Public Service Enterprise Group Incorporated $PEG Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System decreased its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 8.3% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 135,666 shares of the utilities provider’s stock after selling 12,200 shares during the quarter. State of Michigan Retirement System’s holdings in Public Service Enterprise Group were worth $11,420,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Keener Financial Planning LLC acquired a new position in Public Service Enterprise Group in the second quarter worth approximately $27,000. GoalVest Advisory LLC grew its position in Public Service Enterprise Group by 166.7% in the second quarter. GoalVest Advisory LLC now owns 360 shares of the utilities provider’s stock worth $30,000 after buying an additional 225 shares during the last quarter. Headlands Technologies LLC acquired a new position in Public Service Enterprise Group in the first quarter worth approximately $32,000. Wealth Preservation Advisors LLC acquired a new position in Public Service Enterprise Group in the first quarter worth approximately $33,000. Finally, Marshall & Sullivan Inc. WA acquired a new position in Public Service Enterprise Group in the second quarter worth approximately $33,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PEG. Wall Street Zen upgraded shares of Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research report on Saturday, September 6th. BTIG Research initiated coverage on shares of Public Service Enterprise Group in a research report on Wednesday, October 22nd. They set a “buy” rating and a $98.00 price objective on the stock. UBS Group lifted their price objective on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a “buy” rating in a research report on Friday, July 25th. Evercore ISI initiated coverage on shares of Public Service Enterprise Group in a research report on Tuesday, October 7th. They set an “in-line” rating and a $83.00 price objective on the stock. Finally, BMO Capital Markets lowered their price objective on shares of Public Service Enterprise Group from $89.00 to $85.00 and set a “market perform” rating on the stock in a research report on Monday, October 20th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.21.

Public Service Enterprise Group Trading Up 1.0%

Shares of NYSE:PEG opened at $81.36 on Tuesday. The firm has a fifty day moving average of $82.10 and a two-hundred day moving average of $82.35. The firm has a market capitalization of $40.60 billion, a P/E ratio of 20.54, a price-to-earnings-growth ratio of 2.46 and a beta of 0.53. Public Service Enterprise Group Incorporated has a 12-month low of $74.67 and a 12-month high of $95.22. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 1.30.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results 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. The company had revenue of $3.23 billion during the quarter, compared to analyst estimates of $2.80 billion. Public Service Enterprise Group had a net margin of 17.78% and a return on equity of 12.08%. The company’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same quarter last year, the business posted $0.90 EPS. Public Service Enterprise Group has set its FY 2025 guidance at 4.000-4.060 EPS. On average, equities analysts expect that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

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.