Sound Income Strategies LLC Reduces Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Sound Income Strategies LLC decreased its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 55.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 341 shares of the utilities provider’s stock after selling 425 shares during the quarter. Sound Income Strategies LLC’s holdings in Public Service Enterprise Group were worth $29,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Heritage Wealth Management Inc. purchased a new position in Public Service Enterprise Group during the second quarter valued at approximately $422,000. DRW Securities LLC purchased a new position in Public Service Enterprise Group during the third quarter valued at approximately $8,244,000. Cullen Investment Group LTD. lifted its holdings in Public Service Enterprise Group by 65.3% during the fourth quarter. Cullen Investment Group LTD. now owns 26,867 shares of the utilities provider’s stock valued at $2,270,000 after purchasing an additional 10,610 shares in the last quarter. Arvest Bank Trust Division purchased a new position in Public Service Enterprise Group during the third quarter valued at approximately $2,860,000. Finally, Cerity Partners LLC lifted its holdings in Public Service Enterprise Group by 36.1% during the third quarter. Cerity Partners LLC now owns 96,118 shares of the utilities provider’s stock valued at $8,575,000 after purchasing an additional 25,503 shares in the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on PEG. Wells Fargo & Company lifted their price target on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Scotiabank lifted their price objective on shares of 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. BMO Capital Markets lifted their price objective on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a research report on Monday, October 21st. UBS Group lifted their price objective on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Finally, Guggenheim reiterated a “buy” rating on shares of Public Service Enterprise Group in a research report on Wednesday, December 11th. Four research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $89.17.

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 5,900 shares of the business’s stock in a transaction on Monday, November 11th. The shares were 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 $2,271,660.55. The trade was a 18.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Kim C. Hanemann sold 956 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.09, for a total transaction of $86,126.04. Following the transaction, the chief operating officer now owns 70,011 shares in the company, valued at $6,307,290.99. This trade represents a 1.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 8,234 shares of company stock worth $722,037 over the last quarter. Insiders own 0.57% of the company’s stock.

Public Service Enterprise Group Trading Down 0.1 %

Shares of PEG opened at $88.04 on Monday. The company’s fifty day moving average is $87.80 and its 200 day moving average is $84.93. Public Service Enterprise Group Incorporated has a fifty-two week low of $56.91 and a fifty-two week high of $95.22. The stock has a market capitalization of $43.86 billion, a PE ratio of 21.63, a P/E/G ratio of 2.82 and a beta of 0.65. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.03. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The company had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same quarter in the previous year, the business posted $0.85 earnings per share. Public Service Enterprise Group’s quarterly revenue was up 7.6% on a year-over-year basis. Sell-side analysts expect that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently disclosed 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. This represents a $2.40 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend was Tuesday, December 10th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 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.