Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Acquired by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc lifted its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 6.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,200 shares of the utilities provider’s stock after purchasing an additional 189 shares during the period. Pinnacle Financial Partners Inc’s holdings in Public Service Enterprise Group were worth $270,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Old Port Advisors grew its position in shares of Public Service Enterprise Group by 0.5% during the third quarter. Old Port Advisors now owns 23,527 shares of the utilities provider’s stock worth $2,099,000 after acquiring an additional 113 shares during the last quarter. Center for Financial Planning Inc. grew its position in shares of Public Service Enterprise Group by 3.0% during the fourth quarter. Center for Financial Planning Inc. now owns 4,126 shares of the utilities provider’s stock worth $349,000 after acquiring an additional 120 shares during the last quarter. Spire Wealth Management grew its position in shares of Public Service Enterprise Group by 2.4% during the fourth quarter. Spire Wealth Management now owns 5,207 shares of the utilities provider’s stock worth $440,000 after acquiring an additional 121 shares during the last quarter. First Commonwealth Financial Corp PA grew its position in shares of 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 worth $842,000 after acquiring an additional 123 shares during the last quarter. Finally, Cigna Investments Inc. New grew its position in shares of Public Service Enterprise Group by 2.5% during the third 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 last quarter. 73.34% of the stock is owned by institutional investors and hedge funds.

Public Service Enterprise Group Price Performance

PEG stock opened at $83.82 on Monday. 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 one year low of $59.29 and a one year high of $95.22. The firm has a market capitalization of $41.76 billion, a PE ratio of 20.59, a P/E/G ratio of 2.78 and a beta of 0.64. The firm has a 50-day moving average of $84.99 and a two-hundred day moving average of $85.99.

Public Service Enterprise Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be paid a dividend of $0.63 per share. The ex-dividend date is Monday, March 10th. This is a positive change 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%. Public Service Enterprise Group’s dividend payout ratio is currently 61.92%.

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $83.10, for a total transaction of $114,511.80. Following the completion of the sale, the chief executive officer now directly owns 126,791 shares of the company’s stock, valued at approximately $10,536,332.10. This represents a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.57% of the company’s stock.

Wall Street Analyst Weigh In

PEG has been the subject of several recent research reports. UBS Group upped their price target on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Guggenheim reaffirmed a “buy” rating on shares of Public Service Enterprise Group in a report on Wednesday, December 11th. Scotiabank upped their price objective on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a report on Thursday, December 12th. Finally, Barclays downgraded shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $88.00 to $84.00 in a report on Monday, January 27th. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Public Service Enterprise Group has a consensus rating of “Moderate Buy” and a consensus target price 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.