Creative Planning Boosts Holdings in Public Service Enterprise Group Incorporated (NYSE:PEG)

Posted by Defense World Staff on Oct 9th, 2023

Creative Planning lifted its stake in Public Service Enterprise Group Incorporated (NYSE:PEG – Free Report) by 4.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,537 shares of the utilities provider’s stock after purchasing an additional 3,587 shares during the quarter. Creative Planning’s holdings in Public Service Enterprise Group were worth $4,792,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also bought and sold shares of PEG. JPMorgan Chase & Co. raised its position in Public Service Enterprise Group by 18.5% in the 1st quarter. JPMorgan Chase & Co. now owns 23,276,991 shares of the utilities provider’s stock worth $1,453,648,000 after buying an additional 3,635,609 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of Public Service Enterprise Group by 259.8% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,504,200 shares of the utilities provider’s stock valued at $275,973,000 after purchasing an additional 3,252,500 shares during the last quarter. Norges Bank purchased a new stake in shares of Public Service Enterprise Group during the 4th quarter valued at about $141,476,000. Perpetual Ltd purchased a new stake in shares of Public Service Enterprise Group during the 1st quarter valued at about $134,900,000. Finally, Prudential Financial Inc. increased its position in shares of Public Service Enterprise Group by 196.2% during 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. Hedge funds and other institutional investors own 72.28% of the company’s stock.

Insider Transactions at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 8,074 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $64.45, for a total transaction of $520,369.30. Following the sale, the chief executive officer now directly owns 115,306 shares of the company’s stock, valued at approximately $7,431,471.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 8,474 shares of company stock valued at $544,647 in the last ninety days. Corporate insiders own 0.57% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PEG shares. Barclays started coverage on shares of Public Service Enterprise Group in a research report on Wednesday, August 23rd. They set an “overweight” rating and a $64.00 price target for the company. Mizuho upped their price target on shares of Public Service Enterprise Group from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, August 29th. Morgan Stanley boosted their price objective on Public Service Enterprise Group from $62.00 to $63.00 and gave the company an “overweight” rating in a research note on Thursday, September 21st. JPMorgan Chase & Co. boosted their price objective on Public Service Enterprise Group from $68.00 to $70.00 and gave the company an “overweight” rating in a research note on Thursday, August 17th. Finally, Royal Bank of Canada cut their price objective on Public Service Enterprise Group from $70.00 to $69.00 and set an “outperform” rating for the company in a research note on Wednesday, September 6th. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.96.

Read Our Latest Stock Analysis on PEG

Public Service Enterprise Group Stock Up 1.3 %

Shares of PEG opened at $57.32 on Monday. The stock has a market capitalization of $28.61 billion, a price-to-earnings ratio of 10.31, a price-to-earnings-growth ratio of 3.05 and a beta of 0.60. Public Service Enterprise Group Incorporated has a 1 year low of $52.51 and a 1 year high of $65.46. The business’s 50 day simple moving average is $60.07 and its 200-day simple moving average is $61.63. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.67 and a quick ratio of 0.52.

Public Service Enterprise Group (NYSE:PEG – Get Free Report) last issued its quarterly earnings data on Tuesday, August 1st. The utilities provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.09. The business had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $1.95 billion. Public Service Enterprise Group had a return on equity of 12.64% and a net margin of 23.99%. The company’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.64 EPS. As a group, 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 company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 8th were issued a dividend of $0.57 per share. The ex-dividend date of this dividend was Thursday, September 7th. This represents a $2.28 annualized dividend and a dividend yield of 3.98%. Public Service Enterprise Group’s dividend payout ratio (DPR) is 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.