Allianz Asset Management GmbH Reduces Stock Position in Public Service Enterprise Group Incorporated $PEG

Allianz Asset Management GmbH trimmed its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 34.5% in the third quarter, Holdings Channel.com reports. The fund owned 178,551 shares of the utilities provider’s stock after selling 94,218 shares during the period. Allianz Asset Management GmbH’s holdings in Public Service Enterprise Group were worth $14,902,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of PEG. Twin Peaks Wealth Advisors LLC purchased a new position in Public Service Enterprise Group in the 2nd quarter valued at approximately $25,000. Chapman Financial Group LLC acquired a new stake in Public Service Enterprise Group in the second quarter valued at $25,000. Keener Financial Planning LLC purchased a new position in shares of Public Service Enterprise Group in the second quarter valued at $27,000. Cedar Mountain Advisors LLC purchased a new position in shares of Public Service Enterprise Group in the third quarter valued at $27,000. Finally, GoalVest Advisory LLC raised its stake in shares of Public Service Enterprise Group by 166.7% during the 2nd quarter. GoalVest Advisory LLC now owns 360 shares of the utilities provider’s stock worth $30,000 after buying an additional 225 shares during the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Public Service Enterprise Group in a research note on Monday, December 29th. Wells Fargo & Company upgraded shares of Public Service Enterprise Group from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $88.00 to $92.00 in a research report on Tuesday, January 20th. BMO Capital Markets lowered their price target on shares of Public Service Enterprise Group from $85.00 to $83.00 and set a “market perform” rating on the stock in a research report on Tuesday, November 4th. TD Cowen raised their price objective on shares of Public Service Enterprise Group from $93.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Finally, UBS Group cut their price objective on Public Service Enterprise Group from $105.00 to $98.00 and set a “buy” rating for the company in a research report on Wednesday, December 17th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.96.

Public Service Enterprise Group Price Performance

Public Service Enterprise Group stock opened at $80.68 on Friday. The stock has a market capitalization of $40.27 billion, a P/E ratio of 19.39, a P/E/G ratio of 2.60 and a beta of 0.59. Public Service Enterprise Group Incorporated has a 12-month low of $74.67 and a 12-month high of $91.25. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.93 and a quick ratio of 0.69. The firm’s 50-day moving average is $79.90 and its two-hundred day moving average is $82.15.

Public Service Enterprise Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 10th were given a dividend of $0.63 per share. The ex-dividend date was Wednesday, December 10th. This represents a $2.52 dividend on an annualized basis and a yield of 3.1%. Public Service Enterprise Group’s dividend payout ratio (DPR) is 60.58%.

About Public Service Enterprise Group

Public Service Enterprise Group (NYSE: PEG) is a diversified energy company that operates primarily in New Jersey. Its core businesses include a regulated utility that delivers electric and natural gas service to residential, commercial and industrial customers, as well as generation and energy services operations that participate in wholesale power markets. The company’s activities encompass transmission and distribution, power generation operations, and related energy infrastructure services.

The regulated utility arm, Public Service Electric and Gas Company (PSE&G), is responsible for owning and maintaining electric and gas networks, connecting customers, performing meter and billing services, and managing system reliability and storm response.