Corient Private Wealth LLC Purchases 27,602 Shares of Public Service Enterprise Group Incorporated $PEG

Corient Private Wealth LLC raised its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 16.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 200,346 shares of the utilities provider’s stock after buying an additional 27,602 shares during the quarter. Corient Private Wealth LLC’s holdings in Public Service Enterprise Group were worth $16,865,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of PEG. Vanguard Group Inc. lifted its position in Public Service Enterprise Group by 1.9% during 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 acquiring an additional 1,199,371 shares during the period. State Street Corp increased its stake in shares of Public Service Enterprise Group by 0.8% during the second quarter. State Street Corp now owns 27,330,736 shares of the utilities provider’s stock valued at $2,300,701,000 after purchasing an additional 206,843 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Public Service Enterprise Group by 24.7% during the second 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 last quarter. Geode Capital Management LLC boosted its position in shares of Public Service Enterprise Group by 0.9% in the 2nd quarter. Geode Capital Management LLC now owns 12,526,776 shares of the utilities provider’s stock worth $1,049,973,000 after purchasing an additional 110,087 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of Public Service Enterprise Group by 9.8% in the 2nd quarter. Ameriprise Financial Inc. now owns 8,009,067 shares of the utilities provider’s stock worth $674,218,000 after buying an additional 715,051 shares during the last quarter. Institutional investors own 73.34% of the company’s stock.

Insider Activity

In related news, SVP Richard T. Thigpen sold 4,920 shares of Public Service Enterprise Group stock in a transaction on Friday, November 7th. The stock was sold at an average price of $82.33, for a total value of $405,063.60. Following the completion of the sale, the senior vice president owned 26,134 shares of the company’s stock, valued at $2,151,612.22. The trade was a 15.84% decrease in their ownership of the stock. 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.

Public Service Enterprise Group Stock Performance

Shares of NYSE PEG opened at $79.85 on Thursday. The firm’s 50-day moving average price is $81.78 and its 200-day moving average price is $82.71. 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 market cap of $39.86 billion, a PE ratio of 19.19, a PEG ratio of 2.44 and a beta of 0.59. The company has a quick ratio of 0.69, a current ratio of 0.93 and a debt-to-equity ratio of 1.27.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Monday, November 3rd. The utilities provider reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.11. Public Service Enterprise Group had a net margin of 17.77% and a return on equity of 12.62%. The firm had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $2.80 billion. During the same period in the previous year, the company earned $0.90 earnings per share. The firm’s quarterly 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, analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 10th will be issued 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 of this dividend is Wednesday, December 10th. Public Service Enterprise Group’s dividend payout ratio is presently 60.58%.

Analysts Set New Price Targets

PEG has been the subject of a number of recent research reports. Wells Fargo & Company began coverage on Public Service Enterprise Group in a research note on Tuesday, October 28th. They set an “equal weight” rating and a $88.00 price objective for the company. BMO Capital Markets lowered their price target on Public Service Enterprise Group from $85.00 to $83.00 and set a “market perform” rating for the company in a research report on Tuesday, November 4th. Morgan Stanley dropped their price target on shares of Public Service Enterprise Group from $105.00 to $103.00 and set an “overweight” rating on the stock in a research note on Thursday, September 25th. Evercore ISI assumed coverage on shares of Public Service Enterprise Group in a research note on Tuesday, October 7th. They set an “in-line” rating and a $83.00 price objective for the company. Finally, Barclays lifted 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 report on Tuesday, October 21st. Nine research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Public Service Enterprise Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $90.96.

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.