Bank of New York Mellon Corp Has $242.56 Million Stock Holdings in Public Service Enterprise Group Incorporated $PEG

Bank of New York Mellon Corp decreased its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 1.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,906,354 shares of the utilities provider’s stock after selling 41,435 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.58% of Public Service Enterprise Group worth $242,564,000 at the end of the most recent quarter.

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

Insider Buying and Selling

In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 4,920 shares of the stock in a transaction 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 completion of the sale, the senior vice president directly owned 26,134 shares of the company’s stock, valued at $2,151,612.22. This represents a 15.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.19% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

PEG has been the subject of several recent research reports. Argus raised shares of Public Service Enterprise Group to a “strong-buy” rating in a research report on Wednesday, January 14th. BTIG Research began coverage on shares of Public Service Enterprise Group in a report on Wednesday, October 22nd. They issued a “buy” rating and a $98.00 price objective for the company. LADENBURG THALM/SH SH raised shares of Public Service Enterprise Group from a “neutral” rating to a “buy” rating and set a $87.50 target price on the stock in a research report on Wednesday, January 7th. Evercore ISI initiated 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 target for the company. Finally, BMO Capital Markets decreased 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 note on Tuesday, November 4th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.96.

Public Service Enterprise Group Trading Up 0.3%

Shares of NYSE:PEG opened at $81.72 on Friday. 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’s 50-day moving average is $80.12 and its 200-day moving average is $82.27. The company has a market cap of $40.79 billion, a P/E ratio of 19.64, a P/E/G ratio of 2.65 and a beta of 0.60. 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 announced its earnings results 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. The firm had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $2.80 billion. Public Service Enterprise Group had a return on equity of 12.62% and a net margin of 17.77%.The firm’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.90 EPS. Public Service Enterprise Group has set its FY 2025 guidance at 4.000-4.060 EPS. Equities research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 10th were given a dividend of $0.63 per share. The ex-dividend date of this dividend was Wednesday, December 10th. This represents a $2.52 dividend on an annualized basis and a yield of 3.1%. Public Service Enterprise Group’s payout ratio is 60.58%.

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.