Cullen Investment Group LTD. Has $5.82 Million Stock Position in Public Service Enterprise Group Incorporated $PEG

Cullen Investment Group LTD. boosted its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 10.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 71,022 shares of the utilities provider’s stock after purchasing an additional 6,702 shares during the period. Cullen Investment Group LTD.’s holdings in Public Service Enterprise Group were worth $5,823,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Public Service Enterprise Group in the second quarter valued at approximately $564,238,000. Bank of America Corp DE increased its holdings in 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 in the last quarter. Invesco Ltd. raised its position in 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 purchasing an additional 1,408,707 shares during the last quarter. Vanguard Group Inc. boosted its stake in Public Service Enterprise Group by 1.9% in the second quarter. Vanguard Group Inc. now owns 64,961,047 shares of the utilities provider’s stock worth $5,468,421,000 after purchasing an additional 1,199,371 shares in the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC acquired a new stake in shares of Public Service Enterprise Group in the first quarter valued at $68,317,000. 73.34% of the stock is owned by institutional investors.

Public Service Enterprise Group Stock Performance

Shares of Public Service Enterprise Group stock opened at $79.97 on Wednesday. The firm has a fifty day moving average of $81.82 and a two-hundred day moving average of $82.73. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.69 and a current ratio of 0.93. The stock has a market capitalization of $39.91 billion, a price-to-earnings ratio of 19.22, a PEG ratio of 2.46 and a beta of 0.59. Public Service Enterprise Group Incorporated has a 52 week low of $74.67 and a 52 week high of $91.25.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Monday, November 3rd. The utilities provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $2.80 billion. During the same period last year, the company earned $0.90 EPS. The firm’s revenue 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. As a group, equities research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 10th will be given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Wednesday, December 10th. Public Service Enterprise Group’s payout ratio is presently 60.58%.

Analyst Ratings Changes

PEG has been the subject of a number of research analyst reports. TD Cowen lifted their price target on Public Service Enterprise Group from $93.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Wall Street Zen raised shares of Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research note on Saturday, September 6th. Barclays upped their target price on shares of Public Service Enterprise Group from $82.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 21st. JPMorgan Chase & Co. lowered their price target on shares of Public Service Enterprise Group from $96.00 to $88.00 and set an “overweight” rating for the company in a report on Friday, December 12th. Finally, Jefferies Financial Group raised Public Service Enterprise Group from a “hold” rating to a “buy” rating and upped their price objective for the stock from $89.00 to $90.00 in a report on Thursday, November 6th. Nine investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $91.35.

Insider Activity at Public Service Enterprise Group

In related news, SVP Richard T. Thigpen sold 4,920 shares of the stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $82.33, for a total value of $405,063.60. Following the sale, the senior vice president directly owned 26,134 shares in the company, valued at $2,151,612.22. This trade represents a 15.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.19% of the stock is currently owned by company insiders.

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.