Ausbil Investment Management Ltd Sells 21,687 Shares of Public Service Enterprise Group Incorporated $PEG

Key Points

• Ausbil Investment Management Ltd has reduced its holdings in Public Service Enterprise Group by 25.1%, selling 21,687 shares and now owning 64,569 shares, which represents about 3.2% of its investment portfolio.
• Public Service Enterprise Group reported earnings of $0.77 per share for the last quarter, exceeding estimates, with a revenue increase of 15.8% year-over-year.
• The company declared a quarterly dividend of $0.63 per share, effective on September 30th, translating to an annualized dividend yield of 3.1%.

Ausbil Investment Management Ltd lessened its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 25.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 64,569 shares of the utilities provider's stock after selling 21,687 shares during the period. Public Service Enterprise Group accounts for approximately 3.2% of Ausbil Investment Management Ltd's investment portfolio, making the stock its 10th biggest holding. Ausbil Investment Management Ltd's holdings in Public Service Enterprise Group were worth $5,435,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PEG. Vanguard Group Inc. raised its position in shares of Public Service Enterprise Group by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 63,761,676 shares of the utilities provider's stock worth $5,247,586,000 after acquiring an additional 2,986,646 shares in the last quarter. Nuveen LLC acquired a new position in Public Service Enterprise Group during the first quarter worth approximately $95,076,000. Cbre Investment Management Listed Real Assets LLC acquired a new position in Public Service Enterprise Group during the first quarter worth approximately $68,317,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Public Service Enterprise Group by 20.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,803,810 shares of the utilities provider's stock worth $395,354,000 after buying an additional 806,782 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in Public Service Enterprise Group by 476.9% during the first quarter. Assenagon Asset Management S.A. now owns 919,218 shares of the utilities provider's stock worth $75,652,000 after buying an additional 759,873 shares during the period. Institutional investors and hedge funds own 73.34% of the company's stock.

Public Service Enterprise Group Trading Up 1.8%

Shares of PEG stock opened at $82.30 on Friday. The business's 50 day moving average is $84.30 and its two-hundred day moving average is $82.20. Public Service Enterprise Group Incorporated has a twelve month low of $74.67 and a twelve month high of $95.22. The company has a market capitalization of $41.07 billion, a P/E ratio of 20.78, a price-to-earnings-growth ratio of 2.86 and a beta of 0.50. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 1.30.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last announced its earnings results on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share for the quarter, beating the consensus estimate 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 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 business posted $0.63 EPS. The company'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. Equities analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS 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. Investors of record on Tuesday, September 9th will be paid a $0.63 dividend. The ex-dividend date is Tuesday, September 9th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.1%. Public Service Enterprise Group's payout ratio is 63.64%.

Insider Buying and Selling at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,387 shares of Public Service Enterprise Group stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $83.12, for a total value of $115,287.44. Following the sale, the chief executive officer directly owned 218,328 shares in the company, valued at $18,147,423.36. The trade was a 0.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.19% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have commented on PEG. Wall Street Zen raised Public Service Enterprise Group from a "sell" rating to a "hold" rating in a research report on Saturday, September 6th. Barclays cut 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 report on Thursday, July 10th. UBS Group lifted their price target on Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. BMO Capital Markets lifted 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 report on Wednesday, August 6th. Finally, Morgan Stanley cut their price target on Public Service Enterprise Group from $105.00 to $103.00 and set an "overweight" rating on the stock in a research report on Thursday. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, Public Service Enterprise Group currently has an average rating of "Moderate Buy" and an average target price of $91.85.

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.

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