Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Acquired by Tower Research Capital LLC TRC

Posted by Defense World Staff on Aug 19th, 2023

Tower Research Capital LLC TRC lifted its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG – Free Report) by 2.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,140 shares of the utilities provider’s stock after buying an additional 253 shares during the period. Tower Research Capital LLC TRC’s holdings in Public Service Enterprise Group were worth $696,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. MGO One Seven LLC boosted its position in shares of Public Service Enterprise Group by 26.7% during the first quarter. MGO One Seven LLC now owns 5,708 shares of the utilities provider’s stock worth $356,000 after buying an additional 1,202 shares during the period. Key Client Fiduciary Advisors LLC boosted its position in shares of Public Service Enterprise Group by 2.5% during the first quarter. Key Client Fiduciary Advisors LLC now owns 40,848 shares of the utilities provider’s stock worth $2,551,000 after buying an additional 1,002 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Public Service Enterprise Group by 1.3% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 39,790 shares of the utilities provider’s stock worth $2,485,000 after purchasing an additional 502 shares in the last quarter. Desjardins Global Asset Management Inc. raised its holdings in Public Service Enterprise Group by 113.6% during the first quarter. Desjardins Global Asset Management Inc. now owns 8,445 shares of the utilities provider’s stock worth $527,000 after purchasing an additional 4,492 shares in the last quarter. Finally, Cassaday & Co Wealth Management LLC bought a new stake in Public Service Enterprise Group during the fourth quarter worth approximately $350,000. 70.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. StockNews.com assumed coverage on Public Service Enterprise Group in a report on Thursday. They set a “hold” rating on the stock. Guggenheim boosted their target price on Public Service Enterprise Group from $68.00 to $69.00 in a report on Monday, April 24th. The Goldman Sachs Group assumed coverage on Public Service Enterprise Group in a report on Wednesday, June 7th. They set a “neutral” rating and a $64.00 target price on the stock. Morgan Stanley dropped their target price on Public Service Enterprise Group from $67.00 to $66.00 and set an “overweight” rating on the stock in a report on Friday, July 21st. Finally, JPMorgan Chase & Co. upped their price target on Public Service Enterprise Group from $68.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $65.05.

Read Our Latest Analysis on Public Service Enterprise Group

Insider Activity

In other news, CEO Ralph A. Larossa sold 8,074 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $64.45, for a total transaction of $520,369.30. Following the transaction, the chief executive officer now directly owns 115,306 shares in the company, valued at approximately $7,431,471.70. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO Ralph A. Larossa sold 4,168 shares of the business’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $63.01, for a total transaction of $262,625.68. Following the transaction, the chief executive officer now directly owns 122,572 shares in the company, valued at approximately $7,723,261.72. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Ralph A. Larossa sold 8,074 shares of the business’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $64.45, for a total transaction of $520,369.30. Following the transaction, the chief executive officer now owns 115,306 shares in the company, valued at $7,431,471.70. The disclosure for this sale can be found here. 0.57% of the stock is currently owned by corporate insiders.

Public Service Enterprise Group Price Performance

Shares of NYSE:PEG opened at $60.82 on Friday. The company’s fifty day moving average is $62.37 and its two-hundred day moving average is $61.71. The company has a quick ratio of 0.52, a current ratio of 0.67 and a debt-to-equity ratio of 1.09. Public Service Enterprise Group Incorporated has a 12-month low of $52.51 and a 12-month high of $69.94. The company has a market cap of $30.36 billion, a P/E ratio of 10.94, a price-to-earnings-growth ratio of 3.21 and a beta of 0.58.

Public Service Enterprise Group (NYSE:PEG – Get Free Report) last announced its earnings results on Tuesday, August 1st. The utilities provider reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.09. Public Service Enterprise Group had a net margin of 23.99% and a return on equity of 12.64%. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $1.95 billion. During the same period in the previous year, the business earned $0.64 EPS. The company’s revenue was up 16.6% on a year-over-year basis. Equities analysts expect that Public Service Enterprise Group Incorporated will post 3.45 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 8th will be issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.75%. The ex-dividend date of this dividend is Thursday, September 7th. Public Service Enterprise Group’s dividend payout ratio is currently 41.01%.

About Public Service Enterprise Group

(Free Report)

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in Mid-Atlantic United States. The company operates through PSE&G and PSEG Power. The PSE&G segment transmits electricity; distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs.