Berry Wealth Group LP Decreases Stock Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Berry Wealth Group LP reduced its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 1.5% in the fourth quarter, HoldingsChannel reports. The firm owned 19,298 shares of the utilities provider’s stock after selling 284 shares during the period. Public Service Enterprise Group makes up approximately 2.5% of Berry Wealth Group LP’s investment portfolio, making the stock its 27th largest position. Berry Wealth Group LP’s holdings in Public Service Enterprise Group were worth $1,630,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PEG. Ashton Thomas Securities LLC acquired a new position in Public Service Enterprise Group during the 3rd quarter valued at about $35,000. Northwest Investment Counselors LLC acquired a new position in Public Service Enterprise Group during the 3rd quarter valued at about $48,000. Legacy Investment Solutions LLC acquired a new position in Public Service Enterprise Group during the 3rd quarter valued at about $59,000. Fortitude Family Office LLC increased its position in Public Service Enterprise Group by 325.0% during the 3rd quarter. Fortitude Family Office LLC now owns 799 shares of the utilities provider’s stock valued at $71,000 after buying an additional 611 shares in the last quarter. Finally, GHP Investment Advisors Inc. increased its position in Public Service Enterprise Group by 30.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 1,107 shares of the utilities provider’s stock valued at $99,000 after buying an additional 257 shares in the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PEG has been the topic of several recent analyst reports. Evercore ISI upped their target price on Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Barclays lowered Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $88.00 to $84.00 in a research report on Monday, January 27th. Guggenheim reissued a “buy” rating on shares of Public Service Enterprise Group in a report on Wednesday, December 11th. UBS Group increased their price objective on Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Scotiabank increased their price objective on Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a 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 company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $88.83.

Insiders Place Their Bets

In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 5,900 shares of the stock in a transaction that occurred on 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 owns 25,829 shares in the company, valued at approximately $2,271,660.55. This represents a 18.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $84.91, for a total value of $117,005.98. Following the transaction, the chief executive officer now owns 144,212 shares in the company, valued at $12,245,040.92. This represents a 0.95 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,234 shares of company stock worth $722,037. 0.57% of the stock is owned by corporate insiders.

Public Service Enterprise Group Stock Down 0.3 %

Public Service Enterprise Group stock opened at $83.57 on Friday. The firm has a market cap of $41.64 billion, a price-to-earnings ratio of 20.53, a price-to-earnings-growth ratio of 2.61 and a beta of 0.65. Public Service Enterprise Group Incorporated has a 52 week low of $57.24 and a 52 week high of $95.22. The business’s 50-day moving average price is $86.97 and its 200 day moving average price is $85.10. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.87 by $0.03. The firm had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.44 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 revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the company earned $0.85 earnings per share. As a group, sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 10th were given a dividend of $0.60 per share. The ex-dividend date was Tuesday, December 10th. This represents a $2.40 dividend on an annualized basis and a yield of 2.87%. Public Service Enterprise Group’s dividend payout ratio is currently 58.97%.

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.