Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. reduced its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 1.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 121,874 shares of the utilities provider’s stock after selling 1,818 shares during the quarter. Corebridge Financial Inc.’s holdings in Public Service Enterprise Group were worth $10,297,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in PEG. Wingate Wealth Advisors Inc. acquired a new position in Public Service Enterprise Group in the fourth quarter valued at approximately $35,000. OFI Invest Asset Management purchased a new stake in shares of Public Service Enterprise Group during the 4th quarter worth approximately $39,000. Stonebridge Financial Group LLC acquired a new position in shares of Public Service Enterprise Group in the 4th quarter valued at $54,000. Financial Life Planners purchased a new position in shares of Public Service Enterprise Group in the 4th quarter valued at $56,000. Finally, Millstone Evans Group LLC acquired a new stake in Public Service Enterprise Group during the 4th quarter worth $56,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on PEG. Scotiabank raised their price objective on Public Service Enterprise Group from $73.00 to $86.00 and gave the stock a “sector perform” rating in a report on Thursday, December 12th. StockNews.com upgraded Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research note on Friday, March 14th. Morgan Stanley boosted their price objective on 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. Bank of America lowered their target price on shares of 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. Finally, LADENBURG THALM/SH SH downgraded shares of Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $82.50 price target for the company. in a research report on Wednesday, March 19th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $89.65.

Public Service Enterprise Group Trading Up 0.1 %

NYSE PEG opened at $81.48 on Thursday. The company has a quick ratio of 0.48, a current ratio of 0.68 and a debt-to-equity ratio of 1.18. The stock has a market capitalization of $40.62 billion, a P/E ratio of 20.02, a P/E/G ratio of 2.78 and a beta of 0.60. Public Service Enterprise Group Incorporated has a 52-week low of $64.03 and a 52-week high of $95.22. The firm has a 50-day moving average price of $83.31 and a 200 day moving average price of $86.09.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the prior year, the business posted $0.54 EPS. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. Equities research analysts expect that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be paid a dividend of $0.63 per share. The ex-dividend date of this dividend is Monday, March 10th. This is a boost from Public Service Enterprise Group’s previous quarterly dividend of $0.60. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.09%. Public Service Enterprise Group’s dividend payout ratio is 71.19%.

Insider Activity

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $84.91, for a total transaction of $117,005.98. Following the transaction, the chief executive officer now directly owns 144,212 shares in the company, valued at approximately $12,245,040.92. This represents a 0.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.57% of the company’s stock.

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.