Wells Fargo & Company MN Decreases Stakes in Public Service Enterprise Group Incorporated by 4.0% in Q4

Wells Fargo & Company MN has decreased its stakes in Public Service Enterprise Group Incorporated (NYSE:PEG) by 4.0% in Q4, according to the latest filing with the Securities and Exchange Commission. The company owned around 1,105,376 shares amounting to approximately 0.22% of Public Service Enterprise Group’s total shares; it sold off 45,539 shares during the period that resulted in an estimated net worth of $67,726,000 at the end of the fiscal year.

Public Service Enterprise Group Incorporated is a utility holding company with a market capitalization value of around $31.02 billion. PEG provides a broad range of electric and gas-related services to residential and commercial markets across New Jersey.

Several analysts have issued reports about PEG’s current stock position recently. Following their research report on April 24th, Guggenheim raised Public Service Enterprise Group’s target price from $68.00 to $69.00; Goldman Sachs group found issued a ‘neutral’ rating with a proposed target price of $64.00, while Mizuho reduced their share target from $66.00 to $60.00 but maintained their original ‘buy’ rating for the firm. On Wednesday JPMorgan Chase & Co cut down PEG’s share target price from $70.00 to $67 and finally LADENBURG THALM/SH SH issued another ‘neutral’ rating as well as recommending a share target value at around $60.50.

The company had opened its weekly trading at roughly $62 on Friday morning with an overall fifty-two week low recorded at $52.51 and high at $69.94 respectively over this period.

Public Service Enterprise Group operates under solid fundamentals in an expected growth industry that could merit potential investors willing to purchase stocks today positively; however, as with all investments, sound advice drawn from various sources should remain a critical requirement for any prospective equity investor.

Public Service Enterprise Group (PEG) Sees Activity from Hedge Funds and Analyst Reports, COO Sells Shares, and Dividend Announced

Public Service Enterprise Group (PEG) has recently seen activity from a number of hedge funds, with some increasing and others reducing their stakes in the company. Concord Wealth Partners acquired a new position in PEG during the fourth quarter worth $25,000, while Boyd Watterson Asset Management bought a new position worth approximately $27,000. Romano Brothers & Company also bought a new position in Public Service Enterprise Group during the fourth quarter worth around $30,000. CI Investments Inc. grew its position in PEG by 990.2% during the third quarter and now owns 665 shares of the utilities provider’s stock worth $37,000 after buying an additional 604 shares during that period. New Hampshire Trust also acquired a new stake in PEG shares during the fourth quarter worth roughly $37,000. As much as 70.67% of PEG’s stock is owned by institutional investors and hedge funds.

In other news pertaining to Public Service Enterprise Group, COO Eric Carr sold 7,105 shares of company stock at an average price of $57.63 on Monday 13th March amounting to a total transaction value of $409,461.15. Post-transaction, Carr holds directly 6,482 shares in the company with an estimated value of $373,557.66.

A number of analysts have released reports on PEG stocks recently with Guggenheim raising their target price from $68 to $69 per share; however Goldman Sachs started coverage on Public Service Enterprise Group with a neutral rating and placed a target price of $64 per share on it.

PEG last released its earnings results for Q1 fiscal year ending May 2nd where it reported an EPS of $1.39 for the quarter beating analysts’ consensus estimates of $1.21 by a margin of $.18 to reach revenue target figure of around $$3.76 billion compared to expectations from analysts of $2.89 billion. PEG’s net margin for the quarter was around 20.64%, and the return on equity was around 12.78%. Public Service Enterprise Group’s revenue for Q1 fiscal year ending May 2nd, were up 62.3% when compared to the same quarter last year with this increase resulting is optimism leading into fiscal year-end.

Public Service Enterprise Group dividends have also been released, with a quarterly dividend being announced to be paid on June 30th, with shareholders of record as of June 9th being entitled to receive a $0.57 dividend, representing a $2.28 annualized dividend and a yield of 3.67%. The ex-dividend date falls on Thursday, June 8th which should allow investors have adequate time to consider their positions regarding dividend payments from PEG.

Overall it’s pretty clear that Public Service Enterprise Group is currently well positioned in the market judging by market confidence shown through rising target prices and hedge fund activity along with solid revenue results meaning investing in Public Service Enterprise group might be seen by some as fairly beneficial option looking forward into future quarters and fiscal years end.