Gallo Partners LP Makes New $2.79 Million Investment in Public Service Enterprise Group Incorporated (NYSE:PEG)

Gallo Partners LP bought a new position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 33,055 shares of the utilities provider's stock, valued at approximately $2,793,000. Public Service Enterprise Group accounts for approximately 2.1% of Gallo Partners LP's holdings, making the stock its 14th biggest position.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Transce3nd LLC acquired a new position in shares of Public Service Enterprise Group in the 4th quarter valued at about $25,000. Wingate Wealth Advisors Inc. bought a new stake in shares of Public Service Enterprise Group during the 4th quarter worth $35,000. OFI Invest Asset Management bought a new position in shares of Public Service Enterprise Group in the fourth quarter worth about $39,000. Optiver Holding B.V. acquired a new position in shares of Public Service Enterprise Group during the fourth quarter worth approximately $50,000. Finally, Nemes Rush Group LLC acquired a new position in Public Service Enterprise Group during the 4th quarter valued at $53,000. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Public Service Enterprise Group Stock Down 1.3 %

NYSE PEG traded down $1.02 on Monday, reaching $78.46. The company had a trading volume of 1,097,823 shares, compared to its average volume of 2,709,481. The company's fifty day moving average is $81.20 and its 200-day moving average is $84.84. Public Service Enterprise Group Incorporated has a 1-year low of $70.28 and a 1-year high of $95.22. The firm has a market capitalization of $39.12 billion, a price-to-earnings ratio of 19.28, a price-to-earnings-growth ratio of 2.78 and a beta of 0.52. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.43. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.15 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. Public Service Enterprise Group's quarterly revenue was up 16.7% on a year-over-year basis. During the same period last year, the company earned $1.31 earnings per share. On average, research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 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 Monday, June 30th. Investors of record on Monday, June 9th will be given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend is Monday, June 9th. Public Service Enterprise Group's dividend payout ratio (DPR) is currently 71.19%.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Evercore ISI decreased their price objective on Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating on the stock in a report on Thursday. BMO Capital Markets cut their price objective on Public Service Enterprise Group from $86.00 to $83.00 and set a "market perform" rating for the company in a research report on Thursday, April 10th. Morgan Stanley increased their price target on shares of Public Service Enterprise Group from $96.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, March 20th. LADENBURG THALM/SH SH cut Public Service Enterprise Group from a "buy" rating to a "neutral" rating and set a $82.50 price target on the stock. in a report on Wednesday, March 19th. Finally, Barclays lowered their target price on shares of Public Service Enterprise Group from $84.00 to $83.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Public Service Enterprise Group currently has a consensus rating of "Hold" and an average price target of $88.81.

Insider Buying and Selling at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $79.26, for a total value of $109,220.28. Following the sale, the chief executive officer now owns 221,093 shares of the company's stock, valued at approximately $17,523,831.18. The trade was a 0.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.19% of the company's stock.

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.