1,223,066 Shares in Public Service Enterprise Group Incorporated $PEG Acquired by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) in the second quarter, according to its most recent filing with the SEC. The fund acquired 1,223,066 shares of the utilities provider's stock, valued at approximately $99,264,000. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.25% of Public Service Enterprise Group at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in shares of Public Service Enterprise Group in the fourth quarter worth $552,280,000. Bank of America Corp DE boosted its stake in Public Service Enterprise Group by 24.7% in 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 purchasing an additional 3,469,886 shares during the period. Bank of New York Mellon Corp bought a new position in Public Service Enterprise Group in the 2nd quarter worth about $221,632,000. Vanguard Group Inc. grew its holdings in Public Service Enterprise Group by 3.4% during the 4th quarter. Vanguard Group Inc. now owns 67,498,821 shares of the utilities provider's stock valued at $5,420,155,000 after buying an additional 2,189,951 shares in the last quarter. Finally, Pictet Asset Management Holding SA grew its holdings in Public Service Enterprise Group by 174.9% during the 4th quarter. Pictet Asset Management Holding SA now owns 2,810,761 shares of the utilities provider's stock valued at $225,704,000 after buying an additional 1,788,449 shares in the last quarter. Institutional investors own 73.34% of the company's stock.

Wall Street Analyst Weigh In

PEG has been the topic of a number of recent analyst reports. Wall Street Zen downgraded shares of Public Service Enterprise Group from a "hold" rating to a "sell" rating in a report on Saturday. Citigroup reduced their price objective on shares of 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. Royal Bank Of Canada initiated coverage on shares of Public Service Enterprise Group in a report on Thursday, July 2nd. They set a "sector perform" rating and a $81.00 target price on the stock. Jefferies Financial Group decreased their target price on Public Service Enterprise Group from $89.00 to $78.00 and set a "hold" rating on the stock in a research note on Monday, July 20th. Finally, Truist Financial lowered their price objective 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. 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. According to data from MarketBeat, Public Service Enterprise Group has a consensus rating of "Hold" and an average target price of $90.23.

Public Service Enterprise Group Stock Performance

Public Service Enterprise Group stock opened at $75.70 on Wednesday. The firm has a fifty day simple moving average of $79.01 and a two-hundred day simple moving average of $80.52. 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 Incorporated has a twelve month low of $74.20 and a twelve month high of $87.63. The company has a market capitalization of $37.73 billion, a PE ratio of 18.83, a P/E/G ratio of 2.86 and a beta of 0.51.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The utilities provider reported $0.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.06. The firm had revenue of $2.55 billion for the quarter, compared to analysts' expectations of $2.66 billion. Public Service Enterprise Group had a return on equity of 12.42% and a net margin of 16.04%.The company's revenue for the quarter was down 8.9% compared to the same quarter last year. During the same period last year, the firm earned $0.77 earnings per share. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. Research analysts expect that Public Service Enterprise Group Incorporated will post 4.36 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 9th will be given a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 3.5%. The ex-dividend date is Wednesday, September 9th. Public Service Enterprise Group's dividend payout ratio (DPR) is presently 66.67%.

Insider Buying and Selling

In other news, 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 value of $248,870.00. Following the transaction, the chief operating officer owned 98,815 shares in the company, valued at approximately $8,102,830. This trade represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ralph A. Larossa sold 2,083 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $76.47, for a total transaction of $159,287.01. Following the completion of the transaction, the chief executive officer owned 283,656 shares in the company, valued at $21,691,174.32. This represents a 0.73% decrease in their position. 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 have sold a total of 17,284 shares of company stock worth $1,332,751 in the last ninety days. 0.19% of the stock is owned by insiders.

Public Service Enterprise Group 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.

Want to see what other hedge funds are holding PEG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source