Connectus Wealth LLC Has $22.29 Million Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Connectus Wealth LLC lifted its stake in Public Service Enterprise Group Incorporated (NYSE:PEGFree Report) by 4.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 363,778 shares of the utilities provider’s stock after buying an additional 16,057 shares during the period. Connectus Wealth LLC owned about 0.07% of Public Service Enterprise Group worth $22,286,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of PEG. Operose Advisors LLC increased its holdings in shares of Public Service Enterprise Group by 435.0% during the third quarter. Operose Advisors LLC now owns 535 shares of the utilities provider’s stock worth $30,000 after buying an additional 435 shares in the last quarter. Addison Advisors LLC bought a new stake in shares of Public Service Enterprise Group during the fourth quarter worth $31,000. Bruce G. Allen Investments LLC acquired a new stake in shares of Public Service Enterprise Group in the fourth quarter valued at $36,000. Anchor Investment Management LLC bought a new position in shares of Public Service Enterprise Group in the fourth quarter valued at about $37,000. Finally, Blue Bell Private Wealth Management LLC lifted its position in Public Service Enterprise Group by 39.0% during the 4th quarter. Blue Bell Private Wealth Management LLC now owns 695 shares of the utilities provider’s stock worth $42,000 after buying an additional 195 shares in the last quarter. Institutional investors own 73.34% of the company’s stock.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,374 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $69.55, for a total value of $95,561.70. Following the sale, the chief executive officer now directly owns 150,973 shares of the company’s stock, valued at approximately $10,500,172.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $69.55, for a total transaction of $95,561.70. Following the completion of the transaction, the chief executive officer now directly owns 150,973 shares in the company, valued at $10,500,172.15. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Richard T. Thigpen sold 4,800 shares of Public Service Enterprise Group stock in a transaction that occurred 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 sale, 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 sold 7,948 shares of company stock worth $520,814 over the last quarter. 0.57% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PEG has been the subject of several research analyst reports. Bank of America boosted their price objective on shares of Public Service Enterprise Group from $73.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday. Royal Bank of Canada raised their price target on Public Service Enterprise Group from $70.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, March 7th. Mizuho boosted their price objective on Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. TheStreet raised shares of Public Service Enterprise Group from a “c+” rating to a “b-” rating in a research note on Wednesday, March 6th. Finally, Wells Fargo & Company lifted their price target on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 19th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Public Service Enterprise Group currently has an average rating of “Moderate Buy” and a consensus target price of $69.92.

Check Out Our Latest Research Report on PEG

Public Service Enterprise Group Trading Down 1.3 %

Shares of NYSE PEG traded down $0.95 during midday trading on Friday, reaching $72.88. 1,929,633 shares of the stock were exchanged, compared to its average volume of 2,429,003. Public Service Enterprise Group Incorporated has a 12 month low of $53.71 and a 12 month high of $75.82. The company has a market capitalization of $36.30 billion, a price-to-earnings ratio of 20.19, a P/E/G ratio of 3.10 and a beta of 0.59. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.79 and a quick ratio of 0.62. The business has a 50-day simple moving average of $70.49 and a two-hundred day simple moving average of $64.75.

Public Service Enterprise Group (NYSE:PEGGet Free Report) last posted its earnings results on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). The business had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.99 billion. Public Service Enterprise Group had a net margin of 17.65% and a return on equity of 11.10%. The firm’s revenue was down 26.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.39 earnings per share. As a group, equities research analysts expect that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 7th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date is Friday, June 7th. Public Service Enterprise Group’s payout ratio is currently 66.48%.

Public Service Enterprise Group Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

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