Magellan Asset Management Ltd Invests $44.50 Million in Public Service Enterprise Group Incorporated $PEG

Magellan Asset Management Ltd bought a new position in Public Service Enterprise Group Incorporated (NYSE:PEG) during the second quarter, Holdings Channel reports. The fund bought 548,309 shares of the utilities provider’s stock, valued at approximately $44,501,000.

Other hedge funds have also added to or reduced their stakes in the company. Haverford Trust Co bought a new position in Public Service Enterprise Group in the 2nd quarter worth about $806,000. Bank of Nova Scotia bought a new stake in shares of Public Service Enterprise Group during the 2nd quarter valued at about $4,547,000. Compass Financial Management LLC purchased a new stake in Public Service Enterprise Group during the second quarter valued at approximately $83,000. Elevation Point Wealth Partners LLC purchased a new position in Public Service Enterprise Group during the second quarter valued at $891,000. Finally, Daiichi Life Insurance Co. Ltd. purchased a new stake in Public Service Enterprise Group in the second quarter worth about $8,281,000. 73.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PEG shares. Truist Financial dropped their target price on shares of Public Service Enterprise Group from $90.00 to $84.00 and set a “hold” rating for the company in a report on Thursday, August 13th. Weiss Ratings cut shares of Public Service Enterprise Group from a “buy (b-)” rating to a “hold (c)” rating in a research note on Wednesday, August 5th. Wall Street Zen cut shares of Public Service Enterprise Group from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Jefferies Financial Group reduced their target price on 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. Finally, Morgan Stanley lowered their target price on Public Service Enterprise Group from $93.00 to $91.00 and set an “overweight” rating for the company in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat, Public Service Enterprise Group currently has an average rating of “Hold” and an average price target of $89.43.

Public Service Enterprise Group Trading Up 0.1%

Shares of NYSE PEG opened at $72.71 on Monday. Public Service Enterprise Group Incorporated has a fifty-two week low of $72.60 and a fifty-two week high of $87.63. The company has a market cap of $36.24 billion, a price-to-earnings ratio of 18.09, a PEG ratio of 2.73 and a beta of 0.51. The business’s 50 day moving average price is $78.72 and its 200-day moving average price is $80.37. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.67 and a current ratio of 0.88.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Tuesday, August 4th. The utilities provider reported $0.86 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same quarter 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. On average, sell-side analysts expect that Public Service Enterprise Group Incorporated will post 4.36 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 9th will be issued a $0.67 dividend. This represents a $2.68 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Wednesday, September 9th. Public Service Enterprise Group’s dividend payout ratio is currently 66.67%.

Insider Transactions at Public Service Enterprise Group

In related news, COO Kim C. Hanemann sold 3,035 shares of the company’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. This represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Richard T. Thigpen sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $74.56, for a total transaction of $596,480.00. Following the completion of the sale, the senior vice president directly owned 20,970 shares of the company’s stock, valued at $1,563,523.20. The trade was a 27.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 17,284 shares of company stock valued at $1,332,751. 0.19% of the stock is currently owned by corporate insiders.

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.