Gilliland Jeter Wealth Management LLC Purchases New Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Gilliland Jeter Wealth Management LLC acquired a new position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) during the 4th quarter, Holdings Channel.com reports. The fund acquired 5,817 shares of the utilities provider’s stock, valued at approximately $356,000.

Several other hedge funds have also bought and sold shares of the business. IFP Advisors Inc increased its holdings in Public Service Enterprise Group by 16.9% during the third quarter. IFP Advisors Inc now owns 1,657 shares of the utilities provider’s stock valued at $94,000 after buying an additional 239 shares during the last quarter. Czech National Bank boosted its stake in shares of Public Service Enterprise Group by 47.7% during the 3rd quarter. Czech National Bank now owns 87,234 shares of the utilities provider’s stock worth $4,964,000 after purchasing an additional 28,167 shares during the period. My Legacy Advisors LLC purchased a new position in shares of Public Service Enterprise Group during the 3rd quarter worth about $335,000. Lowe Wealth Advisors LLC purchased a new position in shares of Public Service Enterprise Group during the 3rd quarter worth about $116,000. Finally, Commonwealth Equity Services LLC lifted its holdings in Public Service Enterprise Group by 3.1% during the 3rd quarter. Commonwealth Equity Services LLC now owns 276,675 shares of the utilities provider’s stock valued at $15,746,000 after buying an additional 8,364 shares in the last quarter. Institutional investors own 73.34% of the company’s stock.

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 2.98 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 $62.28. 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 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. The business had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.45 billion. Public Service Enterprise Group had a net margin of 22.81% and a return on equity of 11.53%. The firm’s quarterly revenue was down 17.0% compared to the same quarter last year. During the same period last year, the firm posted $0.64 earnings per share. 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 company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors 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 dividend yield of 3.54%. The ex-dividend date of this dividend is Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio is currently 46.78%.

Insider Buying and Selling

In related news, 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 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 4,800 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $64.18, for a total transaction of $308,064.00. Following the sale, the senior vice president now owns 31,122 shares of the company’s stock, valued at approximately $1,997,409.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $66.37, for a total transaction of $91,192.38. Following the completion of the transaction, the chief executive officer now directly owns 152,347 shares in the company, valued at approximately $10,111,270.39. The disclosure for this sale can be found here. In the last three months, insiders sold 7,948 shares of company stock valued at $511,814. Company insiders own 0.57% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Morgan Stanley reiterated an “overweight” rating and set a $70.00 price objective (up previously from $61.00) on shares of Public Service Enterprise Group in a research note on Monday, March 25th. BMO Capital Markets dropped their price objective 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 boosted their target price on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. Scotiabank reduced their price objective on shares of Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating for the company in a research report on Monday, April 22nd. Finally, Evercore ISI boosted their target price on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.