The Manufacturers Life Insurance Company Invests $64.88 Million in Public Service Enterprise Group Incorporated $PEG

The Manufacturers Life Insurance Company acquired a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 799,406 shares of the utilities provider’s stock, valued at approximately $64,880,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PEG. BlackRock Inc. purchased a new stake in Public Service Enterprise Group during the second quarter valued at $4,366,570,000. Norges Bank bought a new stake in shares of Public Service Enterprise Group during the 4th quarter valued at about $552,280,000. Bank of America Corp DE grew its stake in shares of Public Service Enterprise Group by 24.7% during the 2nd quarter. Bank of America Corp DE now owns 17,536,584 shares of the utilities provider’s stock valued at $1,476,230,000 after purchasing an additional 3,469,886 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Public Service Enterprise Group during the 2nd quarter valued at about $221,632,000. Finally, Vanguard Group Inc. increased its position in shares of Public Service Enterprise Group by 3.4% during the 4th quarter. Vanguard Group Inc. now owns 67,498,821 shares of the utilities provider’s stock valued at $5,420,155,000 after purchasing an additional 2,189,951 shares during the last quarter. Institutional investors own 73.34% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PEG shares. Wells Fargo & Company lowered their price objective on shares of Public Service Enterprise Group from $91.00 to $89.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 5th. Jefferies Financial Group cut their target price on shares of Public Service Enterprise Group from $89.00 to $78.00 and set a “hold” rating for the company in a research report on Monday, July 20th. Wall Street Zen cut shares of Public Service Enterprise Group from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Royal Bank Of Canada started coverage on shares of Public Service Enterprise Group in a research report on Thursday, July 2nd. They issued a “sector perform” rating and a $81.00 price target on the stock. Finally, Citigroup dropped their price target on shares of Public Service Enterprise Group from $91.00 to $84.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, Public Service Enterprise Group has an average rating of “Hold” and a consensus target price of $89.43.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 8,000 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $74.56, for a total value of $596,480.00. Following the completion of the sale, the senior vice president owned 20,970 shares in the company, valued at approximately $1,563,523.20. This represents a 27.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Kim C. Hanemann sold 3,035 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $82.00, for a total value of $248,870.00. Following the sale, the chief operating officer directly owned 98,815 shares in the company, valued at approximately $8,102,830. This represents a 2.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 17,284 shares of company stock worth $1,332,751. 0.19% of the stock is owned by corporate insiders.

Public Service Enterprise Group Trading Down 0.3%

Public Service Enterprise Group stock opened at $73.29 on Wednesday. Public Service Enterprise Group Incorporated has a 12-month low of $72.53 and a 12-month high of $87.63. The firm has a market capitalization of $36.53 billion, a price-to-earnings ratio of 18.23, a P/E/G ratio of 2.77 and a beta of 0.51. The firm has a 50 day moving average of $78.44 and a 200 day moving average of $80.26. The company has a current ratio of 0.88, a quick ratio of 0.67 and a debt-to-equity ratio of 1.31.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, August 4th. The utilities provider reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.06. The business had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.66 billion. Public Service Enterprise Group had a net margin of 16.04% and a return on equity of 12.42%. The company’s revenue for the quarter was down 8.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.77 earnings per share. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. As a group, research analysts predict that Public Service Enterprise Group Incorporated will post 4.36 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 9th will be given a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Wednesday, September 9th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 66.67%.

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.