Legal & General Group Plc Reduces Stock Position in Public Service Enterprise Group Incorporated $PEG

Legal & General Group Plc lessened its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 3.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,709,463 shares of the utilities provider’s stock after selling 207,155 shares during the period. Legal & General Group Plc’s holdings in Public Service Enterprise Group were worth $564,803,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Keener Financial Planning LLC bought a new position in Public Service Enterprise Group in the second quarter worth about $27,000. GoalVest Advisory LLC grew its holdings 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 acquiring an additional 225 shares during the period. Headlands Technologies LLC purchased a new position in shares of Public Service Enterprise Group during the 1st quarter worth approximately $32,000. Marshall & Sullivan Inc. WA bought a new position in shares of Public Service Enterprise Group in the 2nd quarter worth approximately $33,000. Finally, Wealth Preservation Advisors LLC purchased a new position in shares of Public Service Enterprise Group in the 1st quarter valued at approximately $33,000. 73.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PEG. BMO Capital Markets lowered their price objective on Public Service Enterprise Group from $85.00 to $83.00 and set a “market perform” rating for the company in a research report on Tuesday, November 4th. Barclays increased their price target on shares of Public Service Enterprise Group from $82.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 21st. Wall Street Zen raised shares of Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research note on Saturday, September 6th. Weiss Ratings restated a “buy (b-)” rating on shares of Public Service Enterprise Group in a report on Wednesday. Finally, Wells Fargo & Company initiated coverage on shares of Public Service Enterprise Group in a report on Tuesday, October 28th. They set an “equal weight” rating and a $88.00 target price for the company. Eight analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $91.19.

Public Service Enterprise Group Price Performance

Shares of PEG opened at $81.25 on Friday. The firm has a fifty day simple moving average of $82.19 and a two-hundred day simple moving average of $82.46. The firm has a market cap of $40.56 billion, a PE ratio of 20.52, a P/E/G ratio of 2.46 and a beta of 0.55. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 1.30. Public Service Enterprise Group Incorporated has a 1-year low of $74.67 and a 1-year high of $95.22.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Monday, November 3rd. The utilities provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.11. Public Service Enterprise Group had a return on equity of 12.08% and a net margin of 17.78%.The business had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $2.80 billion. During the same period in the previous year, the company posted $0.90 EPS. The business’s quarterly revenue was up 22.1% compared to the same quarter last year. Public Service Enterprise Group has set its FY 2025 guidance at 4.000-4.060 EPS. On average, equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 10th will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Wednesday, December 10th. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 60.58%.

Insider Activity

In other news, SVP Richard T. Thigpen sold 4,920 shares of the company’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $82.33, for a total value of $405,063.60. Following the completion of the sale, the senior vice president directly owned 26,134 shares in the company, valued at $2,151,612.22. This represents a 15.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.19% of the stock is currently owned by insiders.

About Public Service Enterprise Group

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.