Meridian Wealth Management LLC Takes $2.97 Million Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Meridian Wealth Management LLC acquired a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 33,231 shares of the utilities provider’s stock, valued at approximately $2,965,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of PEG. Natixis acquired a new position in shares of Public Service Enterprise Group during the first quarter valued at $160,000. CreativeOne Wealth LLC acquired a new stake in Public Service Enterprise Group in the 1st quarter valued at approximately $268,000. Canada Pension Plan Investment Board lifted its stake in shares of Public Service Enterprise Group by 6.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 746,592 shares of the utilities provider’s stock worth $49,857,000 after acquiring an additional 48,148 shares during the period. BOKF NA boosted its holdings in shares of Public Service Enterprise Group by 3.5% in the first quarter. BOKF NA now owns 145,457 shares of the utilities provider’s stock valued at $9,693,000 after acquiring an additional 4,943 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Public Service Enterprise Group by 0.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 678,836 shares of the utilities provider’s stock worth $45,333,000 after purchasing an additional 4,941 shares in the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on PEG shares. Scotiabank increased their price target on Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a research note on Tuesday, August 20th. LADENBURG THALM/SH SH raised Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 5th. Barclays cut their price target on shares of Public Service Enterprise Group from $98.00 to $88.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. Evercore ISI lifted their price objective on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 8th. Finally, Jefferies Financial Group began coverage on shares of Public Service Enterprise Group in a research note on Friday, September 13th. They set a “hold” rating and a $85.00 target price for the company. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Public Service Enterprise Group has an average rating of “Moderate Buy” and an average price target of $86.69.

Public Service Enterprise Group Price Performance

NYSE PEG opened at $92.39 on Friday. The company has a 50 day simple moving average of $88.38 and a 200-day simple moving average of $80.61. Public Service Enterprise Group Incorporated has a 52-week low of $56.85 and a 52-week high of $93.00. The firm has a market capitalization of $46.03 billion, a price-to-earnings ratio of 22.70, a price-to-earnings-growth ratio of 3.39 and a beta of 0.61. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $2.44 billion. During the same quarter last year, the business posted $0.85 EPS. The company’s revenue for the quarter was up 7.6% on a year-over-year basis. Equities research analysts predict that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 10th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.60%. The ex-dividend date of this dividend is Tuesday, December 10th. Public Service Enterprise Group’s dividend payout ratio is 58.97%.

Insider Buying and Selling

In other Public Service Enterprise Group news, 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 completion of the transaction, the chief operating officer now owns 70,011 shares of the company’s stock, valued at $6,307,290.99. The trade was a 1.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Richard T. Thigpen sold 5,900 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $87.95, for a total value of $518,905.00. Following the completion of the sale, the senior vice president now directly owns 25,829 shares in the company, valued at approximately $2,271,660.55. This represents a 18.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,739 shares of company stock worth $2,467,753. Corporate insiders own 0.57% of the company’s stock.

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.