Patton Fund Management Inc. Sells 21,103 Shares of Public Service Enterprise Group Incorporated $PEG

Patton Fund Management Inc. lowered its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 87.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 3,148 shares of the utilities provider’s stock after selling 21,103 shares during the quarter. Patton Fund Management Inc.’s holdings in Public Service Enterprise Group were worth $263,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PEG. Norges Bank purchased a new position in Public Service Enterprise Group during the 2nd quarter valued at $564,238,000. Bank of America Corp DE grew 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 worth $1,476,230,000 after acquiring an additional 3,469,886 shares during the period. Invesco Ltd. lifted its stake in shares of Public Service Enterprise Group by 27.8% in the 2nd quarter. Invesco Ltd. now owns 6,473,897 shares of the utilities provider’s stock valued at $544,973,000 after purchasing an additional 1,408,707 shares during the period. Vanguard Group Inc. boosted its position in shares of Public Service Enterprise Group by 1.9% during the second quarter. Vanguard Group Inc. now owns 64,961,047 shares of the utilities provider’s stock valued at $5,468,421,000 after purchasing an additional 1,199,371 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Public Service Enterprise Group by 20.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,803,810 shares of the utilities provider’s stock worth $395,354,000 after purchasing an additional 806,782 shares during the period. Institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Up 0.9%

PEG stock opened at $80.76 on Tuesday. The business’s 50-day moving average price is $81.73 and its 200-day moving average price is $82.71. The stock has a market cap of $40.31 billion, a P/E ratio of 19.41, a PEG ratio of 2.44 and a beta of 0.59. The company has a quick ratio of 0.69, a current ratio of 0.93 and a debt-to-equity ratio of 1.27. Public Service Enterprise Group Incorporated has a twelve month low of $74.67 and a twelve month high of $91.25.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Monday, November 3rd. The utilities provider reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.11. The company had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $2.80 billion. Public Service Enterprise Group had a net margin of 17.77% and a return on equity of 12.62%. The firm’s revenue was up 22.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.90 EPS. Public Service Enterprise Group has set its FY 2025 guidance at 4.000-4.060 EPS. On average, equities research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 10th will be issued a dividend of $0.63 per share. The ex-dividend date of this dividend is Wednesday, December 10th. This represents a $2.52 dividend on an annualized basis and a yield of 3.1%. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 60.58%.

Wall Street Analyst Weigh In

PEG has been the subject of several recent research reports. Evercore ISI started coverage on Public Service Enterprise Group in a research report on Tuesday, October 7th. They set an “in-line” rating and a $83.00 price objective for the company. Wall Street Zen raised shares of Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research report on Saturday, September 6th. Barclays upped their price objective on shares of Public Service Enterprise Group from $82.00 to $87.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 21st. Wells Fargo & Company initiated coverage on shares of Public Service Enterprise Group in a research note on Tuesday, October 28th. They set an “equal weight” rating and a $88.00 target price for the company. Finally, Morgan Stanley dropped their price target on Public Service Enterprise Group from $105.00 to $103.00 and set an “overweight” rating on the stock in a research report on Thursday, September 25th. Nine equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $90.96.

Insider Buying and Selling

In other news, SVP Richard T. Thigpen sold 4,920 shares of the company’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $82.33, for a total value of $405,063.60. Following the completion of the transaction, the senior vice president owned 26,134 shares of the company’s stock, valued at $2,151,612.22. This represents a 15.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.19% of the stock is currently owned by corporate insiders.

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.