Fortitude Advisory Group L.L.C. Invests $214,000 in Public Service Enterprise Group Incorporated (NYSE:PEG)

Fortitude Advisory Group L.L.C. bought a new position in Public Service Enterprise Group Incorporated (NYSE:PEG) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor bought 3,492 shares of the utilities provider’s stock, valued at approximately $214,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Addison Advisors LLC purchased a new stake in shares of Public Service Enterprise Group in the 4th quarter worth about $31,000. Operose Advisors LLC grew its position in Public Service Enterprise Group by 435.0% during the 3rd quarter. Operose Advisors LLC now owns 535 shares of the utilities provider’s stock valued at $30,000 after purchasing an additional 435 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new stake in Public Service Enterprise Group during the 4th quarter valued at about $36,000. CNB Bank purchased a new stake in Public Service Enterprise Group during the 3rd quarter valued at about $34,000. Finally, Anchor Investment Management LLC purchased a new stake in Public Service Enterprise Group during the 4th quarter valued at about $37,000. 73.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of Public Service Enterprise Group stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $63.00, for a total transaction of $86,562.00. Following the transaction, the chief executive officer now owns 153,721 shares of the company’s stock, valued at $9,684,423. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Ralph A. Larossa sold 1,374 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $63.00, for a total value of $86,562.00. Following the transaction, the chief executive officer now owns 153,721 shares of the company’s stock, valued at $9,684,423. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Richard T. Thigpen sold 4,800 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $64.18, for a total transaction 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. Insiders have sold 7,948 shares of company stock valued at $511,814 over the last 90 days. 0.57% of the stock is currently owned by corporate insiders.

Public Service Enterprise Group Stock Performance

Shares of PEG traded up $0.22 on Thursday, reaching $70.03. The company’s stock had a trading volume of 512,373 shares, compared to its average volume of 2,862,834. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.67 and a quick ratio of 0.46. The stock has a market capitalization of $34.92 billion, a P/E ratio of 19.34, a PEG ratio of 3.02 and a beta of 0.56. The stock’s 50 day simple moving average is $65.17 and its two-hundred day simple moving average is $62.48. Public Service Enterprise Group Incorporated has a 12-month low of $53.71 and a 12-month high of $70.46.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.01). Public Service Enterprise Group had a net margin of 17.65% and a return on equity of 11.19%. The firm had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.99 billion. During the same period in the prior year, the firm earned $1.39 EPS. Public Service Enterprise Group’s revenue for the quarter was down 26.5% compared to the same quarter last year. Research 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 company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 3.43%. The ex-dividend date of this dividend is Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio is currently 66.48%.

Analyst Ratings Changes

Several brokerages recently commented on PEG. TheStreet raised shares of Public Service Enterprise Group from a “c+” rating to a “b-” rating in a research report on Wednesday, March 6th. Barclays raised their price target on shares of Public Service Enterprise Group from $68.00 to $71.00 and gave the company an “overweight” rating in a report on Monday, April 15th. BMO Capital Markets dropped their price target on shares of Public Service Enterprise Group from $64.00 to $63.00 and set a “market perform” rating on the stock in a report on Tuesday, February 27th. Wells Fargo & Company raised their price target on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the company an “overweight” rating in a report on Tuesday, March 19th. Finally, Royal Bank of Canada raised their price target on shares of Public Service Enterprise Group from $70.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, March 7th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.15.

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.