Great Lakes Advisors LLC Takes $20.38 Million Position in Public Service Enterprise Group Incorporated $PEG

Great Lakes Advisors LLC purchased a new position in Public Service Enterprise Group Incorporated (NYSE:PEG) during the 2nd quarter, HoldingsChannel reports. The firm purchased 251,089 shares of the utilities provider’s stock, valued at approximately $20,378,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Danske Bank A S bought a new position in Public Service Enterprise Group during the 2nd quarter worth $64,000. Diversify Advisory Services LLC bought a new stake in Public Service Enterprise Group in the second quarter valued at $218,000. Gables Capital Management Inc. bought a new stake in Public Service Enterprise Group in the second quarter valued at $49,000. Wealthfront Advisers LLC acquired a new position in shares of Public Service Enterprise Group during the second quarter valued at $3,906,000. Finally, Foster & Motley Inc. acquired a new position in shares of Public Service Enterprise Group during the second quarter valued at $275,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Insider Buying and Selling

In other news, CEO Ralph A. Larossa sold 2,083 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $76.47, for a total transaction of $159,287.01. Following the completion of the sale, the chief executive officer owned 283,656 shares in the company, valued at approximately $21,691,174.32. This represents a 0.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Richard T. Thigpen sold 8,000 shares of the stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $74.56, for a total value of $596,480.00. Following the sale, the senior vice president owned 20,970 shares of the company’s stock, valued at $1,563,523.20. This trade represents a 27.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 17,284 shares of company stock worth $1,332,751. Corporate insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on PEG. Citigroup dropped their price objective on shares of Public Service Enterprise Group from $91.00 to $84.00 and set a “neutral” rating on the stock in a report on Wednesday, August 5th. Wells Fargo & Company reduced their target price on shares of Public Service Enterprise Group from $91.00 to $89.00 and set an “overweight” rating for the company in a research note on Wednesday, August 5th. Jefferies Financial Group decreased their target price on shares of Public Service Enterprise Group from $89.00 to $78.00 and set a “hold” rating for the company in a research report on Monday, July 20th. Truist Financial dropped their price target on shares of Public Service Enterprise Group from $90.00 to $84.00 and set a “hold” rating on the stock in a research note on Thursday, August 13th. Finally, Wall Street Zen cut Public Service Enterprise Group from a “hold” rating to a “sell” rating in a report on Saturday. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, Public Service Enterprise Group presently has a consensus rating of “Hold” and a consensus price target of $90.23.

Public Service Enterprise Group Price Performance

Shares of Public Service Enterprise Group stock opened at $75.70 on Wednesday. Public Service Enterprise Group Incorporated has a 52 week low of $74.20 and a 52 week high of $87.63. The company has a current ratio of 0.88, a quick ratio of 0.67 and a debt-to-equity ratio of 1.31. The stock has a market cap of $37.73 billion, a PE ratio of 18.83, a price-to-earnings-growth ratio of 2.86 and a beta of 0.51. The company’s 50-day moving average price is $79.01 and its two-hundred day moving average price is $80.52.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Tuesday, August 4th. The utilities provider reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.06. The company had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.66 billion. Public Service Enterprise Group had a net margin of 16.04% and a return on equity of 12.42%. The business’s revenue for the quarter was down 8.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.77 EPS. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. As a group, sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 4.36 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 9th will be issued a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Wednesday, September 9th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 66.67%.

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.