Caliber Wealth Management LLC KS Invests $2.38 Million in Public Service Enterprise Group Incorporated (NYSE:PEG)

Key Points

• Caliber Wealth Management LLC acquired 28,893 shares of Public Service Enterprise Group, valued at approximately $2.4 million, during the first quarter.
• CEO Ralph A. Larossa sold 1,387 shares of the company at an average price of $83.12, impacting his ownership share slightly.
• Public Service Enterprise Group announced a quarterly dividend of $0.63, set for payment on September 30th, representing a 2.90% yield.

Caliber Wealth Management LLC KS acquired a new position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 28,893 shares of the utilities provider's stock, valued at approximately $2,378,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Public Service Enterprise Group in the 4th quarter valued at $445,005,000. Schroder Investment Management Group grew its position in Public Service Enterprise Group by 234.1% during the 4th quarter. Schroder Investment Management Group now owns 2,117,411 shares of the utilities provider's stock worth $178,900,000 after acquiring an additional 1,483,662 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Public Service Enterprise Group by 476.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 919,218 shares of the utilities provider's stock worth $75,652,000 after acquiring an additional 759,873 shares during the last quarter. Russell Investments Group Ltd. grew its position in Public Service Enterprise Group by 151.2% during the 4th quarter. Russell Investments Group Ltd. now owns 1,064,829 shares of the utilities provider's stock worth $89,967,000 after acquiring an additional 640,949 shares during the last quarter. Finally, Invesco Ltd. grew its position in Public Service Enterprise Group by 10.2% during the 4th quarter. Invesco Ltd. now owns 6,525,305 shares of the utilities provider's stock worth $551,323,000 after acquiring an additional 604,978 shares during the last quarter. Institutional investors own 73.34% of the company's stock.

Insiders Place Their Bets

In related news, CEO Ralph A. Larossa sold 1,387 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $83.12, for a total transaction of $115,287.44. Following the transaction, the chief executive officer directly owned 218,328 shares of the company's stock, valued at approximately $18,147,423.36. This represents a 0.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.19% of the company's stock.

Public Service Enterprise Group Trading Up 1.6%

Shares of NYSE:PEG traded up $1.42 during midday trading on Tuesday, reaching $88.36. The company's stock had a trading volume of 553,977 shares, compared to its average volume of 2,891,353. The firm has a market capitalization of $44.09 billion, a price-to-earnings ratio of 24.14, a PEG ratio of 3.14 and a beta of 0.48. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.65 and a current ratio of 0.82. The firm has a 50 day moving average price of $81.93 and a two-hundred day moving average price of $82.10. Public Service Enterprise Group Incorporated has a fifty-two week low of $74.67 and a fifty-two week high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.43. Public Service Enterprise Group had a return on equity of 11.80% and a net margin of 17.01%. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.15 billion. During the same period in the previous year, the business earned $1.31 EPS. The firm's revenue was up 16.7% compared to the same quarter last year. As a group, 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 company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend is Tuesday, September 9th. Public Service Enterprise Group's dividend payout ratio (DPR) is currently 68.85%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Barclays reduced their price objective on Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 10th. Wall Street Zen lowered Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research report on Sunday, July 20th. Guggenheim reduced their price objective on Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. UBS Group boosted their price objective on Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a "buy" rating in a research report on Friday. Finally, BMO Capital Markets lifted their target price on Public Service Enterprise Group from $83.00 to $84.00 and gave the stock a "market perform" rating in a report on Tuesday, July 22nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $90.50.

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.