HBK Sorce Advisory LLC Acquires New Stake in Public Service Enterprise Group Incorporated $PEG

HBK Sorce Advisory LLC bought a new position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 9,867 shares of the utilities provider’s stock, valued at approximately $745,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Entropy Technologies LP lifted its position in shares of Public Service Enterprise Group by 115.6% in the 4th quarter. Entropy Technologies LP now owns 24,717 shares of the utilities provider’s stock worth $1,985,000 after purchasing an additional 13,253 shares during the period. Kestra Advisory Services LLC increased its position in shares of Public Service Enterprise Group by 26.3% during the first quarter. Kestra Advisory Services LLC now owns 69,089 shares of the utilities provider’s stock worth $5,593,000 after buying an additional 14,406 shares during the period. Y Intercept Hong Kong Ltd increased its position in shares of Public Service Enterprise Group by 120.0% during the first quarter. Y Intercept Hong Kong Ltd now owns 63,102 shares of the utilities provider’s stock worth $5,108,000 after buying an additional 34,415 shares during the period. Elevation Point Wealth Partners LLC raised its stake in Public Service Enterprise Group by 135.2% during the first quarter. Elevation Point Wealth Partners LLC now owns 21,693 shares of the utilities provider’s stock worth $1,756,000 after buying an additional 12,468 shares during the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC raised its stake in Public Service Enterprise Group by 38.0% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,946,512 shares of the utilities provider’s stock worth $156,305,000 after buying an additional 536,363 shares during the last quarter. 73.34% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on PEG. Truist Financial cut their price target on shares of Public Service Enterprise Group from $90.00 to $84.00 and set a “hold” rating on the stock in a research report on Thursday, August 13th. Wall Street Zen lowered Public Service Enterprise Group from a “hold” rating to a “sell” rating in a research report on Saturday. Wells Fargo & Company dropped 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 note on Wednesday, August 5th. Citigroup cut their target price on Public Service Enterprise Group from $91.00 to $84.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 5th. Finally, Royal Bank Of Canada began coverage on Public Service Enterprise Group in a research report on Thursday, July 2nd. They set a “sector perform” rating and a $81.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, Public Service Enterprise Group has an average rating of “Hold” and a consensus target price of $90.23.

Insider Activity

In related news, CEO Ralph A. Larossa sold 2,083 shares of the business’s stock in a transaction dated Monday, August 3rd. The stock was 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 directly owned 283,656 shares of the company’s stock, valued at $21,691,174.32. The trade was a 0.73% decrease in their position. 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 business’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $82.00, for a total value of $248,870.00. Following the completion of the sale, the chief operating officer directly owned 98,815 shares of the company’s stock, valued at $8,102,830. The trade was a 2.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 17,284 shares of company stock worth $1,332,751 in the last three months. Company insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Stock Down 0.5%

Public Service Enterprise Group stock opened at $75.63 on Tuesday. The company has a market capitalization of $37.70 billion, a PE ratio of 18.81, a PEG ratio of 2.86 and a beta of 0.51. Public Service Enterprise Group Incorporated has a 12-month low of $74.20 and a 12-month high of $87.63. The firm’s fifty day moving average is $79.06 and its 200 day moving average is $80.56. The company has a quick ratio of 0.67, a current ratio of 0.88 and a debt-to-equity ratio of 1.31.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Tuesday, August 4th. The utilities provider reported $0.86 EPS 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 business had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.66 billion. During the same period last year, the company posted $0.77 earnings per share. The business’s quarterly 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, sell-side analysts predict that Public Service Enterprise Group Incorporated will post 4.36 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

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

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.