Nemes Rush Group LLC Acquires New Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Nemes Rush Group LLC acquired a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 632 shares of the utilities provider’s stock, valued at approximately $53,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Wingate Wealth Advisors Inc. acquired a new position in Public Service Enterprise Group during the fourth quarter worth $35,000. OFI Invest Asset Management acquired a new position in shares of Public Service Enterprise Group during the 4th quarter worth $39,000. Stonebridge Financial Group LLC purchased a new position in shares of Public Service Enterprise Group in the 4th quarter valued at about $54,000. Financial Life Planners acquired a new stake in shares of Public Service Enterprise Group in the fourth quarter valued at about $56,000. Finally, Millstone Evans Group LLC purchased a new stake in Public Service Enterprise Group during the fourth quarter worth about $56,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Insider Transactions at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $82.88, for a total transaction of $114,208.64. Following the completion of the transaction, the chief executive officer now owns 221,670 shares of the company’s stock, valued at approximately $18,372,009.60. This represents a 0.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. StockNews.com raised shares of Public Service Enterprise Group from a “sell” rating to a “hold” rating in a report on Friday, March 14th. BMO Capital Markets lifted their price objective on Public Service Enterprise Group from $85.00 to $86.00 and gave the stock a “market perform” rating in a report on Wednesday, February 26th. Bank of America lowered their target price on Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating on the stock in a report on Monday, March 3rd. Barclays downgraded Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $88.00 to $84.00 in a research note on Monday, January 27th. Finally, Guggenheim reissued a “buy” rating and issued a $98.00 price objective on shares of Public Service Enterprise Group in a research note on Wednesday, February 26th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $89.65.

Public Service Enterprise Group Stock Performance

Shares of PEG opened at $83.85 on Thursday. Public Service Enterprise Group Incorporated has a 1 year low of $64.03 and a 1 year high of $95.22. The company’s 50 day simple moving average is $82.68 and its 200 day simple moving average is $86.10. The company has a market capitalization of $41.80 billion, a price-to-earnings ratio of 20.60, a PEG ratio of 2.78 and a beta of 0.60. 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 (NYSE:PEG) last issued its quarterly 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 company 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%. The business’s revenue for the quarter was down 5.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.54 EPS. On average, sell-side analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders 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 dividend yield of 3.01%. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.60. Public Service Enterprise Group’s dividend payout ratio is currently 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.