Allworth Financial LP Takes $1.63 Million Position in Public Service Enterprise Group Incorporated $PEG

Key Points

• Allworth Financial purchased 20,061 shares of Public Service Enterprise Group, worth approximately $1.63 million. Institutional investors collectively own 73.34% of PEG, with several funds increasing their positions.
• Analyst sentiment remains cautious, with the stock carrying a consensus “Hold” rating and an average price target of $89.43. PEG recently traded near its 12-month low at $72.71 after several analysts reduced their price targets.
• PEG exceeded quarterly EPS expectations, reporting $0.86 versus the $0.80 consensus, although revenue fell 8.9% year over year. The company declared a quarterly dividend of $0.67 per share, representing a 3.7% annualized yield.

Allworth Financial LP purchased a new position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 20,061 shares of the utilities provider's stock, valued at approximately $1,628,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PEG. Entropy Technologies LP lifted its holdings in shares of Public Service Enterprise Group by 115.6% in the fourth quarter. Entropy Technologies LP now owns 24,717 shares of the utilities provider's stock valued at $1,985,000 after purchasing an additional 13,253 shares in the last quarter. Kestra Advisory Services LLC grew its holdings in Public Service Enterprise Group by 26.3% during the first quarter. Kestra Advisory Services LLC now owns 69,089 shares of the utilities provider's stock worth $5,593,000 after buying an additional 14,406 shares in the last quarter. Y Intercept Hong Kong Ltd grew its holdings in Public Service Enterprise Group by 120.0% during the first quarter. Y Intercept Hong Kong Ltd now owns 63,102 shares of the utilities provider's stock worth $5,108,000 after buying an additional 34,415 shares in the last quarter. Elevation Point Wealth Partners LLC raised its position in Public Service Enterprise Group by 135.2% in the 1st quarter. Elevation Point Wealth Partners LLC now owns 21,693 shares of the utilities provider's stock valued at $1,756,000 after buying an additional 12,468 shares during the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC raised its position in Public Service Enterprise Group by 38.0% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,946,512 shares of the utilities provider's stock valued at $156,305,000 after buying an additional 536,363 shares during the last quarter. Institutional investors own 73.34% of the company's stock.

Analysts Set New Price Targets

PEG has been the topic of several recent analyst reports. Jefferies Financial Group dropped their price objective 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. Royal Bank Of Canada assumed coverage on shares of Public Service Enterprise Group in a report on Thursday, July 2nd. They issued a "sector perform" rating and a $81.00 target price for the company. Wells Fargo & Company dropped their price target on shares of Public Service Enterprise Group from $91.00 to $89.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 5th. Weiss Ratings cut shares of Public Service Enterprise Group from a "buy (b-)" rating to a "hold (c)" rating in a report on Wednesday, August 5th. Finally, Truist Financial reduced their price objective on shares of Public Service Enterprise Group from $90.00 to $84.00 and set a "hold" rating for the company in a research report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $89.43.

Public Service Enterprise Group Price Performance

Public Service Enterprise Group stock opened at $72.71 on Friday. Public Service Enterprise Group Incorporated has a 12 month low of $72.60 and a 12 month high of $87.63. The company has a current ratio of 0.88, a quick ratio of 0.67 and a debt-to-equity ratio of 1.31. The business's 50 day simple moving average is $78.72 and its 200 day simple moving average is $80.37. The company has a market cap of $36.24 billion, a price-to-earnings ratio of 18.09, a PEG ratio of 2.81 and a beta of 0.51.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last released its earnings results on Tuesday, August 4th. The utilities provider reported $0.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.06. The business had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.66 billion. Public Service Enterprise Group had a return on equity of 12.42% and a net margin of 16.04%.The business's revenue for the quarter was down 8.9% on a year-over-year basis. During the same period last year, the business posted $0.77 earnings per share. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. Sell-side analysts forecast that Public Service Enterprise Group Incorporated will post 4.36 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 9th will be paid a dividend of $0.67 per share. The ex-dividend date is Wednesday, September 9th. This represents a $2.68 annualized dividend and a dividend yield of 3.7%. Public Service Enterprise Group's dividend payout ratio is presently 66.67%.

Insider Buying and Selling

In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 8,000 shares of the company's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $74.56, for a total transaction of $596,480.00. Following the sale, the senior vice president directly owned 20,970 shares of the company's stock, valued at $1,563,523.20. This represents a 27.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Kim C. Hanemann sold 3,035 shares of the stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $82.00, for a total transaction of $248,870.00. Following the transaction, the chief operating officer owned 98,815 shares of the company's stock, valued at $8,102,830. This represents a 2.98% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 17,284 shares of company stock valued at $1,332,751. 0.19% of the stock is owned by 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.

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