Wells Fargo & Company Cuts Public Service Enterprise Group (NYSE:PEG) Price Target to $91.00

Public Service Enterprise Group (NYSE:PEG) had its target price decreased by Wells Fargo & Company from $97.00 to $91.00 in a research report released on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the utilities provider’s stock.

Other equities research analysts have also recently issued reports about the company. Royal Bank Of Canada began coverage on Public Service Enterprise Group in a research note on Thursday, July 2nd. They issued a “sector perform” rating and a $81.00 target price for the company. Weiss Ratings lowered Public Service Enterprise Group from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, June 8th. Truist Financial raised their price target on Public Service Enterprise Group from $88.00 to $90.00 and gave the company a “hold” rating in a report on Thursday, July 16th. Jefferies Financial Group lowered their price objective on Public Service Enterprise Group from $89.00 to $78.00 and set a “hold” rating for the company in a research report on Monday. Finally, BMO Capital Markets boosted their price objective on Public Service Enterprise Group from $90.00 to $91.00 and gave the stock a “market perform” rating in a report on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $91.25.

Public Service Enterprise Group Price Performance

Shares of PEG stock opened at $79.83 on Wednesday. Public Service Enterprise Group has a 1 year low of $76.05 and a 1 year high of $91.25. The company has a current ratio of 0.97, a quick ratio of 0.75 and a debt-to-equity ratio of 1.31. The firm’s 50 day moving average is $79.74 and its 200-day moving average is $80.83. The firm has a market capitalization of $39.78 billion, a price-to-earnings ratio of 17.66, a PEG ratio of 3.00 and a beta of 0.51.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, May 5th. The utilities provider reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.11. Public Service Enterprise Group had a net margin of 17.69% and a return on equity of 12.30%. The business had revenue of $3.85 billion during the quarter, compared to analyst estimates of $3.35 billion. During the same quarter last year, the business posted $1.43 earnings per share. Public Service Enterprise Group’s revenue for the quarter was up 19.4% compared to the same quarter last year. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. Sell-side analysts forecast that Public Service Enterprise Group will post 4.37 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 9th will be given a $0.67 dividend. This represents a $2.68 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Wednesday, September 9th. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 59.29%.

Insiders Place Their Bets

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 2,083 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $80.51, for a total value of $167,702.33. Following the transaction, the chief executive officer owned 285,149 shares of the company’s stock, valued at approximately $22,957,345.99. This represents a 0.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kim C. Hanemann sold 3,035 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $82.00, for a total value of $248,870.00. Following the transaction, the chief operating officer owned 98,815 shares in the company, valued at approximately $8,102,830. This trade represents a 2.98% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 9,284 shares of company stock valued at $746,145. 0.19% of the stock is owned by insiders.

Institutional Trading of Public Service Enterprise Group

Hedge funds have recently modified their holdings of the company. Norges Bank bought a new stake in shares of Public Service Enterprise Group in the fourth quarter worth about $552,280,000. Bank of America Corp DE lifted its holdings in shares of Public Service Enterprise Group by 24.7% during the 2nd quarter. Bank of America Corp DE now owns 17,536,584 shares of the utilities provider’s stock valued at $1,476,230,000 after purchasing an additional 3,469,886 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Public Service Enterprise Group by 3.4% in the 4th quarter. Vanguard Group Inc. now owns 67,498,821 shares of the utilities provider’s stock valued at $5,420,155,000 after purchasing an additional 2,189,951 shares during the period. Pictet Asset Management Holding SA grew its position in shares of Public Service Enterprise Group by 174.9% in the 4th quarter. Pictet Asset Management Holding SA now owns 2,810,761 shares of the utilities provider’s stock valued at $225,704,000 after purchasing an additional 1,788,449 shares during the period. Finally, Van ECK Associates Corp increased its stake in Public Service Enterprise Group by 40.0% during the 4th quarter. Van ECK Associates Corp now owns 2,708,385 shares of the utilities provider’s stock worth $217,483,000 after purchasing an additional 774,256 shares in the last quarter. 73.34% of the stock is currently owned by institutional investors and hedge funds.

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.