Geode Capital Management LLC Raises Position in Public Service Enterprise Group Incorporated $PEG

Geode Capital Management LLC increased its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 12,771,343 shares of the utilities provider’s stock after acquiring an additional 114,351 shares during the quarter. Geode Capital Management LLC’s holdings in Public Service Enterprise Group were worth $1,021,475,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Nordea Investment Management AB raised its position in shares of Public Service Enterprise Group by 28.6% in the fourth quarter. Nordea Investment Management AB now owns 2,266,925 shares of the utilities provider’s stock worth $182,759,000 after buying an additional 504,632 shares in the last quarter. Assetmark Inc. raised its position in Public Service Enterprise Group by 4.6% during the third quarter. Assetmark Inc. now owns 893,950 shares of the utilities provider’s stock valued at $74,609,000 after purchasing an additional 38,949 shares in the last quarter. Greenland Capital Management LP raised its position in Public Service Enterprise Group by 238.9% during the third quarter. Greenland Capital Management LP now owns 69,734 shares of the utilities provider’s stock valued at $5,820,000 after purchasing an additional 49,157 shares in the last quarter. PNC Financial Services Group Inc. raised its position in Public Service Enterprise Group by 38.7% during the third quarter. PNC Financial Services Group Inc. now owns 905,489 shares of the utilities provider’s stock valued at $75,572,000 after purchasing an additional 252,718 shares in the last quarter. Finally, New York State Common Retirement Fund raised its position in Public Service Enterprise Group by 13.0% during the third quarter. New York State Common Retirement Fund now owns 314,668 shares of the utilities provider’s stock valued at $26,262,000 after purchasing an additional 36,100 shares in the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Down 0.8%

NYSE PEG opened at $78.55 on Friday. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.97 and a quick ratio of 0.75. The stock has a market capitalization of $39.14 billion, a PE ratio of 17.38, a PEG ratio of 2.98 and a beta of 0.53. Public Service Enterprise Group Incorporated has a 1 year low of $76.05 and a 1 year high of $91.25. The business’s 50-day moving average is $80.05 and its 200 day moving average is $81.14.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Tuesday, May 5th. The utilities provider reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.11. The company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $3.35 billion. Public Service Enterprise Group had a return on equity of 12.30% and a net margin of 17.69%.Public Service Enterprise Group’s quarterly revenue was up 19.4% on a year-over-year basis. During the same period last year, the firm earned $1.43 earnings per share. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. Sell-side analysts forecast that Public Service Enterprise Group Incorporated will post 4.37 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 9th will be paid a $0.67 dividend. The ex-dividend date of this dividend is Tuesday, June 9th. This represents a $2.68 annualized dividend and a dividend yield of 3.4%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 59.29%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on PEG shares. Jefferies Financial Group downgraded Public Service Enterprise Group from a “buy” rating to a “hold” rating and lowered their price target for the company from $90.00 to $89.00 in a research report on Wednesday, April 15th. JPMorgan Chase & Co. raised their price target on Public Service Enterprise Group from $85.00 to $90.00 and gave the company a “neutral” rating in a research report on Thursday, March 12th. Truist Financial lowered their price target on Public Service Enterprise Group from $91.00 to $88.00 and set a “hold” rating on the stock in a research report on Monday, May 18th. Wall Street Zen upgraded Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, LADENBURG THALM/SH SH downgraded Public Service Enterprise Group from a “buy” rating to a “neutral” rating and lowered their price target for the company from $87.50 to $84.50 in a research report on Friday, March 13th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, Public Service Enterprise Group has a consensus rating of “Moderate Buy” and an average target price of $93.19.

Insider Activity

In related news, SVP Richard T. Thigpen sold 4,700 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $83.00, for a total value of $390,100.00. Following the sale, the senior vice president directly owned 28,481 shares of the company’s stock, valued at $2,363,923. This trade represents a 14.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ralph A. Larossa sold 2,083 shares of Public Service Enterprise Group stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $81.21, for a total value of $169,160.43. Following the sale, the chief executive officer directly owned 289,315 shares in the company, valued at approximately $23,495,271.15. The trade was a 0.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 10,949 shares of company stock worth $902,747 over the last three months. 0.19% of the stock is owned by insiders.

Public Service Enterprise Group Profile

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.