Amundi Sells 1,036,657 Shares of Public Service Enterprise Group Incorporated $PEG

Key Points

• Amundi has reduced its stake in Public Service Enterprise Group by 38.5%, selling over 1 million shares and now holding approximately 0.33% of the company.
• Public Service Enterprise Group reported a 15.8% increase in quarterly revenue, reaching $2.81 billion, and earnings per share exceeded analyst estimates by $0.07.
• The company announced a quarterly dividend of $0.63 per share, representing an annual yield of 3.1%, with an ex-dividend date set for September 9th.

Amundi decreased its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 38.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,652,889 shares of the utilities provider's stock after selling 1,036,657 shares during the quarter. Amundi owned about 0.33% of Public Service Enterprise Group worth $134,793,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. REAP Financial Group LLC boosted its stake in Public Service Enterprise Group by 105.9% during the 4th quarter. REAP Financial Group LLC now owns 315 shares of the utilities provider's stock worth $27,000 after acquiring an additional 162 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Public Service Enterprise Group during the 1st quarter worth approximately $32,000. Wealth Preservation Advisors LLC acquired a new stake in Public Service Enterprise Group during the 1st quarter worth approximately $33,000. Zions Bancorporation National Association UT acquired a new stake in Public Service Enterprise Group during the 1st quarter worth approximately $50,000. Finally, Sound Income Strategies LLC raised its holdings in Public Service Enterprise Group by 105.9% during the 1st quarter. Sound Income Strategies LLC now owns 702 shares of the utilities provider's stock worth $58,000 after buying an additional 361 shares during the period. Institutional investors own 73.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on PEG shares. Barclays dropped 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. 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. 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. Finally, Morgan Stanley dropped 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 equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $90.95.

Insiders Place Their Bets

In related news, CEO Ralph A. Larossa sold 1,387 shares of the business's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $83.12, for a total transaction of $115,287.44. Following the transaction, the chief executive officer directly owned 218,328 shares in the company, valued at approximately $18,147,423.36. The trade was a 0.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.19% of the company's stock.

Public Service Enterprise Group Price Performance

NYSE PEG opened at $81.12 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. Public Service Enterprise Group Incorporated has a 12-month low of $74.67 and a 12-month high of $95.22. The company has a market capitalization of $40.49 billion, a PE ratio of 20.49, a price-to-earnings-growth ratio of 2.84 and a beta of 0.50. The firm's 50 day moving average is $84.55 and its 200-day moving average is $82.20.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.07. Public Service Enterprise Group had a net margin of 17.78% and a return on equity of 12.08%. The company had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.49 billion. During the same period last year, the company earned $0.63 earnings per share. The firm's revenue 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 Announces Dividend

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

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.

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