Jacobi Capital Management LLC Boosts Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Jacobi Capital Management LLC raised its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 11.4% during the 4th quarter, Holdings Channel reports. The firm owned 20,210 shares of the utilities provider’s stock after buying an additional 2,074 shares during the quarter. Jacobi Capital Management LLC’s holdings in Public Service Enterprise Group were worth $1,708,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in PEG. US Bancorp DE lifted its holdings in shares of Public Service Enterprise Group by 7.2% in the 4th quarter. US Bancorp DE now owns 71,561 shares of the utilities provider’s stock valued at $6,046,000 after buying an additional 4,777 shares during the period. Fisher Asset Management LLC lifted its holdings in shares of Public Service Enterprise Group by 14.5% in the 4th quarter. Fisher Asset Management LLC now owns 8,404 shares of the utilities provider’s stock valued at $710,000 after buying an additional 1,062 shares during the period. SVB Wealth LLC acquired a new position in shares of Public Service Enterprise Group in the 4th quarter valued at about $358,000. Mutual of America Capital Management LLC lifted its holdings in shares of Public Service Enterprise Group by 2.0% in the 4th quarter. Mutual of America Capital Management LLC now owns 128,178 shares of the utilities provider’s stock valued at $10,830,000 after buying an additional 2,560 shares during the period. Finally, First American Bank lifted its holdings in shares of Public Service Enterprise Group by 0.5% in the 4th quarter. First American Bank now owns 43,564 shares of the utilities provider’s stock valued at $3,681,000 after buying an additional 225 shares during the period. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PEG. Wells Fargo & Company decreased their price objective on Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating for the company in a report on Wednesday. BMO Capital Markets boosted their price objective on Public Service Enterprise Group from $85.00 to $86.00 and gave the company a “market perform” rating in a report on Wednesday. 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 report on Thursday, December 12th. Guggenheim reaffirmed a “buy” rating and issued a $98.00 price target on shares of Public Service Enterprise Group in a report on Wednesday. Finally, Barclays cut Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and reduced their price target 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 assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and an average target price of $89.50.

Insider Buying and Selling

In related news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $83.10, for a total value of $114,511.80. Following the completion of the transaction, the chief executive officer now directly owns 126,791 shares in the company, valued at approximately $10,536,332.10. This represents a 1.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.57% of the stock is currently owned by company insiders.

Public Service Enterprise Group Price Performance

PEG stock opened at $81.09 on Friday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48. The business has a 50 day simple moving average of $84.78 and a 200-day simple moving average of $86.04. The firm has a market capitalization of $40.40 billion, a PE ratio of 19.92, a price-to-earnings-growth ratio of 2.78 and a beta of 0.64. Public Service Enterprise Group Incorporated has a 1 year low of $61.48 and a 1 year high of $95.22.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.01. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The business’s revenue was down 5.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.54 earnings per share. Equities 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 declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be given a $0.63 dividend. The ex-dividend date of this dividend 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 dividend yield of 3.11%. Public Service Enterprise Group’s dividend payout ratio is 71.19%.

Public Service Enterprise Group 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.