SeaCrest Wealth Management LLC Sells 6,224 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

SeaCrest Wealth Management LLC lowered its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 43.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,260 shares of the utilities provider’s stock after selling 6,224 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in Public Service Enterprise Group were worth $552,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of PEG. Addison Advisors LLC purchased a new position in Public Service Enterprise Group during the 4th quarter valued at about $31,000. Northwest Investment Counselors LLC bought a new position in shares of Public Service Enterprise Group during the first quarter valued at approximately $36,000. Bruce G. Allen Investments LLC purchased a new position in shares of Public Service Enterprise Group during the fourth quarter valued at approximately $36,000. Anchor Investment Management LLC bought a new stake in shares of Public Service Enterprise Group in the 4th quarter worth approximately $37,000. Finally, PFS Partners LLC grew its stake in shares of Public Service Enterprise Group by 90.9% in the 1st quarter. PFS Partners LLC now owns 630 shares of the utilities provider’s stock worth $42,000 after buying an additional 300 shares during the last quarter. Institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Price Performance

NYSE PEG opened at $73.58 on Wednesday. The company has a 50-day moving average price of $72.83 and a 200-day moving average price of $65.87. Public Service Enterprise Group Incorporated has a 52 week low of $53.71 and a 52 week high of $75.82. The company has a quick ratio of 0.62, a current ratio of 0.79 and a debt-to-equity ratio of 1.19. The firm has a market capitalization of $36.65 billion, a P/E ratio of 20.38, a PEG ratio of 3.06 and a beta of 0.59.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Tuesday, April 30th. The utilities provider reported $1.31 EPS for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). Public Service Enterprise Group had a net margin of 17.65% and a return on equity of 11.10%. The business 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 company posted $1.39 earnings per share. The firm’s quarterly revenue was down 26.5% on a year-over-year basis. Equities research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.68 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 7th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 3.26%. The ex-dividend date was Friday, June 7th. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 66.48%.

Insider Activity

In other news, CEO Ralph A. Larossa sold 1,374 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $69.55, for a total transaction of $95,561.70. Following the sale, the chief executive officer now directly owns 150,973 shares in the company, valued at approximately $10,500,172.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.18% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on PEG shares. Royal Bank of Canada boosted their target price on Public Service Enterprise Group from $70.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, March 7th. TheStreet raised shares of Public Service Enterprise Group from a “c+” rating to a “b-” rating in a research report on Wednesday, March 6th. Wells Fargo & Company lifted 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. Morgan Stanley cut their price target on shares of Public Service Enterprise Group from $78.00 to $76.00 and set an “overweight” rating on the stock in a report on Monday, June 24th. Finally, Guggenheim upgraded shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $82.00 price objective for the company in a report on Monday, June 17th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. According to MarketBeat, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and an average target price of $71.50.

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.