Truist Financial Cuts Public Service Enterprise Group (NYSE:PEG) Price Target to $84.00

Public Service Enterprise Group (NYSE:PEG) had its price objective trimmed by Truist Financial from $90.00 to $84.00 in a research note released on Thursday,Benzinga reports. The firm currently has a hold rating on the utilities provider’s stock.

Several other research analysts have also recently weighed in on PEG. Weiss Ratings cut shares of Public Service Enterprise Group from a “buy (b-)” rating to a “hold (c)” rating in a research report on Wednesday, August 5th. Wall Street Zen raised Public Service Enterprise Group from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Wells Fargo & Company decreased their price objective on Public Service Enterprise Group from $91.00 to $89.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 5th. Citigroup lowered their target price on Public Service Enterprise Group from $91.00 to $84.00 and set a “neutral” rating for the company in a research note on Wednesday, August 5th. Finally, Jefferies Financial Group dropped their target price 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, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $90.23.

Public Service Enterprise Group Trading Up 0.2%

PEG opened at $76.08 on Thursday. 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 capitalization of $37.92 billion, a PE ratio of 18.93, a PEG ratio of 2.86 and a beta of 0.51. Public Service Enterprise Group has a 1-year low of $74.20 and a 1-year high of $87.63. The firm has a 50-day moving average price of $79.11 and a two-hundred day moving average price of $80.58.

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

Public Service Enterprise Group Announces Dividend

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

Insider Buying and Selling

In related news, CEO Ralph A. Larossa sold 2,083 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $76.47, for a total value of $159,287.01. Following the transaction, the chief executive officer directly owned 283,656 shares in the company, valued at $21,691,174.32. This represents a 0.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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 that occurred on 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 directly owned 98,815 shares in the company, valued at approximately $8,102,830. The trade was a 2.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 17,284 shares of company stock valued at $1,332,751 over the last ninety days. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Public Service Enterprise Group in the second quarter valued at about $4,366,570,000. Norges Bank bought a new position in Public Service Enterprise Group during the fourth quarter worth about $552,280,000. Legal & General Group Plc bought a new position in Public Service Enterprise Group during the second quarter worth about $554,994,000. Bank of America Corp DE grew its position 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 buying an additional 3,469,886 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in shares of Public Service Enterprise Group during the 2nd quarter worth about $221,632,000. 73.34% of the stock is currently owned by institutional investors.

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.