Westpac Banking Corp Takes Position in Public Service Enterprise Group Incorporated $PEG

Westpac Banking Corp bought a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 18,318 shares of the utilities provider’s stock, valued at approximately $1,471,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Rossby Financial LCC raised its holdings in shares of Public Service Enterprise Group by 5.5% in the third quarter. Rossby Financial LCC now owns 2,311 shares of the utilities provider’s stock valued at $191,000 after purchasing an additional 121 shares during the last quarter. Colonial Trust Co SC increased its stake in shares of Public Service Enterprise Group by 26.8% in the third quarter. Colonial Trust Co SC now owns 573 shares of the utilities provider’s stock worth $48,000 after purchasing an additional 121 shares in the last quarter. JPL Wealth Management LLC increased its stake in shares of Public Service Enterprise Group by 0.4% in the third quarter. JPL Wealth Management LLC now owns 32,758 shares of the utilities provider’s stock worth $2,734,000 after purchasing an additional 122 shares in the last quarter. Transcend Capital Advisors LLC increased its stake in shares of Public Service Enterprise Group by 2.6% in the third quarter. Transcend Capital Advisors LLC now owns 4,916 shares of the utilities provider’s stock worth $410,000 after purchasing an additional 125 shares in the last quarter. Finally, Strategic Investment Advisors MI increased its stake in shares of Public Service Enterprise Group by 0.8% in the third quarter. Strategic Investment Advisors MI now owns 15,954 shares of the utilities provider’s stock worth $1,331,000 after purchasing an additional 127 shares in the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Jefferies Financial Group downgraded shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating and reduced their target price for the stock from $90.00 to $89.00 in a research note on Wednesday, April 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of Public Service Enterprise Group in a research note on Friday, March 27th. BMO Capital Markets lifted their target price on shares of Public Service Enterprise Group from $90.00 to $91.00 and gave the stock a “market perform” rating in a research note on Monday, April 13th. Truist Financial reduced their target price on shares of Public Service Enterprise Group from $91.00 to $88.00 and set a “hold” rating for the company in a research note on Monday, May 18th. Finally, Barclays lifted their target price on shares of Public Service Enterprise Group from $81.00 to $89.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $93.19.

Insider Buying and Selling

In related news, CEO Ralph A. Larossa sold 2,083 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $77.01, for a total transaction of $160,411.83. Following the completion of the transaction, the chief executive officer owned 287,232 shares of the company’s stock, valued at approximately $22,119,736.32. The trade was a 0.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 6,249 shares of company stock worth $498,795 over the last three months. 0.19% of the stock is currently owned by insiders.

Public Service Enterprise Group Price Performance

Shares of NYSE:PEG opened at $77.90 on Thursday. The company has a 50 day moving average of $79.87 and a 200 day moving average of $81.01. The stock has a market cap of $38.82 billion, a P/E ratio of 17.24, a P/E/G ratio of 2.95 and a beta of 0.51. Public Service Enterprise Group Incorporated has a 12 month low of $76.05 and a 12 month high of $91.25. The company has a current ratio of 0.97, a quick ratio of 0.75 and a debt-to-equity ratio of 1.31.

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

Public Service Enterprise Group Dividend Announcement

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

Public Service Enterprise Group Company 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.