Bank of America Corp DE Buys New Position in Public Service Enterprise Group Incorporated $PEG

Key Points

• Bank of America acquired 14.88 million shares of Public Service Enterprise Group in the second quarter, worth approximately $1.21 billion and representing a 2.98% stake. Institutional investors collectively own 73.34% of PEG.
• PEG shares opened at $70.86, near their 52-week low, after declining 2.1%. The company beat quarterly EPS expectations, reporting $0.86 versus the $0.80 consensus, though revenue fell 8.9% year over year.
• PSEG declared a quarterly dividend of $0.67 per share, equivalent to $2.68 annually and a 3.8% yield. Analysts maintain a consensus “Hold” rating with an average price target of $89.43.

Bank of America Corp DE bought 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 Securities and Exchange Commission (SEC). The fund bought 14,876,783 shares of the utilities provider's stock, valued at approximately $1,207,400,000. Bank of America Corp DE owned 2.98% of Public Service Enterprise Group as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Public Service Enterprise Group in the second quarter worth approximately $4,366,570,000. Geode Capital Management LLC lifted its position in shares of Public Service Enterprise Group by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 12,771,343 shares of the utilities provider's stock valued at $1,021,475,000 after acquiring an additional 114,351 shares during the last quarter. Norges Bank bought a new stake in shares of Public Service Enterprise Group during the 4th quarter worth $552,280,000. Legal & General Group Plc bought a new stake in shares of Public Service Enterprise Group during the 2nd quarter worth $554,994,000. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Public Service Enterprise Group by 5.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 4,994,372 shares of the utilities provider's stock worth $401,048,000 after acquiring an additional 241,058 shares during the last quarter. 73.34% of the stock is currently owned by institutional investors.

Public Service Enterprise Group Stock Down 2.1%

Shares of Public Service Enterprise Group stock opened at $70.86 on Tuesday. Public Service Enterprise Group Incorporated has a 1 year low of $70.72 and a 1 year high of $87.63. The company has a market cap of $35.32 billion, a P/E ratio of 17.63, a P/E/G ratio of 2.73 and a beta of 0.50. 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 stock has a 50-day moving average price of $76.18 and a 200 day moving average price of $79.16.

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 for the quarter, beating the consensus estimate of $0.80 by $0.06. The company had revenue of $2.55 billion for the quarter, compared to analysts' expectations 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 quarter in the previous year, the business posted $0.77 EPS. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. As a group, analysts expect that Public Service Enterprise Group Incorporated will post 4.36 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 9th will be given a dividend of $0.67 per share. The ex-dividend date of this dividend is Wednesday, September 9th. This represents a $2.68 dividend on an annualized basis and a yield of 3.8%. Public Service Enterprise Group's payout ratio is presently 66.67%.

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, COO Kim Hanemann sold 3,035 shares of Public Service Enterprise Group stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $82.00, for a total transaction of $248,870.00. Following the completion of the sale, the chief operating officer owned 98,815 shares of the company's stock, valued at $8,102,830. This trade represents a 2.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ralph LaRossa sold 2,083 shares of the business's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $76.47, for a total transaction of $159,287.01. Following the transaction, the chief executive officer owned 283,656 shares in the company, valued at approximately $21,691,174.32. This represents a 0.73% 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 15,201 shares of company stock worth $1,172,339. 0.19% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PEG has been the topic of a number of recent analyst reports. Wall Street Zen lowered Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Morgan Stanley decreased their price target on Public Service Enterprise Group from $93.00 to $91.00 and set an "overweight" rating for the company in a research report on Friday, August 21st. Truist Financial dropped their price target on Public Service Enterprise Group from $90.00 to $84.00 and set a "hold" rating on the stock in a research note on Thursday, August 13th. Wells Fargo & Company cut their price objective on Public Service Enterprise Group from $91.00 to $89.00 and set an "overweight" rating on the stock in a report on Wednesday, August 5th. Finally, Weiss Ratings lowered shares of Public Service Enterprise Group from a "buy (b-)" rating to a "hold (c)" rating in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $89.43.

Public Service Enterprise Group Profile

Public Service Enterprise Group Incorporated NYSE: PEG is an energy company headquartered in Newark, New Jersey. Through its principal subsidiary, Public Service Electric and Gas Company (PSE&G), it provides regulated electric and natural gas transmission, distribution and delivery services to residential, commercial and industrial customers, primarily in New Jersey.

PSEG also owns PSEG Power, which operates and manages a diverse portfolio of electric-generating facilities, including nuclear, natural gas and renewable energy assets.

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