Franklin Resources Inc. Cuts Stake in Public Service Enterprise Group Incorporated $PEG

Franklin Resources Inc. cut its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.7% in the 3rd quarter, Holdings Channel.com reports. The fund owned 2,251,233 shares of the utilities provider’s stock after selling 16,694 shares during the period. Franklin Resources Inc.’s holdings in Public Service Enterprise Group were worth $187,888,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of PEG. Magnetar Financial LLC bought a new stake in Public Service Enterprise Group during the 3rd quarter valued at about $3,517,000. Quadrant Capital Group LLC lifted its stake in shares of Public Service Enterprise Group by 1.8% in the third quarter. Quadrant Capital Group LLC now owns 8,897 shares of the utilities provider’s stock worth $743,000 after buying an additional 161 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Public Service Enterprise Group by 43.2% during the third quarter. Van ECK Associates Corp now owns 1,934,129 shares of the utilities provider’s stock valued at $161,423,000 after buying an additional 583,773 shares during the last quarter. Capital Research Global Investors increased its position in shares of Public Service Enterprise Group by 6.2% during the third quarter. Capital Research Global Investors now owns 8,132,936 shares of the utilities provider’s stock valued at $678,775,000 after acquiring an additional 477,387 shares in the last quarter. Finally, Capital International Inc. CA raised its holdings in Public Service Enterprise Group by 30.9% in the 3rd quarter. Capital International Inc. CA now owns 86,616 shares of the utilities provider’s stock worth $7,229,000 after acquiring an additional 20,468 shares during the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Richard T. Thigpen sold 4,700 shares of Public Service Enterprise Group stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $83.00, for a total transaction of $390,100.00. Following the transaction, the senior vice president directly owned 28,481 shares in the company, valued at approximately $2,363,923. The trade was a 14.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ralph A. Larossa sold 2,083 shares of the business’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $83.66, for a total value of $174,263.78. Following the sale, the chief executive officer directly owned 292,889 shares of the company’s stock, valued at $24,503,093.74. This represents a 0.71% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.19% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PEG has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their target price on Public Service Enterprise Group from $85.00 to $90.00 and gave the company a “neutral” rating in a research note on Thursday. Argus raised Public Service Enterprise Group to a “strong-buy” rating in a report on Wednesday, January 14th. Wells Fargo & Company increased their price objective on Public Service Enterprise Group from $92.00 to $94.00 and gave the company an “overweight” rating in a research report on Friday, February 27th. Barclays lifted their price objective on Public Service Enterprise Group from $81.00 to $89.00 and gave the stock an “equal weight” rating in a report on Thursday, March 5th. Finally, Evercore upgraded shares of Public Service Enterprise Group from an “in-line” rating to an “outperform” rating and set a $96.00 target price on the stock in a research note on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $93.12.

Public Service Enterprise Group Price Performance

NYSE PEG opened at $82.45 on Friday. The company has a 50-day moving average price of $82.02 and a 200-day moving average price of $81.79. Public Service Enterprise Group Incorporated has a 52 week low of $74.67 and a 52 week high of $91.25. The company has a quick ratio of 0.60, a current ratio of 0.80 and a debt-to-equity ratio of 1.28. The firm has a market capitalization of $41.12 billion, a P/E ratio of 19.54, a PEG ratio of 2.68 and a beta of 0.60.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Thursday, February 26th. The utilities provider reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.01. Public Service Enterprise Group had a net margin of 17.35% and a return on equity of 12.11%. The business had revenue of $2.92 billion during the quarter, compared to analysts’ expectations of $2.68 billion. During the same period in the prior year, the company earned $0.84 earnings per share. The firm’s revenue was up 18.3% on a year-over-year basis. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. Equities research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 10th will be issued a $0.67 dividend. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a $2.68 dividend on an annualized basis and a yield of 3.3%. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.63. Public Service Enterprise Group’s payout ratio is 63.51%.

About Public Service Enterprise Group

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.