Alliancebernstein L.P. Increases Stock Position in Public Service Enterprise Group Incorporated $PEG

Key Points

• AllianceBernstein L.P. increased its stake in Public Service Enterprise Group by 0.6% in Q1, owning 549,643 shares valued at approximately $45.2 million.
• The company declared a quarterly dividend of $0.63 per share, yielding 3.1%, with the dividend to be paid on September 30th.
• Public Service Enterprise Group reported Q2 earnings of $0.77 per share, exceeding estimates, alongside a revenue of $2.81 billion, marking a 15.8% year-over-year increase.

Alliancebernstein L.P. raised its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 0.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 549,643 shares of the utilities provider's stock after acquiring an additional 3,455 shares during the period. Alliancebernstein L.P. owned about 0.11% of Public Service Enterprise Group worth $45,236,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. grew its position in Public Service Enterprise Group by 4.9% during the first quarter. Vanguard Group Inc. now owns 63,761,676 shares of the utilities provider's stock valued at $5,247,586,000 after acquiring an additional 2,986,646 shares during the last quarter. Ameriprise Financial Inc. grew its position in Public Service Enterprise Group by 2.3% during the first quarter. Ameriprise Financial Inc. now owns 7,294,016 shares of the utilities provider's stock valued at $600,317,000 after acquiring an additional 162,261 shares during the last quarter. Raymond James Financial Inc. grew its position in Public Service Enterprise Group by 5.2% during the first quarter. Raymond James Financial Inc. now owns 4,683,338 shares of the utilities provider's stock valued at $385,439,000 after acquiring an additional 230,636 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Public Service Enterprise Group by 15.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,997,028 shares of the utilities provider's stock valued at $337,709,000 after acquiring an additional 542,671 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Public Service Enterprise Group by 1.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,061,714 shares of the utilities provider's stock valued at $251,979,000 after acquiring an additional 31,631 shares during the last quarter. 73.34% of the stock is currently owned by institutional investors.

Public Service Enterprise Group Trading Up 0.2%

PEG stock traded up $0.19 on Thursday, reaching $81.91. The company's stock had a trading volume of 1,090,525 shares, compared to its average volume of 2,861,405. The business has a fifty day simple moving average of $84.42 and a two-hundred day simple moving average of $82.11. Public Service Enterprise Group Incorporated has a 12-month low of $74.67 and a 12-month high of $95.22. The firm has a market cap of $40.88 billion, a PE ratio of 20.69, a PEG ratio of 2.78 and a beta of 0.50. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.76 and a current ratio of 1.00.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The utilities provider reported $0.77 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.07. Public Service Enterprise Group had a return on equity of 12.08% and a net margin of 17.78%.The company had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.49 billion. During the same quarter last year, the firm posted $0.63 earnings per share. The firm's revenue was up 15.8% on a year-over-year basis. Public Service Enterprise Group has set its FY 2025 guidance at 3.940-4.060 EPS. As a group, research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be paid a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $2.52 dividend on an annualized basis and a yield of 3.1%. Public Service Enterprise Group's dividend payout ratio (DPR) is presently 63.64%.

Analysts Set New Price Targets

PEG has been the topic of several recent analyst reports. BMO Capital Markets raised their target price on shares of Public Service Enterprise Group from $84.00 to $89.00 and gave the stock a "market perform" rating in a report on Wednesday, August 6th. Wall Street Zen upgraded shares of Public Service Enterprise Group from a "sell" rating to a "hold" rating in a report on Saturday, September 6th. UBS Group raised their target price on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Barclays cut their target price on shares of Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating on the stock in a report on Thursday, July 10th. Finally, Morgan Stanley cut their target price on shares of Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating on the stock in a report on Wednesday, June 18th. Six investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $90.95.

Insider Buying and Selling

In related news, CEO Ralph A. Larossa sold 1,387 shares of the firm's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $83.12, for a total value of $115,287.44. Following the completion of the sale, the chief executive officer owned 218,328 shares of the company's stock, valued at $18,147,423.36. This trade represents a 0.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.19% of the stock is owned by insiders.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.