Service Enterprise Group by 1.3% during the third quarter. First Commonwealth Financial Corp PA now owns 9,444 shares of the utilities provider’s stock valued at $842,000 after acquiring an additional 123 shares in the last quarter. Finally, Cigna Investments Inc. New increased its holdings in Public Service Enterprise Group by 2.5% during the 3rd quarter. Cigna Investments Inc. New now owns 5,053 shares of the utilities provider’s stock worth $451,000 after acquiring an additional 124 shares during the period. 73.34% of the stock is owned by institutional investors.

Public Service Enterprise Group Price Performance

Shares of Public Service Enterprise Group stock opened at $83.82 on Friday. The firm has a market capitalization of $41.76 billion, a PE ratio of 20.59, a price-to-earnings-growth ratio of 2.82 and a beta of 0.64. 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 Incorporated has a 12 month low of $59.29 and a 12 month high of $95.22. The business’s 50-day moving average price is $84.99 and its 200-day moving average price is $85.89.

Public Service Enterprise Group Increases Dividend

The firm 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 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 yield of 3.01%. The ex-dividend date of this dividend is Monday, March 10th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 58.97%.

Insiders Place Their Bets

In related 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 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. This trade represents a 1.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.57% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on PEG. UBS Group raised 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 report on Wednesday, October 30th. Barclays cut Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $88.00 to $84.00 in a research report on Monday, January 27th. Guggenheim restated a “buy” rating on shares of Public Service Enterprise Group in a research note on Wednesday, December 11th. Finally, Scotiabank lifted their price target on Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a research report on Thursday, December 12th. Five research 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $88.83.

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.