Fifth Third Bancorp Has $2.23 Million Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Posted by Defense World Staff on Apr 8th, 2023

Fifth Third Bancorp grew its position in Public Service Enterprise Group Incorporated (NYSE:PEG – Get Rating) by 14.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,368 shares of the utilities provider’s stock after purchasing an additional 4,728 shares during the period. Fifth Third Bancorp’s holdings in Public Service Enterprise Group were worth $2,228,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Sigma Planning Corp increased its position in Public Service Enterprise Group by 41.0% in the 4th quarter. Sigma Planning Corp now owns 8,593 shares of the utilities provider’s stock worth $527,000 after purchasing an additional 2,500 shares during the last quarter. Empirical Finance LLC increased its holdings in shares of Public Service Enterprise Group by 8.2% during the 4th quarter. Empirical Finance LLC now owns 13,314 shares of the utilities provider’s stock valued at $816,000 after acquiring an additional 1,006 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Public Service Enterprise Group by 0.9% during the 4th quarter. Louisiana State Employees Retirement System now owns 32,200 shares of the utilities provider’s stock valued at $1,973,000 after acquiring an additional 300 shares during the last quarter. CRA Financial Services LLC acquired a new position in shares of Public Service Enterprise Group during the 4th quarter valued at about $208,000. Finally, National Bank of Canada FI increased its holdings in shares of Public Service Enterprise Group by 301.0% during the 4th quarter. National Bank of Canada FI now owns 90,488 shares of the utilities provider’s stock valued at $5,546,000 after acquiring an additional 67,920 shares during the last quarter. 70.67% of the stock is owned by institutional investors and hedge funds.

Public Service Enterprise Group Price Performance

Shares of PEG stock opened at $63.31 on Friday. The stock has a 50 day moving average of $60.34 and a two-hundred day moving average of $59.59. The company has a current ratio of 0.64, a quick ratio of 0.50 and a debt-to-equity ratio of 1.20. Public Service Enterprise Group Incorporated has a 12 month low of $52.51 and a 12 month high of $75.61. The company has a market capitalization of $31.58 billion, a P/E ratio of 30.73, a P/E/G ratio of 4.26 and a beta of 0.56.

Public Service Enterprise Group (NYSE:PEG – Get Rating) last announced its quarterly earnings data on Tuesday, February 21st. The utilities provider reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.02. Public Service Enterprise Group had a return on equity of 12.88% and a net margin of 10.52%. The company had revenue of $3.14 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter last year, the company earned $0.69 EPS. The company’s quarterly revenue was up 2.7% on a year-over-year basis. As a group, equities analysts expect that Public Service Enterprise Group Incorporated will post 3.43 EPS for the current year.

Public Service Enterprise Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 31st. Investors of record on Friday, March 10th were given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.60%. The ex-dividend date was Thursday, March 9th. This is an increase from Public Service Enterprise Group’s previous quarterly dividend of $0.54. Public Service Enterprise Group’s dividend payout ratio (DPR) is 110.68%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Mizuho lowered their price objective on Public Service Enterprise Group from $66.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, March 13th. BMO Capital Markets lowered their price objective on Public Service Enterprise Group from $64.00 to $60.00 and set a “market perform” rating on the stock in a report on Monday, March 13th. StockNews.com began coverage on Public Service Enterprise Group in a report on Thursday, March 16th. They issued a “hold” rating on the stock. LADENBURG THALM/SH SH began coverage on Public Service Enterprise Group in a report on Monday, April 3rd. They issued a “neutral” rating and a $60.50 target price on the stock. Finally, TheStreet raised Public Service Enterprise Group from a “c” rating to a “b” rating in a report on Tuesday, February 21st. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $65.95.

Insider Buying and Selling

In related news, COO Eric Carr sold 7,105 shares of the firm’s stock in a transaction that occurred on Monday, March 13th. The stock was sold at an average price of $57.63, for a total transaction of $409,461.15. Following the completion of the transaction, the chief operating officer now owns 6,482 shares in the company, valued at approximately $373,557.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.57% of the stock is owned by corporate insiders.

About Public Service Enterprise Group

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Public Service Enterprise Group, Inc is an energy company, which engages in the business of regulated electric and gas utility, and nuclear generation. Its products and services include energy, capacity, ancillary services, and emissions allowances and congestion credits. The firm operates through the Public Service Electric and Gas Company (PSE&G) and PSEG Power segments.