Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by Russell Investments Group Ltd.

Posted by Defense World Staff on May 13th, 2023

Russell Investments Group Ltd. trimmed its position in Public Service Enterprise Group Incorporated (NYSE:PEG – Get Rating) by 10.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 157,488 shares of the utilities provider’s stock after selling 18,551 shares during the period. Russell Investments Group Ltd.’s holdings in Public Service Enterprise Group were worth $9,651,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PEG. BlackRock Inc. lifted its stake in Public Service Enterprise Group by 5.0% in the 3rd quarter. BlackRock Inc. now owns 54,426,510 shares of the utilities provider’s stock worth $3,060,399,000 after purchasing an additional 2,576,034 shares in the last quarter. Prudential Financial Inc. increased its holdings in Public Service Enterprise Group by 196.2% in the 1st quarter. Prudential Financial Inc. now owns 1,892,166 shares of the utilities provider’s stock valued at $132,451,000 after purchasing an additional 1,253,283 shares during the last quarter. Vanguard Group Inc. increased its holdings in Public Service Enterprise Group by 2.7% in the 1st quarter. Vanguard Group Inc. now owns 43,654,799 shares of the utilities provider’s stock valued at $3,055,836,000 after purchasing an additional 1,159,331 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in Public Service Enterprise Group by 4,602.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 996,338 shares of the utilities provider’s stock valued at $56,024,000 after purchasing an additional 975,151 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of Public Service Enterprise Group by 36.3% in the first quarter. Goldman Sachs Group Inc. now owns 2,747,960 shares of the utilities provider’s stock worth $192,357,000 after acquiring an additional 732,338 shares in the last quarter. 70.67% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PEG has been the subject of several research reports. LADENBURG THALM/SH SH initiated coverage on shares of Public Service Enterprise Group in a research note on Monday, April 3rd. They issued a “neutral” rating and a $60.50 price target for the company. Morgan Stanley boosted their price target on shares of Public Service Enterprise Group from $64.00 to $70.00 and gave the stock an “overweight” rating in a research note on Thursday, April 20th. Mizuho dropped their price target on shares of Public Service Enterprise Group from $66.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, March 13th. TheStreet upgraded shares of Public Service Enterprise Group from a “c” rating to a “b” rating in a research note on Tuesday, February 21st. Finally, BMO Capital Markets boosted their target price on shares of Public Service Enterprise Group from $60.00 to $66.00 and gave the stock a “market perform” rating in a research note on Friday, April 14th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $67.25.

Insiders Place Their Bets

In other Public Service Enterprise Group news, COO Eric Carr sold 7,105 shares of the company’s stock in a transaction dated Monday, March 13th. The shares were sold at an average price of $57.63, for a total transaction of $409,461.15. Following the transaction, the chief operating officer now directly owns 6,482 shares in the company, valued at $373,557.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.57% of the stock is currently owned by company insiders.

Public Service Enterprise Group Price Performance

Shares of NYSE:PEG opened at $63.81 on Friday. The company has a 50-day simple moving average of $61.62 and a 200-day simple moving average of $60.63. Public Service Enterprise Group Incorporated has a one year low of $52.51 and a one year high of $69.94. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.66 and a current ratio of 0.79. The stock has a market capitalization of $31.84 billion, a price-to-earnings ratio of 13.75, a PEG ratio of 4.26 and a beta of 0.56.

Public Service Enterprise Group (NYSE:PEG – Get Rating) last posted its quarterly earnings results on Tuesday, May 2nd. The utilities provider reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.18. The firm had revenue of $3.76 billion during the quarter, compared to analysts’ expectations of $2.89 billion. Public Service Enterprise Group had a net margin of 20.64% and a return on equity of 12.78%. The firm’s revenue for the quarter was up 62.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.33 earnings per share. On average, analysts predict that Public Service Enterprise Group Incorporated will post 3.44 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, June 9th will be given a dividend of $0.57 per share. The ex-dividend date is Thursday, June 8th. This represents a $2.28 annualized dividend and a yield of 3.57%. Public Service Enterprise Group’s payout ratio is currently 49.14%.

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.