Addison Advisors LLC Acquires Shares of 500 Public Service Enterprise Group Incorporated (NYSE:PEG)

Addison Advisors LLC acquired a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 500 shares of the utilities provider’s stock, valued at approximately $31,000.

Other large investors have also recently added to or reduced their stakes in the company. Rockline Wealth Management LLC acquired a new stake in shares of Public Service Enterprise Group during the fourth quarter worth $1,185,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Public Service Enterprise Group by 4.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 415,315 shares of the utilities provider’s stock worth $25,397,000 after purchasing an additional 17,838 shares during the period. Jennison Associates LLC raised its holdings in shares of Public Service Enterprise Group by 79.9% during the fourth quarter. Jennison Associates LLC now owns 895,450 shares of the utilities provider’s stock worth $54,757,000 after purchasing an additional 397,606 shares during the period. International Assets Investment Management LLC raised its holdings in shares of Public Service Enterprise Group by 5,613.8% during the fourth quarter. International Assets Investment Management LLC now owns 172,443 shares of the utilities provider’s stock worth $10,545,000 after purchasing an additional 169,425 shares during the period. Finally, PATRIZIA Pty Ltd acquired a new stake in shares of Public Service Enterprise Group during the fourth quarter worth $5,158,000. 73.34% of the stock is currently owned by institutional investors.

Public Service Enterprise Group Price Performance

Public Service Enterprise Group stock traded down $0.27 during trading hours on Friday, hitting $67.82. 2,973,057 shares of the company traded hands, compared to its average volume of 2,445,853. The firm has a market cap of $33.81 billion, a P/E ratio of 13.22, a P/E/G ratio of 2.97 and a beta of 0.58. The company has a quick ratio of 0.46, a current ratio of 0.67 and a debt-to-equity ratio of 1.15. The firm’s 50-day simple moving average is $64.64 and its two-hundred day simple moving average is $62.31. Public Service Enterprise Group Incorporated has a 1-year low of $53.71 and a 1-year high of $68.39.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Monday, February 26th. The utilities provider reported $0.54 EPS for the quarter, beating the consensus estimate of $0.52 by $0.02. Public Service Enterprise Group had a net margin of 22.81% and a return on equity of 11.53%. The firm had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.45 billion. During the same quarter last year, the company earned $0.64 EPS. Public Service Enterprise Group’s quarterly revenue was down 17.0% on a year-over-year basis. As a group, analysts forecast that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 7th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.54%. Public Service Enterprise Group’s payout ratio is currently 46.78%.

Insiders Place Their Bets

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $66.37, for a total value of $91,192.38. Following the transaction, the chief executive officer now owns 152,347 shares of the company’s stock, valued at $10,111,270.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $66.37, for a total value of $91,192.38. Following the transaction, the chief executive officer now owns 152,347 shares of the company’s stock, valued at $10,111,270.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Richard T. Thigpen sold 4,800 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $64.18, for a total value of $308,064.00. Following the completion of the transaction, the senior vice president now directly owns 31,122 shares in the company, valued at approximately $1,997,409.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,948 shares of company stock worth $511,814. 0.57% of the stock is owned by insiders.

Analyst Ratings Changes

PEG has been the topic of a number of research reports. Wells Fargo & Company increased their target price on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. TheStreet raised shares of Public Service Enterprise Group from a “c+” rating to a “b-” rating in a report on Wednesday, March 6th. Morgan Stanley reaffirmed an “overweight” rating and issued a $70.00 price objective (up previously from $61.00) on shares of Public Service Enterprise Group in a report on Monday, March 25th. Scotiabank dropped their price objective on shares of Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating on the stock in a report on Monday, April 22nd. Finally, Royal Bank of Canada increased their price objective on shares of Public Service Enterprise Group from $70.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, March 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and an average price target of $67.15.

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.