Allstate Corp Invests $1.53 Million in Public Service Enterprise Group Incorporated $PEG

Allstate Corp purchased a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 18,340 shares of the utilities provider’s stock, valued at approximately $1,531,000.

Other institutional investors also recently bought and sold shares of the company. TFB Advisors LLC lifted its holdings in shares of Public Service Enterprise Group by 4.8% in the 2nd quarter. TFB Advisors LLC now owns 2,611 shares of the utilities provider’s stock worth $220,000 after buying an additional 119 shares during the period. HM Payson & Co. raised its holdings in shares of Public Service Enterprise Group by 3.3% in the third quarter. HM Payson & Co. now owns 3,755 shares of the utilities provider’s stock valued at $313,000 after acquiring an additional 120 shares in the last quarter. Massachusetts Wealth Management lifted its stake in Public Service Enterprise Group by 2.5% in the second quarter. Massachusetts Wealth Management now owns 5,125 shares of the utilities provider’s stock worth $431,000 after acquiring an additional 125 shares during the period. Apollon Wealth Management LLC grew its holdings in Public Service Enterprise Group by 0.8% during the 2nd quarter. Apollon Wealth Management LLC now owns 15,621 shares of the utilities provider’s stock worth $1,315,000 after acquiring an additional 126 shares in the last quarter. Finally, Sage Private Wealth Group LLC increased its position in Public Service Enterprise Group by 4.9% during the 3rd quarter. Sage Private Wealth Group LLC now owns 2,831 shares of the utilities provider’s stock valued at $236,000 after purchasing an additional 133 shares during the period. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PEG shares. Morgan Stanley lowered their price target on shares of Public Service Enterprise Group from $105.00 to $103.00 and set an “overweight” rating for the company in a research report on Thursday, September 25th. Jefferies Financial Group raised Public Service Enterprise Group from a “hold” rating to a “buy” rating and boosted their price target for the stock from $89.00 to $90.00 in a research report on Thursday, November 6th. JPMorgan Chase & Co. dropped their price objective on Public Service Enterprise Group from $96.00 to $88.00 and set an “overweight” rating on the stock in a research report on Friday, December 12th. Wells Fargo & Company raised shares of Public Service Enterprise Group from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $88.00 to $92.00 in a research report on Tuesday. Finally, TD Cowen raised their price target on shares of Public Service Enterprise Group from $93.00 to $96.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Eleven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $91.65.

Insider Activity

In related news, SVP Richard T. Thigpen sold 4,920 shares of the company’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 value of $405,063.60. Following the sale, the senior vice president owned 26,134 shares in the company, valued at $2,151,612.22. This represents a 15.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.19% of the stock is currently owned by insiders.

Public Service Enterprise Group Trading Down 0.1%

Shares of Public Service Enterprise Group stock opened at $79.36 on Wednesday. The firm’s 50 day simple moving average is $80.43 and its two-hundred day simple moving average is $82.37. The firm has a market capitalization of $39.61 billion, a price-to-earnings ratio of 19.08, a PEG ratio of 2.24 and a beta of 0.60. Public Service Enterprise Group Incorporated has a 12-month low of $74.67 and a 12-month high of $91.25. The company has a current ratio of 0.93, a quick ratio of 0.69 and a debt-to-equity ratio of 1.27.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Monday, November 3rd. The utilities provider reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $2.80 billion. During the same period in the previous year, the company earned $0.90 earnings per share. The business’s quarterly revenue was up 22.1% compared to the same quarter last year. Public Service Enterprise Group has set its FY 2025 guidance at 4.000-4.060 EPS. Analysts predict 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 disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 10th were issued a $0.63 dividend. The ex-dividend date of this dividend was Wednesday, December 10th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.2%. Public Service Enterprise Group’s dividend payout ratio is currently 60.58%.

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.