Assenagon Asset Management S.A. Sells 367,030 Shares of Public Service Enterprise Group Incorporated $PEG

Key Points

• Assenagon Asset Management S.A. reduced its stake in Public Service Enterprise Group Incorporated by 39.9%, ending the quarter with 552,188 shares valued at approximately $46.5 million.
• Public Service Enterprise Group reported a quarterly earnings per share of $0.77, surpassing analyst expectations of $0.70, and noted a revenue increase of 15.8% year-over-year.
• The company announced a quarterly dividend of $0.63 per share, with an annualized yield of 3.1%, set to be paid on September 30th.

Assenagon Asset Management S.A. reduced its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 39.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 552,188 shares of the utilities provider's stock after selling 367,030 shares during the period. Assenagon Asset Management S.A. owned 0.11% of Public Service Enterprise Group worth $46,483,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Two Sigma Advisers LP purchased a new stake in shares of Public Service Enterprise Group in the 4th quarter worth $600,000. Vident Advisory LLC grew its holdings in Public Service Enterprise Group by 13.0% in the fourth quarter. Vident Advisory LLC now owns 13,290 shares of the utilities provider's stock valued at $1,123,000 after purchasing an additional 1,533 shares during the period. Woodline Partners LP acquired a new stake in shares of Public Service Enterprise Group in the fourth quarter worth approximately $2,528,000. Waverly Advisors LLC purchased a new position in Public Service Enterprise Group during the fourth quarter worth approximately $266,000. Finally, Vise Technologies Inc. purchased a new position in Public Service Enterprise Group during the fourth quarter worth approximately $379,000. 73.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PEG has been the topic of several research reports. UBS Group increased their target price on Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Wall Street Zen raised Public Service Enterprise Group from a "sell" rating to a "hold" rating in a research note on Saturday, September 6th. Morgan Stanley dropped their price objective on 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. BMO Capital Markets raised their price target on Public Service Enterprise Group from $84.00 to $89.00 and gave the stock a "market perform" rating in a research note on Wednesday, August 6th. Finally, Barclays dropped their price target on Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 10th. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $91.55.

Insider Transactions at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,387 shares of the company's stock in a transaction dated 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 owned 218,328 shares in the company, valued at approximately $18,147,423.36. This represents a 0.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.19% of the stock is currently owned by insiders.

Public Service Enterprise Group Trading Up 0.2%

PEG stock traded up $0.14 during trading on Tuesday, hitting $81.87. The company had a trading volume of 604,493 shares, compared to its average volume of 2,846,811. 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 firm has a 50-day moving average price of $84.37 and a 200-day moving average price of $82.14. Public Service Enterprise Group Incorporated has a 12 month low of $74.67 and a 12 month high of $95.22. The stock has a market cap of $40.86 billion, a price-to-earnings ratio of 20.67, a PEG ratio of 2.84 and a beta of 0.50.

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 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $2.49 billion. During the same quarter in the previous year, the business earned $0.63 EPS. 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, analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share 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. Stockholders 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 dividend yield of 3.1%. The ex-dividend date is Tuesday, September 9th. Public Service Enterprise Group's payout ratio is 63.64%.

About Public Service Enterprise Group

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.