Public Service Enterprise Group Incorporated $PEG Shares Purchased by Vise Technologies Inc.

Vise Technologies Inc. increased its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 71.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,333 shares of the utilities provider’s stock after purchasing an additional 10,102 shares during the period. Vise Technologies Inc.’s holdings in Public Service Enterprise Group were worth $1,639,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of PEG. BlackRock Inc. bought a new stake in shares of Public Service Enterprise Group in the 2nd quarter worth about $4,366,570,000. Bank of America Corp DE bought a new stake in Public Service Enterprise Group during the 2nd quarter valued at about $1,207,400,000. Legal & General Group Plc purchased a new position in Public Service Enterprise Group during the 2nd quarter worth $554,994,000. Bank of New York Mellon Corp bought a new position in Public Service Enterprise Group during the 2nd quarter worth about $221,632,000. Finally, Amundi boosted its position in Public Service Enterprise Group by 71.6% during the 2nd quarter. Amundi now owns 3,962,317 shares of the utilities provider’s stock valued at $321,580,000 after acquiring an additional 1,653,832 shares in the last quarter. 73.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PEG has been the subject of several research analyst reports. BMO Capital Markets decreased their price objective on shares of Public Service Enterprise Group from $79.00 to $77.00 and set a “market perform” rating for the company in a research report on Thursday, October 22nd. Barclays reduced their price objective on shares of Public Service Enterprise Group from $83.00 to $76.00 and set an “equal weight” rating for the company in a research report on Monday, October 12th. The Goldman Sachs Group lowered their price target on shares of Public Service Enterprise Group from $86.00 to $83.00 in a research report on Thursday, October 15th. LADENBURG THALM/SH SH lowered their price target on shares of Public Service Enterprise Group from $80.50 to $75.50 and set a “neutral” rating on the stock in a research report on Tuesday. Finally, Truist Financial cut their price objective on Public Service Enterprise Group from $84.00 to $78.00 and set a “hold” rating for the company in a research report on Thursday, October 15th. Seven analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat, Public Service Enterprise Group currently has a consensus rating of “Hold” and an average target price of $79.32.

Public Service Enterprise Group Stock Performance

Shares of PEG traded down $0.58 during mid-day trading on Friday, reaching $72.52. 3,294,226 shares of the company’s stock were exchanged, compared to its average volume of 3,975,479. The business’s fifty day simple moving average is $71.18 and its 200-day simple moving average is $77.90. Public Service Enterprise Group Incorporated has a 52-week low of $66.15 and a 52-week high of $87.63. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.88 and a quick ratio of 0.67. The stock has a market capitalization of $36.14 billion, a PE ratio of 20.48, a price-to-earnings-growth ratio of 2.55 and a beta of 0.48.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Monday, November 2nd. The utilities provider reported $1.15 EPS for the quarter, missing the consensus estimate of $1.19 by ($0.04). Public Service Enterprise Group had a return on equity of 12.43% and a net margin of 14.31%. The company had revenue of $3.02 billion for the quarter, compared to analysts’ expectations of $3.19 billion. During the same quarter in the previous year, the firm posted $1.13 earnings per share. Public Service Enterprise Group’s revenue for the quarter was down 6.4% on a year-over-year basis. On average, equities research analysts expect that Public Service Enterprise Group Incorporated will post 4.36 earnings per share for the current year.

Insider Activity

In other news, SVP Richard Thigpen sold 8,000 shares of the stock in a transaction 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 completion of the sale, the senior vice president owned 20,970 shares of the company’s stock, valued at $1,563,523.20. This represents a 27.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ralph LaRossa sold 2,083 shares of the company’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $73.60, for a total transaction of $153,308.80. Following the completion of the transaction, the chief executive officer owned 276,487 shares of the company’s stock, valued at $20,349,443.20. This trade represents a 0.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 12,166 shares of company stock valued at $890,350 over the last 90 days. 0.19% of the stock is currently owned by insiders.

About Public Service Enterprise Group

Public Service Enterprise Group (PSEG) is an energy company headquartered in New Jersey. Its principal subsidiary, Public Service Electric and Gas Company (PSE&G), provides regulated electric and natural gas service to residential, commercial and industrial customers across much of the state.

PSE&G operates electric and gas transmission and distribution systems and offers energy-efficiency programs. Through its generation business, PSEG also operates nuclear power plants in New Jersey, producing electricity for the regional power market.

The company traces its roots to the Public Service Corporation of New Jersey, established in 1903, and serves customers primarily in New Jersey.