CIBC Asset Management Inc Sells 59,758 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

CIBC Asset Management Inc reduced its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 40.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 87,488 shares of the utilities provider’s stock after selling 59,758 shares during the quarter. CIBC Asset Management Inc’s holdings in Public Service Enterprise Group were worth $7,392,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Ashton Thomas Securities LLC bought a new stake in shares of Public Service Enterprise Group in the 3rd quarter valued at $35,000. Wingate Wealth Advisors Inc. bought a new stake in Public Service Enterprise Group in the fourth quarter valued at $35,000. Stonebridge Financial Group LLC acquired a new position in shares of Public Service Enterprise Group during the fourth quarter valued at about $54,000. Financial Life Planners bought a new position in shares of Public Service Enterprise Group during the 4th quarter worth about $56,000. Finally, Brown Lisle Cummings Inc. acquired a new stake in shares of Public Service Enterprise Group in the 4th quarter valued at about $57,000. 73.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $83.10, for a total value of $114,511.80. Following the transaction, the chief executive officer now directly owns 126,791 shares in the company, valued at $10,536,332.10. The trade was a 1.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.18% of the stock is owned by company insiders.

Public Service Enterprise Group Stock Performance

Shares of PEG opened at $85.77 on Thursday. The stock has a 50 day moving average of $85.07 and a 200 day moving average of $85.85. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. Public Service Enterprise Group Incorporated has a 12 month low of $59.29 and a 12 month high of $95.22. The company has a market capitalization of $42.73 billion, a price-to-earnings ratio of 21.07, a PEG ratio of 2.77 and a beta of 0.64.

Public Service Enterprise Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 10th will be issued a $0.63 dividend. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.60. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date of this dividend is Monday, March 10th. Public Service Enterprise Group’s payout ratio is 58.97%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PEG shares. Guggenheim reiterated a “buy” rating on shares of Public Service Enterprise Group in a report on Wednesday, December 11th. Scotiabank lifted their price target on shares of Public Service Enterprise Group from $73.00 to $86.00 and gave the company a “sector perform” rating in a research report on Thursday, December 12th. Barclays downgraded shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $88.00 to $84.00 in a report on Monday, January 27th. Finally, UBS Group lifted their price objective on shares of Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $88.83.

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.