Norges Bank Makes New $552.28 Million Investment in Public Service Enterprise Group Incorporated $PEG

Norges Bank acquired a new position in Public Service Enterprise Group Incorporated (NYSE:PEG) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 6,877,714 shares of the utilities provider’s stock, valued at approximately $552,280,000.

Other hedge funds also recently made changes to their positions in the company. Nordea Investment Management AB raised its position in Public Service Enterprise Group by 28.6% during the 4th quarter. Nordea Investment Management AB now owns 2,266,925 shares of the utilities provider’s stock valued at $182,759,000 after purchasing an additional 504,632 shares during the last quarter. Assetmark Inc. increased its position in Public Service Enterprise Group by 4.6% during the 3rd quarter. Assetmark Inc. now owns 893,950 shares of the utilities provider’s stock valued at $74,609,000 after purchasing an additional 38,949 shares during the period. Greenland Capital Management LP increased its position in Public Service Enterprise Group by 238.9% during the 3rd quarter. Greenland Capital Management LP now owns 69,734 shares of the utilities provider’s stock valued at $5,820,000 after purchasing an additional 49,157 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Public Service Enterprise Group by 38.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 905,489 shares of the utilities provider’s stock worth $75,572,000 after acquiring an additional 252,718 shares during the period. Finally, New York State Common Retirement Fund grew its holdings in shares of Public Service Enterprise Group by 13.0% during the 3rd quarter. New York State Common Retirement Fund now owns 314,668 shares of the utilities provider’s stock worth $26,262,000 after acquiring an additional 36,100 shares during the period. 73.34% of the stock is owned by hedge funds and other institutional investors.

Public Service Enterprise Group Stock Performance

Shares of NYSE PEG opened at $78.55 on Monday. The firm’s 50-day moving average price is $80.05 and its 200-day moving average price is $81.13. The company has a quick ratio of 0.75, a current ratio of 0.97 and a debt-to-equity ratio of 1.31. The company has a market cap of $39.14 billion, a PE ratio of 17.38, a PEG ratio of 2.96 and a beta of 0.51. Public Service Enterprise Group Incorporated has a 52-week low of $76.05 and a 52-week high of $91.25.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Tuesday, May 5th. The utilities provider reported $1.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.44 by $0.11. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $3.35 billion. Public Service Enterprise Group had a return on equity of 12.30% and a net margin of 17.69%.The company’s revenue for the quarter was up 19.4% on a year-over-year basis. During the same period last year, the business posted $1.43 EPS. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. As a group, analysts anticipate that Public Service Enterprise Group Incorporated will post 4.37 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 9th will be issued a $0.67 dividend. The ex-dividend date of this dividend is Tuesday, June 9th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.4%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 59.29%.

Insider Buying and Selling

In related news, CEO Ralph A. Larossa sold 2,083 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $81.21, for a total value of $169,160.43. Following the transaction, the chief executive officer owned 289,315 shares of the company’s stock, valued at approximately $23,495,271.15. This trade represents a 0.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Richard T. Thigpen sold 4,700 shares of Public Service Enterprise Group stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $83.00, for a total value of $390,100.00. Following the transaction, the senior vice president owned 28,481 shares in the company, valued at $2,363,923. This trade represents a 14.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 10,949 shares of company stock worth $902,747. 0.19% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PEG. Jefferies Financial Group downgraded shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating and reduced their target price for the stock from $90.00 to $89.00 in a research report on Wednesday, April 15th. Wall Street Zen raised shares of Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Truist Financial cut their price target on Public Service Enterprise Group from $91.00 to $88.00 and set a “hold” rating on the stock in a research note on Monday, May 18th. JPMorgan Chase & Co. upped their price target on Public Service Enterprise Group from $85.00 to $90.00 and gave the stock a “neutral” rating in a research note on Thursday, March 12th. Finally, LADENBURG THALM/SH SH downgraded Public Service Enterprise Group from a “buy” rating to a “neutral” rating and cut their price target for the stock from $87.50 to $84.50 in a research note on Friday, March 13th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $93.19.

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.