18,318 Shares in Public Service Enterprise Group Incorporated $PEG Purchased by Westpac Banking Corp

Key Points

• Westpac Banking Corp opened a new position in Public Service Enterprise Group, buying 18,318 shares valued at about $1.47 million in the fourth quarter.
• Analyst sentiment on PEG remains constructive overall, with a consensus rating of Moderate Buy and an average price target of $93.19.
• The utility reported better-than-expected quarterly results, posting EPS of $1.55 versus $1.44 expected and revenue of $3.85 billion, while also announcing a quarterly dividend of $0.67 per share.

Westpac Banking Corp bought a new position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 18,318 shares of the utilities provider's stock, valued at approximately $1,471,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Rossby Financial LCC boosted its holdings in shares of Public Service Enterprise Group by 5.5% during the 3rd quarter. Rossby Financial LCC now owns 2,311 shares of the utilities provider's stock worth $191,000 after buying an additional 121 shares during the period. Colonial Trust Co SC boosted its holdings in shares of Public Service Enterprise Group by 26.8% during the 3rd quarter. Colonial Trust Co SC now owns 573 shares of the utilities provider's stock worth $48,000 after buying an additional 121 shares during the period. JPL Wealth Management LLC boosted its holdings in shares of Public Service Enterprise Group by 0.4% during the 3rd quarter. JPL Wealth Management LLC now owns 32,758 shares of the utilities provider's stock worth $2,734,000 after buying an additional 122 shares during the period. Transcend Capital Advisors LLC raised its stake in Public Service Enterprise Group by 2.6% in the 3rd quarter. Transcend Capital Advisors LLC now owns 4,916 shares of the utilities provider's stock worth $410,000 after purchasing an additional 125 shares in the last quarter. Finally, Strategic Investment Advisors MI raised its stake in Public Service Enterprise Group by 0.8% in the 3rd quarter. Strategic Investment Advisors MI now owns 15,954 shares of the utilities provider's stock worth $1,331,000 after purchasing an additional 127 shares in the last quarter. Institutional investors own 73.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PEG. Wells Fargo & Company upped their price objective on shares of Public Service Enterprise Group from $96.00 to $97.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. upped their price target on shares of Public Service Enterprise Group from $85.00 to $90.00 and gave the company a "neutral" rating in a research report on Thursday, March 12th. Truist Financial reduced their price objective on shares of Public Service Enterprise Group from $91.00 to $88.00 and set a "hold" rating on the stock in a research note on Monday, May 18th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Public Service Enterprise Group in a research note on Friday, March 27th. Finally, Wall Street Zen raised shares of Public Service Enterprise Group from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $93.19.

Public Service Enterprise Group Price Performance

PEG stock opened at $77.90 on Thursday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.75 and a current ratio of 0.97. The business has a 50-day simple moving average of $79.87 and a two-hundred day simple moving average of $81.01. The company has a market capitalization of $38.82 billion, a P/E ratio of 17.24, a price-to-earnings-growth ratio of 2.95 and a beta of 0.51. Public Service Enterprise Group Incorporated has a 52-week low of $76.05 and a 52-week high of $91.25.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its earnings results on Tuesday, May 5th. The utilities provider reported $1.55 earnings per share for the quarter, beating analysts' consensus estimates of $1.44 by $0.11. Public Service Enterprise Group had a return on equity of 12.30% and a net margin of 17.69%.The company had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.35 billion. During the same quarter last year, the company earned $1.43 earnings per share. The company's revenue for the quarter was up 19.4% on a year-over-year basis. 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 4.37 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 9th will be given a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Tuesday, June 9th. Public Service Enterprise Group's dividend payout ratio is presently 59.29%.

Insider Buying and Selling

In related news, CEO Ralph A. Larossa sold 2,083 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $77.01, for a total value of $160,411.83. Following the completion of the sale, the chief executive officer directly owned 287,232 shares of the company's stock, valued at approximately $22,119,736.32. This represents a 0.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 6,249 shares of company stock valued at $498,795. Corporate insiders own 0.19% of the company's stock.

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.

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