UniSuper Management Pty Ltd Increases Stake in Public Service Enterprise Group Incorporated $PEG

UniSuper Management Pty Ltd raised its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 17.1% in the third quarter, HoldingsChannel reports. The fund owned 49,795 shares of the utilities provider’s stock after purchasing an additional 7,261 shares during the period. UniSuper Management Pty Ltd’s holdings in Public Service Enterprise Group were worth $4,156,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in PEG. Norges Bank acquired a new position in shares of Public Service Enterprise Group in the 2nd quarter valued at $564,238,000. Bank of America Corp DE raised its position in shares of Public Service Enterprise Group by 24.7% in the second quarter. Bank of America Corp DE now owns 17,536,584 shares of the utilities provider’s stock worth $1,476,230,000 after acquiring an additional 3,469,886 shares during the period. Invesco Ltd. boosted its stake in shares of Public Service Enterprise Group by 27.8% during the 2nd quarter. Invesco Ltd. now owns 6,473,897 shares of the utilities provider’s stock worth $544,973,000 after acquiring an additional 1,408,707 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Public Service Enterprise Group by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 64,961,047 shares of the utilities provider’s stock worth $5,468,421,000 after acquiring an additional 1,199,371 shares in the last quarter. Finally, Railway Pension Investments Ltd grew its position in shares of Public Service Enterprise Group by 97.5% during the 3rd quarter. Railway Pension Investments Ltd now owns 1,897,800 shares of the utilities provider’s stock valued at $158,390,000 after acquiring an additional 937,100 shares during the period. Institutional investors and hedge funds own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Down 1.4%

Shares of PEG opened at $78.28 on Monday. The stock has a 50 day moving average price of $80.21 and a 200 day moving average price of $82.32. Public Service Enterprise Group Incorporated has a one year low of $74.67 and a one year high of $91.25. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.69 and a current ratio of 0.93. The stock has a market capitalization of $39.07 billion, a price-to-earnings ratio of 18.82, a PEG ratio of 2.54 and a beta of 0.60.

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 for the quarter, beating analysts’ consensus estimates of $1.02 by $0.11. Public Service Enterprise Group had a return on equity of 12.62% and a net margin of 17.77%.The company had revenue of $3.23 billion for the quarter, compared to analyst estimates of $2.80 billion. During the same quarter last year, the firm posted $0.90 EPS. The firm’s revenue for the quarter 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. Equities research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 10th were given a dividend of $0.63 per share. The ex-dividend date was Wednesday, December 10th. This represents a $2.52 dividend on an annualized basis and a yield of 3.2%. Public Service Enterprise Group’s payout ratio is presently 60.58%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Public Service Enterprise Group in a report on Monday, December 29th. UBS Group reduced their target price on Public Service Enterprise Group from $105.00 to $98.00 and set a “buy” rating for the company in a research note on Wednesday, December 17th. BTIG Research initiated coverage on shares of Public Service Enterprise Group in a research note on Wednesday, October 22nd. They issued a “buy” rating and a $98.00 price target on the stock. TD Cowen boosted their price target on shares of Public Service Enterprise Group from $93.00 to $96.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Finally, BMO Capital Markets reduced their price objective on shares of Public Service Enterprise Group from $85.00 to $83.00 and set a “market perform” rating for the company in a research report on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $90.96.

Insider Transactions at Public Service Enterprise Group

In related news, SVP Richard T. Thigpen sold 4,920 shares of the company’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $82.33, for a total transaction of $405,063.60. Following the completion of the sale, the senior vice president owned 26,134 shares of the company’s stock, valued at approximately $2,151,612.22. This represents a 15.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.19% of the company’s stock.

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.