Fifth Third Bancorp Lowers Position in Public Service Enterprise Group Incorporated $PEG

Fifth Third Bancorp decreased its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 20.2% during the 4th quarter, Holdings Channel reports. The fund owned 26,581 shares of the utilities provider’s stock after selling 6,749 shares during the quarter. Fifth Third Bancorp’s holdings in Public Service Enterprise Group were worth $2,134,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in PEG. Bank of America Corp DE boosted its holdings in shares of Public Service Enterprise Group by 24.7% in the second 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 acquiring an additional 3,469,886 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Public Service Enterprise Group by 3.4% in the fourth quarter. Vanguard Group Inc. now owns 67,498,821 shares of the utilities provider’s stock valued at $5,420,155,000 after acquiring an additional 2,189,951 shares in the last quarter. Pictet Asset Management Holding SA boosted its holdings in shares of Public Service Enterprise Group by 174.9% in the fourth quarter. Pictet Asset Management Holding SA now owns 2,810,761 shares of the utilities provider’s stock valued at $225,704,000 after acquiring an additional 1,788,449 shares in the last quarter. Railway Pension Investments Ltd boosted its holdings in shares of Public Service Enterprise Group by 97.5% in the third quarter. Railway Pension Investments Ltd now owns 1,897,800 shares of the utilities provider’s stock valued at $158,390,000 after acquiring an additional 937,100 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Public Service Enterprise Group by 9.8% in the second quarter. Ameriprise Financial Inc. now owns 8,009,067 shares of the utilities provider’s stock valued at $674,218,000 after acquiring an additional 715,051 shares in the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Performance

Shares of PEG opened at $80.29 on Monday. The company has a current ratio of 0.80, a quick ratio of 0.60 and a debt-to-equity ratio of 1.28. The stock has a market cap of $40.04 billion, a P/E ratio of 19.02, a PEG ratio of 3.02 and a beta of 0.53. The company has a 50-day moving average of $82.36 and a two-hundred day moving average of $81.69. Public Service Enterprise Group Incorporated has a 12-month low of $76.00 and a 12-month high of $91.25.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Thursday, February 26th. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.01. The company had revenue of $2.92 billion during the quarter, compared to analysts’ expectations of $2.68 billion. Public Service Enterprise Group had a net margin of 17.35% and a return on equity of 12.11%. The firm’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.84 earnings per share. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. As a group, research analysts predict that Public Service Enterprise Group Incorporated will post 4.36 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 9th will be given a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, June 9th. Public Service Enterprise Group’s payout ratio is currently 63.51%.

Insider Buying and Selling

In related news, CEO Ralph A. Larossa sold 2,083 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $81.24, for a total value of $169,222.92. Following the completion of the sale, the chief executive officer directly owned 291,398 shares in the company, valued at approximately $23,673,173.52. The trade was a 0.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Richard T. Thigpen sold 4,700 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $83.00, for a total transaction of $390,100.00. Following the completion of the sale, the senior vice president owned 28,481 shares of the company’s stock, valued at approximately $2,363,923. The trade was a 14.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 8,866 shares of company stock valued at $733,587. 0.19% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. lifted their target price on shares of Public Service Enterprise Group from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Thursday, March 12th. Truist Financial assumed coverage on shares of Public Service Enterprise Group in a research note on Tuesday, April 21st. They issued a “hold” rating and a $91.00 price objective for the company. BMO Capital Markets raised their price objective on shares of Public Service Enterprise Group from $90.00 to $91.00 and gave the company a “market perform” rating in a research note on Monday, April 13th. Scotiabank reiterated a “sector perform” rating and issued a $92.00 price objective on shares of Public Service Enterprise Group in a research note on Thursday, February 26th. Finally, Wall Street Zen cut shares of Public Service Enterprise Group from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $93.19.

About Public Service Enterprise Group

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.