Assenagon Asset Management S.A. Trims Stake in Public Service Enterprise Group Incorporated $PEG

Key Points

• Assenagon Asset Management cut its stake in Public Service Enterprise Group by 92.8% in the first quarter, leaving it with 16,043 shares worth about $1.3 million.
• PEG reported better-than-expected quarterly results, with EPS of $1.55 versus $1.44 expected and revenue of $3.85 billion, up 19.4% year over year. The company also reiterated FY2026 EPS guidance of 4.28 to 4.40.
• The utility recently paid a quarterly dividend of $0.67 per share, implying an annualized yield of about 3.3%. Meanwhile, analysts maintain a Moderate Buy consensus with an average price target of $93.19.

Assenagon Asset Management S.A. lessened its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 92.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,043 shares of the utilities provider's stock after selling 205,541 shares during the period. Assenagon Asset Management S.A.'s holdings in Public Service Enterprise Group were worth $1,299,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Entropy Technologies LP raised its position in 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 during the period. Nordea Investment Management AB boosted its position in shares of Public Service Enterprise Group by 28.6% during the fourth quarter. Nordea Investment Management AB now owns 2,266,925 shares of the utilities provider's stock worth $182,759,000 after buying an additional 504,632 shares during the period. Pensionfund Sabic purchased a new position in shares of Public Service Enterprise Group during the fourth quarter worth $1,301,000. Union Bancaire Privee UBP SA acquired a new stake in shares of Public Service Enterprise Group in the fourth quarter valued at $1,407,000. Finally, Cbre Investment Management Listed Real Assets LLC grew its stake in shares of Public Service Enterprise Group by 38.0% in the fourth 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 in the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Public Service Enterprise Group news, COO Kim C. Hanemann sold 3,035 shares of the firm's stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $82.00, for a total value of $248,870.00. Following the sale, the chief operating officer directly owned 98,815 shares in the company, valued at $8,102,830. This trade represents a 2.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ralph A. Larossa sold 2,083 shares of Public Service Enterprise Group stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $77.01, for a total value of $160,411.83. Following the sale, the chief executive officer directly owned 287,232 shares of the company's stock, valued at $22,119,736.32. This trade represents a 0.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 7,201 shares of company stock valued at $578,442. Insiders own 0.19% of the company's stock.

Public Service Enterprise Group Stock Performance

Shares of Public Service Enterprise Group stock opened at $80.33 on Thursday. The business has a 50-day simple moving average of $79.36 and a 200-day simple moving average of $80.88. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.75 and a current ratio of 0.97. Public Service Enterprise Group Incorporated has a one year low of $76.05 and a one year high of $91.25. The company has a market cap of $40.03 billion, a PE ratio of 17.77, a P/E/G ratio of 3.05 and a beta of 0.51.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The utilities provider reported $1.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.44 by $0.11. Public Service Enterprise Group had a net margin of 17.69% and a return on equity of 12.30%. The company had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $3.35 billion. During the same quarter in the previous year, the firm earned $1.43 earnings per share. The firm's quarterly revenue was up 19.4% on a year-over-year basis. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. On average, equities research analysts forecast that Public Service Enterprise Group Incorporated will post 4.37 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 9th were given a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Tuesday, June 9th. Public Service Enterprise Group's payout ratio is 59.29%.

Analysts Set New Price Targets

PEG has been the topic of several research analyst reports. LADENBURG THALM/SH SH downgraded Public Service Enterprise Group from a "buy" rating to a "neutral" rating and cut their price objective for the company from $87.50 to $84.50 in a report on Friday, March 13th. Jefferies Financial Group cut Public Service Enterprise Group from a "buy" rating to a "hold" rating and lowered their target price for the company from $90.00 to $89.00 in a report on Wednesday, April 15th. Truist Financial dropped their target price on Public Service Enterprise Group from $91.00 to $88.00 and set a "hold" rating for the company in a research report on Monday, May 18th. BMO Capital Markets boosted their price target on shares of Public Service Enterprise Group from $90.00 to $91.00 and gave the stock a "market perform" rating in a research note on Monday, April 13th. Finally, Barclays raised their price objective on shares of Public Service Enterprise Group from $81.00 to $89.00 and gave the company an "equal weight" rating in a research note on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $93.19.

Public Service Enterprise Group Company Profile

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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