Wells Fargo & Company Cuts Public Service Enterprise Group (NYSE:PEG) Price Target to $89.00

Public Service Enterprise Group (NYSE:PEG) had its price target cut by Wells Fargo & Company from $91.00 to $89.00 in a research note released on Wednesday,Benzinga reports. They currently have an overweight rating on the utilities provider’s stock.

Several other brokerages also recently weighed in on PEG. Jefferies Financial Group cut their price target on shares of Public Service Enterprise Group from $89.00 to $78.00 and set a “hold” rating on the stock in a report on Monday, July 20th. BMO Capital Markets raised their target price on shares of 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. Weiss Ratings lowered shares of Public Service Enterprise Group from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, June 8th. Royal Bank Of Canada assumed coverage on Public Service Enterprise Group in a report on Thursday, July 2nd. They issued a “sector perform” rating and a $81.00 price objective for the company. Finally, Wall Street Zen raised Public Service Enterprise Group from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $90.63.

Public Service Enterprise Group Price Performance

Public Service Enterprise Group stock opened at $75.68 on Wednesday. Public Service Enterprise Group has a 12-month low of $74.20 and a 12-month high of $88.65. The company has a current ratio of 0.88, a quick ratio of 0.75 and a debt-to-equity ratio of 1.31. The firm has a 50-day moving average price of $79.37 and a 200-day moving average price of $80.71. The firm has a market capitalization of $37.72 billion, a PE ratio of 18.83, a price-to-earnings-growth ratio of 2.82 and a beta of 0.51.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings data on Tuesday, August 4th. The utilities provider reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm’s revenue for the quarter was down 8.9% on a year-over-year basis. During the same quarter last year, the business posted $0.77 EPS. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. As a group, equities research analysts forecast that Public Service Enterprise Group will post 4.37 EPS for the current year.

Public Service Enterprise Group Announces Dividend

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

Insider Activity at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 2,083 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $76.47, for a total value of $159,287.01. Following the completion of the sale, the chief executive officer owned 283,656 shares of the company’s stock, valued at approximately $21,691,174.32. This represents a 0.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kim C. Hanemann sold 3,035 shares of the business’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $82.00, for a total transaction of $248,870.00. Following the completion of the transaction, the chief operating officer owned 98,815 shares in the company, valued at $8,102,830. The trade was a 2.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 9,284 shares of company stock worth $736,271. Insiders own 0.19% of the company’s stock.

Institutional Trading of Public Service Enterprise Group

Several institutional investors have recently made changes to their positions in PEG. Vanguard Group Inc. increased its position in shares of Public Service Enterprise Group by 3.4% during 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 during the last quarter. BlackRock Inc. acquired a new stake in Public Service Enterprise Group in the 2nd quarter valued at approximately $4,366,570,000. State Street Corp increased its holdings in Public Service Enterprise Group by 2.8% in the 4th quarter. State Street Corp now owns 28,361,198 shares of the utilities provider’s stock valued at $2,277,404,000 after purchasing an additional 762,591 shares during the last quarter. Bank of America Corp DE raised its position in 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 purchasing an additional 3,469,886 shares during the period. Finally, Geode Capital Management LLC raised its position in Public Service Enterprise Group by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 12,771,343 shares of the utilities provider’s stock valued at $1,021,475,000 after purchasing an additional 114,351 shares during the period. Hedge funds and other institutional investors own 73.34% of the company’s stock.

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.