Wedge Capital Management L L P NC Decreases Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Wedge Capital Management L L P NC cut its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 18.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 185,295 shares of the utilities provider’s stock after selling 41,960 shares during the period. Wedge Capital Management L L P NC’s holdings in Public Service Enterprise Group were worth $11,331,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PEG. Operose Advisors LLC boosted its holdings in Public Service Enterprise Group by 435.0% in the third quarter. Operose Advisors LLC now owns 535 shares of the utilities provider’s stock valued at $30,000 after purchasing an additional 435 shares during the period. CNB Bank purchased a new stake in Public Service Enterprise Group during the 3rd quarter worth about $34,000. Bruce G. Allen Investments LLC purchased a new stake in Public Service Enterprise Group during the 4th quarter worth about $36,000. Anchor Investment Management LLC purchased a new stake in Public Service Enterprise Group during the 4th quarter worth about $37,000. Finally, Blue Bell Private Wealth Management LLC lifted its holdings in Public Service Enterprise Group by 39.0% during the 4th quarter. Blue Bell Private Wealth Management LLC now owns 695 shares of the utilities provider’s stock worth $42,000 after buying an additional 195 shares during the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $63.00, for a total value of $86,562.00. Following the sale, the chief executive officer now owns 153,721 shares of the company’s stock, valued at approximately $9,684,423. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 4,800 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $64.18, for a total transaction of $308,064.00. Following the sale, the senior vice president now owns 31,122 shares in the company, valued at approximately $1,997,409.96. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $63.00, for a total value of $86,562.00. Following the sale, the chief executive officer now owns 153,721 shares in the company, valued at approximately $9,684,423. The disclosure for this sale can be found here. Insiders have sold 7,748 shares of company stock valued at $498,658 in the last quarter. 0.18% of the stock is currently owned by corporate insiders.

Public Service Enterprise Group Stock Performance

NYSE PEG traded up $0.14 on Tuesday, hitting $66.85. 198,468 shares of the company’s stock were exchanged, compared to its average volume of 2,812,114. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.67 and a quick ratio of 0.46. The firm’s 50-day moving average price is $63.98 and its two-hundred day moving average price is $62.08. Public Service Enterprise Group Incorporated has a fifty-two week low of $53.71 and a fifty-two week high of $67.51. The firm has a market cap of $33.33 billion, a price-to-earnings ratio of 13.00, a P/E/G ratio of 2.88 and a beta of 0.58.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Monday, February 26th. The utilities provider reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. The business had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.45 billion. Public Service Enterprise Group had a return on equity of 11.53% and a net margin of 22.81%. The company’s quarterly revenue was down 17.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.64 EPS. On average, research analysts expect that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 3.59%. The ex-dividend date is Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 46.78%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PEG. Scotiabank decreased their price target on Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating for the company in a report on Monday. Morgan Stanley reaffirmed an “overweight” rating and set a $70.00 price target (up from $61.00) on shares of Public Service Enterprise Group in a report on Monday, March 25th. Wells Fargo & Company lifted their target price on Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 19th. Barclays lifted their target price on Public Service Enterprise Group from $68.00 to $71.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Finally, Royal Bank of Canada lifted their target price on Public Service Enterprise Group from $70.00 to $72.00 and gave the stock an “outperform” rating in a research report on Thursday, March 7th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $67.15.

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.