Cresset Asset Management LLC Lowers Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Cresset Asset Management LLC reduced its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 89.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,710 shares of the utilities provider's stock after selling 31,554 shares during the quarter. Cresset Asset Management LLC's holdings in Public Service Enterprise Group were worth $313,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PEG. Crestline Management LP purchased a new stake in Public Service Enterprise Group in the fourth quarter worth about $6,901,000. Cetera Investment Advisers boosted its stake in shares of Public Service Enterprise Group by 0.5% during the fourth quarter. Cetera Investment Advisers now owns 125,226 shares of the utilities provider's stock valued at $10,580,000 after purchasing an additional 607 shares in the last quarter. Centiva Capital LP purchased a new position in Public Service Enterprise Group during the fourth quarter valued at approximately $496,000. BROOKFIELD Corp ON increased its holdings in Public Service Enterprise Group by 4.0% during the fourth quarter. BROOKFIELD Corp ON now owns 432,270 shares of the utilities provider's stock valued at $36,522,000 after buying an additional 16,511 shares during the period. Finally, Bridgefront Capital LLC bought a new position in Public Service Enterprise Group in the fourth quarter worth approximately $408,000. 73.34% of the stock is currently owned by institutional investors.

Public Service Enterprise Group Stock Performance

Shares of PEG stock traded down $0.65 during mid-day trading on Thursday, reaching $77.24. The stock had a trading volume of 389,848 shares, compared to its average volume of 2,737,478. Public Service Enterprise Group Incorporated has a 1-year low of $71.89 and a 1-year high of $95.22. The firm has a market cap of $38.54 billion, a price-to-earnings ratio of 18.95, a PEG ratio of 2.78 and a beta of 0.48. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. The business's fifty day moving average is $80.80 and its 200-day moving average is $83.95.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.43 earnings per share for the quarter, hitting the consensus estimate of $1.43. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.15 billion. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. Public Service Enterprise Group's quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.31 EPS. On average, research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 9th will be issued a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 3.26%. The ex-dividend date is Monday, June 9th. Public Service Enterprise Group's payout ratio is 68.85%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PEG. LADENBURG THALM/SH SH cut Public Service Enterprise Group from a "buy" rating to a "neutral" rating and set a $82.50 target price on the stock. in a research report on Wednesday, March 19th. Bank of America dropped their price objective on Public Service Enterprise Group from $95.00 to $92.00 and set a "buy" rating on the stock in a research report on Monday, March 3rd. Evercore ISI reduced their target price on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Barclays decreased their price target on shares of Public Service Enterprise Group from $84.00 to $83.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 8th. Finally, BMO Capital Markets cut their price objective on shares of Public Service Enterprise Group from $86.00 to $83.00 and set a "market perform" rating on the stock in a research report on Thursday, April 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $88.88.

Insiders Place Their Bets

In other news, CEO Ralph A. Larossa sold 1,378 shares of the business's 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 completion of the transaction, the chief executive officer now owns 221,093 shares of the company's stock, valued at $17,523,831.18. The trade was a 0.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.19% of the stock is owned by insiders.

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.