Bank of New York Mellon Corp Cuts Stake in Public Service Enterprise Group Incorporated $PEG

Bank of New York Mellon Corp reduced its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,835,345 shares of the utilities provider’s stock after selling 14,593 shares during the quarter. Bank of New York Mellon Corp owned 0.57% of Public Service Enterprise Group worth $229,521,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in PEG. Chapman Financial Group LLC bought a new stake in shares of Public Service Enterprise Group in the 2nd quarter valued at about $25,000. Quest 10 Wealth Builders Inc. boosted its stake in shares of Public Service Enterprise Group by 250.5% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 347 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 248 shares in the last quarter. Bayban bought a new position in shares of Public Service Enterprise Group during the fourth quarter valued at approximately $33,000. Motiv8 Investments LLC purchased a new position in Public Service Enterprise Group during the fourth quarter valued at approximately $40,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in Public Service Enterprise Group during the fourth quarter valued at approximately $44,000. 73.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on PEG shares. Weiss Ratings lowered Public Service Enterprise Group from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, June 8th. Wells Fargo & Company increased their target price on Public Service Enterprise Group from $96.00 to $97.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Jefferies Financial Group downgraded Public Service Enterprise Group from a “buy” rating to a “hold” rating and cut their price target for the company from $90.00 to $89.00 in a report on Wednesday, April 15th. BMO Capital Markets boosted their price target on Public Service Enterprise Group from $90.00 to $91.00 and gave the stock a “market perform” rating in a research report on Monday, April 13th. Finally, Royal Bank Of Canada started coverage on Public Service Enterprise Group in a research note on Thursday, July 2nd. They set a “sector perform” rating and a $81.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $92.46.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, COO Kim C. Hanemann sold 3,035 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $82.00, for a total value of $248,870.00. Following the completion of the sale, the chief operating officer owned 98,815 shares of the company’s stock, valued at approximately $8,102,830. This trade represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ralph A. Larossa sold 2,083 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $80.51, for a total transaction of $167,702.33. Following the transaction, the chief executive officer owned 285,149 shares in the company, valued at approximately $22,957,345.99. This trade represents a 0.73% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 9,284 shares of company stock valued at $746,145. 0.19% of the stock is currently owned by company insiders.

Public Service Enterprise Group Price Performance

Shares of PEG opened at $78.58 on Friday. The company has a market cap of $39.16 billion, a price-to-earnings ratio of 17.38, a price-to-earnings-growth ratio of 2.96 and a beta of 0.51. Public Service Enterprise Group Incorporated has a twelve month low of $76.05 and a twelve month high of $91.25. The company has a quick ratio of 0.75, a current ratio of 0.97 and a debt-to-equity ratio of 1.31. The company has a 50 day moving average of $79.60 and a two-hundred day moving average of $80.90.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Tuesday, May 5th. The utilities provider reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.11. The business had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.35 billion. Public Service Enterprise Group had a net margin of 17.69% and a return on equity of 12.30%. The business’s revenue for the quarter was up 19.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.43 earnings per share. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. As a group, analysts predict that Public Service Enterprise Group Incorporated will post 4.37 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 9th were given a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Tuesday, June 9th. Public Service Enterprise Group’s dividend payout ratio is currently 59.29%.

Public Service Enterprise Group Company 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.