Confluence Wealth Services Inc. Decreases Stock Position in Public Service Enterprise Group Incorporated $PEG

Confluence Wealth Services Inc. lessened its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 42.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,692 shares of the utilities provider’s stock after selling 8,537 shares during the period. Confluence Wealth Services Inc.’s holdings in Public Service Enterprise Group were worth $976,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Public Service Enterprise Group during the second quarter valued at approximately $25,000. Chapman Financial Group LLC purchased a new stake in Public Service Enterprise Group during the 2nd quarter valued at $25,000. Keener Financial Planning LLC purchased a new stake in Public Service Enterprise Group during the 2nd quarter valued at $27,000. Cedar Mountain Advisors LLC bought a new stake in Public Service Enterprise Group in the 3rd quarter worth $27,000. Finally, GoalVest Advisory LLC raised its stake in shares of Public Service Enterprise Group by 166.7% during the second quarter. GoalVest Advisory LLC now owns 360 shares of the utilities provider’s stock valued at $30,000 after acquiring an additional 225 shares during the last quarter. 73.34% of the stock is currently owned by institutional investors.

Public Service Enterprise Group Price Performance

PEG opened at $79.39 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.69 and a debt-to-equity ratio of 1.27. The company has a market cap of $39.63 billion, a price-to-earnings ratio of 19.08, a price-to-earnings-growth ratio of 2.24 and a beta of 0.60. The stock has a fifty day simple moving average of $80.60 and a two-hundred day simple moving average of $82.40. Public Service Enterprise Group Incorporated has a 12-month low of $74.67 and a 12-month high of $91.25.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Monday, November 3rd. The utilities provider reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.02 by $0.11. The firm had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $2.80 billion. Public Service Enterprise Group had a net margin of 17.77% and a return on equity of 12.62%. The company’s revenue was up 22.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.90 EPS. Public Service Enterprise Group has set its FY 2025 guidance at 4.000-4.060 EPS. Research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 10th were given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Wednesday, December 10th. Public Service Enterprise Group’s payout ratio is currently 60.58%.

Wall Street Analyst Weigh In

PEG has been the topic of several recent analyst reports. Jefferies Financial Group raised Public Service Enterprise Group from a “hold” rating to a “buy” rating and raised their target price for the stock from $89.00 to $90.00 in a research note on Thursday, November 6th. Evercore ISI assumed coverage on Public Service Enterprise Group in a research report on Tuesday, October 7th. They issued an “in-line” rating and a $83.00 price objective on the stock. Morgan Stanley decreased their target price on Public Service Enterprise Group from $105.00 to $103.00 and set an “overweight” rating for the company in a report on Thursday, September 25th. Wells Fargo & Company initiated coverage on shares of Public Service Enterprise Group in a report on Tuesday, October 28th. They issued an “equal weight” rating and a $88.00 price target on the stock. Finally, BMO Capital Markets decreased their price objective on shares of Public Service Enterprise Group from $85.00 to $83.00 and set a “market perform” rating for the company in a report on Tuesday, November 4th. Ten equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $91.35.

Insider Buying and Selling at Public Service Enterprise Group

In related news, SVP Richard T. Thigpen sold 4,920 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The stock was 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 owned 26,134 shares of the company’s stock, valued at $2,151,612.22. This trade represents a 15.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.19% of the stock is owned by insiders.

Public Service Enterprise Group 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.