AdvisorNet Financial Inc Reduces Stake in Public Service Enterprise Group Incorporated $PEG

AdvisorNet Financial Inc reduced its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 54.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 707 shares of the utilities provider’s stock after selling 838 shares during the quarter. AdvisorNet Financial Inc’s holdings in Public Service Enterprise Group were worth $60,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. raised its stake in Public Service Enterprise Group by 6.2% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 47,659 shares of the utilities provider’s stock valued at $3,922,000 after purchasing an additional 2,803 shares during the last quarter. Sowell Financial Services LLC acquired a new position in Public Service Enterprise Group in the 1st quarter valued at $298,000. Exchange Traded Concepts LLC raised its stake in Public Service Enterprise Group by 12.7% in the 1st quarter. Exchange Traded Concepts LLC now owns 3,977 shares of the utilities provider’s stock valued at $327,000 after purchasing an additional 447 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Public Service Enterprise Group by 4.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 90,126 shares of the utilities provider’s stock valued at $7,417,000 after purchasing an additional 3,601 shares during the last quarter. Finally, Chemistry Wealth Management LLC purchased a new stake in Public Service Enterprise Group in the 2nd quarter valued at $579,000. 73.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Ralph A. Larossa sold 1,387 shares of the firm’s stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $83.12, for a total transaction of $115,287.44. Following the completion of the transaction, the chief executive officer directly owned 218,328 shares in the company, valued at $18,147,423.36. This trade represents a 0.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.19% of the stock is owned by company insiders.

Analysts Set New Price Targets

PEG has been the subject of several analyst reports. Barclays dropped their target price on Public Service Enterprise Group from $83.00 to $82.00 and set an “equal weight” rating for the company in a report on Thursday, July 10th. Morgan Stanley dropped their target price on Public Service Enterprise Group from $105.00 to $103.00 and set an “overweight” rating for the company in a report on Thursday. Wall Street Zen upgraded Public Service Enterprise Group from a “sell” rating to a “hold” rating in a report on Saturday, September 6th. BMO Capital Markets upped their target price on Public Service Enterprise Group from $84.00 to $89.00 and gave the company a “market perform” rating in a report on Wednesday, August 6th. Finally, UBS Group upped their target price on Public Service Enterprise Group from $97.00 to $103.00 and gave the company a “buy” rating in a report on Friday, July 25th. Six investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Public Service Enterprise Group currently has an average rating of “Moderate Buy” and an average target price of $91.85.

Public Service Enterprise Group Stock Performance

NYSE PEG opened at $82.30 on Friday. The stock has a market cap of $41.07 billion, a PE ratio of 20.78, a P/E/G ratio of 2.81 and a beta of 0.50. 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 twelve month low of $74.67 and a twelve month high of $95.22. The stock has a fifty day simple moving average of $84.30 and a 200-day simple moving average of $82.18.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.07. Public Service Enterprise Group had a return on equity of 12.08% and a net margin of 17.78%.The business had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.49 billion. During the same period in the prior year, the business posted $0.63 EPS. The company’s revenue was up 15.8% compared to the same quarter last year. Public Service Enterprise Group has set its FY 2025 guidance at 3.940-4.060 EPS. Equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Tuesday, September 9th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 63.64%.

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.