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Allspring Global Investments Holdings LLC Sells 18,914 Shares of Public Service Enterprise Group Incorporated $PEG

Public Service Enterprise Group logo with Utilities background

Key Points

  • Allspring Global Investments Holdings LLC decreased its holdings in Public Service Enterprise Group by 8.6% during Q2, selling 18,914 shares and ending up with 200,138 shares valued at $16.6 million.
  • Public Service Enterprise Group reported a Q2 EPS of $0.77, exceeding estimates of $0.70, and a 15.8% increase in revenue year-over-year, totaling $2.81 billion.
  • The company declared a quarterly dividend of $0.63, with a dividend yield of 3.0%, and has a payout ratio of 63.64%.
  • MarketBeat previews top five stocks to own in November.

Allspring Global Investments Holdings LLC lessened its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 8.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 200,138 shares of the utilities provider's stock after selling 18,914 shares during the period. Allspring Global Investments Holdings LLC's holdings in Public Service Enterprise Group were worth $16,585,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Keener Financial Planning LLC purchased a new position in Public Service Enterprise Group during the 2nd quarter valued at about $27,000. Headlands Technologies LLC purchased a new position in Public Service Enterprise Group during the 1st quarter valued at about $32,000. Wealth Preservation Advisors LLC purchased a new position in Public Service Enterprise Group during the 1st quarter valued at about $33,000. Marshall & Sullivan Inc. WA purchased a new position in Public Service Enterprise Group during the 2nd quarter valued at about $33,000. Finally, Costello Asset Management INC increased its holdings in Public Service Enterprise Group by 290.6% during the 2nd quarter. Costello Asset Management INC now owns 539 shares of the utilities provider's stock valued at $45,000 after purchasing an additional 401 shares during the period. Hedge funds and other institutional investors own 73.34% of the company's stock.

Public Service Enterprise Group Stock Performance

Shares of PEG opened at $84.77 on Friday. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 1.30. The business's 50 day moving average price is $82.74 and its 200-day moving average price is $82.23. Public Service Enterprise Group Incorporated has a 52 week low of $74.67 and a 52 week high of $95.22. The stock has a market cap of $42.30 billion, a P/E ratio of 21.41, a P/E/G ratio of 2.58 and a beta of 0.53.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last issued 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 firm had revenue of $2.81 billion for the quarter, compared to analysts' expectations of $2.49 billion. During the same period in the previous year, the firm posted $0.63 EPS. The business's revenue for the quarter was up 15.8% compared to the same quarter last year. Public Service Enterprise Group has set its FY 2025 guidance at 3.940-4.060 EPS. Equities research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th were given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Tuesday, September 9th. Public Service Enterprise Group's payout ratio is currently 63.64%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PEG. Morgan Stanley reduced their price target on Public Service Enterprise Group from $105.00 to $103.00 and set an "overweight" rating on the stock in a report on Thursday, September 25th. Wall Street Zen upgraded Public Service Enterprise Group from a "sell" rating to a "hold" rating in a report on Saturday, September 6th. Barclays reduced their target price on 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. Evercore ISI initiated coverage on Public Service Enterprise Group in a report on Tuesday, October 7th. They set an "in-line" rating and a $83.00 target price on the stock. Finally, TD Cowen initiated coverage on Public Service Enterprise Group in a report on Thursday. They set a "buy" rating and a $93.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Public Service Enterprise Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $91.14.

Read Our Latest Stock Analysis on PEG

Public Service Enterprise Group Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Public Service Enterprise Group (NYSE:PEG)

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