Edge Wealth Management LLC Has $9.77 Million Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Edge Wealth Management LLC cut its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 1.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 115,577 shares of the utilities provider’s stock after selling 1,271 shares during the quarter. Public Service Enterprise Group accounts for about 2.0% of Edge Wealth Management LLC’s portfolio, making the stock its 19th largest position. Edge Wealth Management LLC’s holdings in Public Service Enterprise Group were worth $9,765,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Ashton Thomas Securities LLC bought a new stake in shares of Public Service Enterprise Group during the third quarter worth $35,000. Northwest Investment Counselors LLC bought a new position in shares of Public Service Enterprise Group in the 3rd quarter valued at $48,000. Legacy Investment Solutions LLC acquired a new stake in shares of Public Service Enterprise Group during the 3rd quarter valued at $59,000. Kimelman & Baird LLC bought a new stake in Public Service Enterprise Group during the 2nd quarter worth $66,000. Finally, Fortitude Family Office LLC increased its holdings in Public Service Enterprise Group by 325.0% in the 3rd quarter. Fortitude Family Office LLC now owns 799 shares of the utilities provider’s stock worth $71,000 after purchasing an additional 611 shares in the last quarter. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Public Service Enterprise Group Price Performance

PEG stock opened at $88.41 on Friday. 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 firm has a market cap of $44.05 billion, a price-to-earnings ratio of 21.72, a PEG ratio of 2.81 and a beta of 0.65. The company’s fifty day simple moving average is $87.57 and its 200 day simple moving average is $84.23. Public Service Enterprise Group Incorporated has a 12-month low of $56.85 and a 12-month high of $95.22.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Monday, November 4th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.44 billion. During the same period in the previous year, the business earned $0.85 EPS. The firm’s revenue was up 7.6% compared to the same quarter last year. On average, analysts expect that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 10th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend was Tuesday, December 10th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 58.97%.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, COO Kim C. Hanemann sold 956 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total value of $86,126.04. Following the completion of the sale, the chief operating officer now directly owns 70,011 shares in the company, valued at approximately $6,307,290.99. This trade represents a 1.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Richard T. Thigpen sold 5,900 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $87.95, for a total transaction of $518,905.00. Following the transaction, the senior vice president now directly owns 25,829 shares in the company, valued at $2,271,660.55. This trade represents a 18.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 8,234 shares of company stock valued at $722,037 in the last quarter. 0.18% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on PEG shares. BMO Capital Markets lifted their price target on Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a research note on Monday, October 21st. Wells Fargo & Company lifted their target price on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Barclays decreased their price target on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating for the company in a research report on Tuesday, November 5th. Evercore ISI raised their price target on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Finally, UBS Group boosted their price objective on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Public Service Enterprise Group currently has an average rating of “Moderate Buy” and an average price target of $89.17.

About Public Service Enterprise Group

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.