Van ECK Associates Corp Grows Stock Position in Public Service Enterprise Group Incorporated $PEG

Van ECK Associates Corp boosted its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 5.6% during the second quarter, Holdings Channel reports. The institutional investor owned 3,901,675 shares of the utilities provider’s stock after buying an additional 208,228 shares during the period. Van ECK Associates Corp’s holdings in Public Service Enterprise Group were worth $316,660,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PEG. BlackRock Inc. purchased a new position in shares of Public Service Enterprise Group during the 2nd quarter worth about $4,366,570,000. Bank of America Corp DE purchased a new stake in Public Service Enterprise Group in the second quarter valued at approximately $1,207,400,000. Norges Bank purchased a new stake in Public Service Enterprise Group in the fourth quarter valued at approximately $552,280,000. Legal & General Group Plc acquired a new position in Public Service Enterprise Group during the second quarter worth approximately $554,994,000. Finally, Bank of New York Mellon Corp purchased a new position in Public Service Enterprise Group during the second quarter worth approximately $221,632,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Jefferies Financial Group decreased their price target on shares of Public Service Enterprise Group from $89.00 to $78.00 and set a “hold” rating on the stock in a report on Monday, July 20th. Morgan Stanley lowered their price target on Public Service Enterprise Group from $93.00 to $91.00 and set an “overweight” rating for the company in a research report on Friday, August 21st. Wells Fargo & Company cut their price objective on Public Service Enterprise Group from $91.00 to $89.00 and set an “overweight” rating on the stock in a report on Wednesday, August 5th. Truist Financial reduced their price objective on Public Service Enterprise Group from $90.00 to $84.00 and set a “hold” rating on the stock in a research note on Thursday, August 13th. Finally, Citigroup cut their price target on shares of Public Service Enterprise Group from $91.00 to $84.00 and set a “neutral” rating on the stock in a report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, Public Service Enterprise Group presently has a consensus rating of “Hold” and an average target price of $89.43.

Public Service Enterprise Group Stock Down 0.4%

NYSE PEG opened at $73.07 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.88 and a debt-to-equity ratio of 1.31. Public Service Enterprise Group Incorporated has a fifty-two week low of $72.53 and a fifty-two week high of $87.63. The business has a 50 day moving average price of $78.06 and a two-hundred day moving average price of $80.12. The stock has a market cap of $36.42 billion, a PE ratio of 18.18, a P/E/G ratio of 2.76 and a beta of 0.51.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Tuesday, August 4th. The utilities provider reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.06. The business had revenue of $2.55 billion for the quarter, compared to analysts’ expectations of $2.66 billion. Public Service Enterprise Group had a net margin of 16.04% and a return on equity of 12.42%. The business’s revenue for the quarter was down 8.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.77 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 predict that Public Service Enterprise Group Incorporated will post 4.36 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 9th will be given a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Wednesday, September 9th. Public Service Enterprise Group’s payout ratio is presently 66.67%.

Insider Buying and Selling

In related news, COO Kim C. Hanemann sold 3,035 shares of the stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $82.00, for a total value of $248,870.00. Following the completion of the transaction, the chief operating officer owned 98,815 shares of the company’s stock, valued at approximately $8,102,830. This represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Richard T. Thigpen sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $74.56, for a total value of $596,480.00. Following the sale, the senior vice president owned 20,970 shares of the company’s stock, valued at approximately $1,563,523.20. This trade represents a 27.61% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 17,284 shares of company stock worth $1,332,751. 0.19% of the stock is currently owned by corporate insiders.

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.