Norges Bank Acquires Shares of 6,702,755 Public Service Enterprise Group Incorporated $PEG

Norges Bank bought a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 6,702,755 shares of the utilities provider’s stock, valued at approximately $564,238,000.

A number of other institutional investors and hedge funds have also modified their holdings of PEG. Level Four Advisory Services LLC boosted its holdings in Public Service Enterprise Group by 4.0% in the 2nd quarter. Level Four Advisory Services LLC now owns 12,579 shares of the utilities provider’s stock worth $1,059,000 after buying an additional 487 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Public Service Enterprise Group by 7.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 34,129 shares of the utilities provider’s stock valued at $2,873,000 after acquiring an additional 2,378 shares during the last quarter. Groupama Asset Managment lifted its position in shares of Public Service Enterprise Group by 16.5% in the second quarter. Groupama Asset Managment now owns 25,450 shares of the utilities provider’s stock valued at $2,126,000 after acquiring an additional 3,596 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in shares of Public Service Enterprise Group in the second quarter worth approximately $106,000. Finally, Quadrant Capital Group LLC boosted its stake in shares of Public Service Enterprise Group by 9.0% in the second quarter. Quadrant Capital Group LLC now owns 8,736 shares of the utilities provider’s stock worth $735,000 after acquiring an additional 724 shares during the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on PEG shares. Wells Fargo & Company initiated coverage on Public Service Enterprise Group in a research note on Tuesday, October 28th. They issued an “equal weight” rating and a $88.00 price objective for the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of Public Service Enterprise Group in a research report on Wednesday, November 19th. BMO Capital Markets decreased their price target on shares of Public Service Enterprise Group from $85.00 to $83.00 and set a “market perform” rating on the stock in a research note on Tuesday, November 4th. Jefferies Financial Group upgraded shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating and boosted their price target for the stock from $89.00 to $90.00 in a research report on Thursday, November 6th. Finally, 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. Eight equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $91.19.

Insider Activity at Public Service Enterprise Group

In other news, SVP Richard T. Thigpen sold 4,920 shares of Public Service Enterprise Group stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $82.33, for a total transaction of $405,063.60. Following the sale, the senior vice president owned 26,134 shares of the company’s stock, valued at approximately $2,151,612.22. The trade was a 15.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Stock Up 0.3%

NYSE PEG opened at $83.52 on Friday. The business’s fifty day simple moving average is $82.33 and its 200-day simple moving average is $82.62. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 1.30. The firm has a market cap of $41.69 billion, a PE ratio of 21.09, a P/E/G ratio of 2.46 and a beta of 0.55. Public Service Enterprise Group Incorporated has a 52 week low of $74.67 and a 52 week high of $94.99.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data 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 net margin of 17.78% and a return on equity of 12.08%. The firm had revenue of $3.23 billion during the quarter, compared to analyst estimates of $2.80 billion. During the same quarter in the prior year, the firm posted $0.90 earnings per share. Public Service Enterprise Group’s quarterly revenue was up 22.1% on a year-over-year basis. Public Service Enterprise Group has set its FY 2025 guidance at 4.000-4.060 EPS. As a group, equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 10th will be issued a dividend of $0.63 per share. The ex-dividend date is Wednesday, December 10th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.0%. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 60.58%.

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.