Meridian Wealth Management LLC Has $2.87 Million Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Meridian Wealth Management LLC lifted its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 2.3% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,994 shares of the utilities provider’s stock after purchasing an additional 763 shares during the period. Meridian Wealth Management LLC’s holdings in Public Service Enterprise Group were worth $2,872,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in PEG. Ashton Thomas Securities LLC acquired a new position in Public Service Enterprise Group during the third quarter valued at approximately $35,000. Wingate Wealth Advisors Inc. bought a new position in shares of Public Service Enterprise Group during the fourth quarter worth $35,000. Stonebridge Financial Group LLC acquired a new position in shares of Public Service Enterprise Group in the 4th quarter valued at $54,000. Financial Life Planners bought a new stake in shares of Public Service Enterprise Group in the 4th quarter valued at $56,000. Finally, Legacy Investment Solutions LLC acquired a new stake in Public Service Enterprise Group during the 3rd quarter worth $59,000. 73.34% of the stock is owned by institutional investors and hedge funds.

Public Service Enterprise Group Stock Up 0.8 %

Public Service Enterprise Group stock opened at $81.79 on Tuesday. The company has a fifty day simple moving average of $84.71 and a 200 day simple moving average of $86.08. 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 1-year low of $61.99 and a 1-year high of $95.22. The company has a market cap of $40.75 billion, a P/E ratio of 20.10, a price-to-earnings-growth ratio of 2.78 and a beta of 0.64.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.01. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter last year, the company earned $0.54 EPS. Public Service Enterprise Group’s revenue for the quarter was down 5.4% compared to the same quarter last year. Research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders 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 represents a $2.52 dividend on an annualized basis and a dividend yield of 3.08%. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.60. Public Service Enterprise Group’s dividend payout ratio is currently 71.19%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Barclays cut Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $88.00 to $84.00 in a research note on Monday, January 27th. Scotiabank boosted their price objective on Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a research report on Thursday, December 12th. Bank of America dropped their target price on shares of Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating on the stock in a report on Monday. Guggenheim reiterated a “buy” rating and issued a $98.00 price target on shares of Public Service Enterprise Group in a report on Wednesday, February 26th. Finally, BMO Capital Markets raised their price objective on shares of 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. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $89.83.

Insider Activity

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $83.10, for a total transaction of $114,511.80. Following 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 legal filing with the SEC, which is available through this hyperlink. 0.57% of the stock is currently owned by insiders.

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.