Investment Management Corp of Ontario Trims Stake in Public Service Enterprise Group Incorporated $PEG

Investment Management Corp of Ontario cut its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 36.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 117,898 shares of the utilities provider’s stock after selling 68,203 shares during the quarter. Investment Management Corp of Ontario’s holdings in Public Service Enterprise Group were worth $9,925,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Public Service Enterprise Group in the second quarter valued at approximately $564,238,000. Invesco Ltd. increased its holdings in shares of Public Service Enterprise Group by 27.8% in the 2nd quarter. Invesco Ltd. now owns 6,473,897 shares of the utilities provider’s stock valued at $544,973,000 after acquiring an additional 1,408,707 shares during the period. Vanguard Group Inc. raised its position in Public Service Enterprise Group by 1.9% in the 2nd quarter. Vanguard Group Inc. now owns 64,961,047 shares of the utilities provider’s stock valued at $5,468,421,000 after purchasing an additional 1,199,371 shares during the last quarter. Nuveen LLC purchased a new stake in Public Service Enterprise Group in the 1st quarter valued at $95,076,000. Finally, Cbre Investment Management Listed Real Assets LLC acquired a new stake in Public Service Enterprise Group during the 1st quarter worth $68,317,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Public Service Enterprise Group Price Performance

Shares of PEG opened at $78.79 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.69 and a debt-to-equity ratio of 1.27. The stock’s 50 day moving average is $82.13 and its two-hundred day moving average is $82.73. Public Service Enterprise Group Incorporated has a twelve month low of $74.67 and a twelve month high of $91.25. The firm has a market capitalization of $39.33 billion, a PE ratio of 18.94, a P/E/G ratio of 2.43 and a beta of 0.59.

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, topping 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 business had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $2.80 billion. During the same period in the prior year, the business posted $0.90 EPS. The company’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. Research 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 firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 10th will be issued a $0.63 dividend. The ex-dividend date of this dividend is Wednesday, December 10th. This represents a $2.52 dividend on an annualized basis and a yield of 3.2%. Public Service Enterprise Group’s dividend payout ratio (DPR) is 60.58%.

Insider Activity at Public Service Enterprise Group

In other news, SVP Richard T. Thigpen sold 4,920 shares of the company’s stock in a transaction 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 transaction, the senior vice president directly owned 26,134 shares of the company’s stock, valued at $2,151,612.22. This represents a 15.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.19% of the company’s stock.

Analyst Ratings Changes

PEG has been the topic of a number of recent research reports. Weiss Ratings restated a “buy (b)” rating on shares of Public Service Enterprise Group in a research note on Monday, December 1st. Wells Fargo & Company assumed coverage on Public Service Enterprise Group in a report on Tuesday, October 28th. They set an “equal weight” rating and a $88.00 price target on the stock. Wall Street Zen raised Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research note on Saturday, September 6th. Jefferies Financial Group raised Public Service Enterprise Group from a “hold” rating to a “buy” rating and increased their price objective for the stock from $89.00 to $90.00 in a research report on Thursday, November 6th. Finally, Morgan Stanley dropped their target price on Public Service Enterprise Group from $105.00 to $103.00 and set an “overweight” rating on the stock in a report on Thursday, September 25th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $91.19.

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.