Avanza Fonder AB Buys 9,488 Shares of Public Service Enterprise Group Incorporated $PEG

Avanza Fonder AB boosted its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 20.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 57,024 shares of the utilities provider’s stock after acquiring an additional 9,488 shares during the quarter. Avanza Fonder AB’s holdings in Public Service Enterprise Group were worth $4,759,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Public Service Enterprise Group in the 2nd quarter worth $25,000. Chapman Financial Group LLC bought a new stake in Public Service Enterprise Group during the 2nd quarter valued at approximately $25,000. Keener Financial Planning LLC purchased a new position in shares of Public Service Enterprise Group in the second quarter worth $27,000. GoalVest Advisory LLC lifted its stake in Public Service Enterprise Group by 166.7% in the 2nd quarter. GoalVest Advisory LLC now owns 360 shares of the utilities provider’s stock worth $30,000 after purchasing an additional 225 shares in the last quarter. Finally, Marshall & Sullivan Inc. WA bought a new position in Public Service Enterprise Group during the second quarter valued at approximately $33,000. 73.34% of the stock is owned by hedge funds and other institutional investors.

Public Service Enterprise Group Stock Performance

Shares of PEG opened at $80.40 on Friday. The stock has a 50-day moving average of $81.45 and a two-hundred day moving average of $82.69. The stock has a market cap of $40.13 billion, a P/E ratio of 19.33, a P/E/G ratio of 2.46 and a beta of 0.59. Public Service Enterprise Group Incorporated has a one year low of $74.67 and a one year high of $91.25. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.69 and a current ratio of 0.93.

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 analysts’ consensus estimates of $1.02 by $0.11. The company had revenue of $3.23 billion during the quarter, compared to analyst estimates of $2.80 billion. Public Service Enterprise Group had a net margin of 17.77% and a return on equity of 12.62%. Public Service Enterprise Group’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same period last year, the firm posted $0.90 EPS. Public Service Enterprise Group has set its FY 2025 guidance at 4.000-4.060 EPS. As a group, 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. Investors 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 yield of 3.1%. The ex-dividend date of this dividend is Wednesday, December 10th. Public Service Enterprise Group’s dividend payout ratio (DPR) is 60.58%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PEG shares. JPMorgan Chase & Co. lowered their price objective on shares of Public Service Enterprise Group from $96.00 to $88.00 and set an “overweight” rating for the company in a research report on Friday, December 12th. TD Cowen upped their price objective on Public Service Enterprise Group from $93.00 to $96.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. 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 note on Tuesday, October 21st. BTIG Research initiated coverage on Public Service Enterprise Group in a research note on Wednesday, October 22nd. They set a “buy” rating and a $98.00 price target on the stock. Finally, Jefferies Financial Group raised shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating and lifted their price objective for the company from $89.00 to $90.00 in a report on Thursday, November 6th. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $90.96.

Insider Activity at Public Service Enterprise Group

In other news, SVP Richard T. Thigpen sold 4,920 shares of Public Service Enterprise Group stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $82.33, for a total transaction of $405,063.60. Following the completion of the transaction, the senior vice president directly owned 26,134 shares of the company’s stock, valued at $2,151,612.22. The trade was a 15.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.19% of the stock is owned by insiders.

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.