BROOKFIELD Corp ON Decreases Holdings in Public Service Enterprise Group Incorporated $PEG

Key Points

• BROOKFIELD Corp ON has significantly reduced its stake in Public Service Enterprise Group, lowering its holdings by 81.3% to 80,931 shares after selling 351,339 shares during the first quarter.
• Several analysts have mixed opinions on the stock, as Morgan Stanley reduced their target price from $101 to $100, while UBS Group raised theirs from $97 to $103, maintaining a "buy" rating.
• Public Service Enterprise Group announced a quarterly dividend of $0.63 per share, representing a 3.1% yield, payable to stockholders of record on September 9th.

BROOKFIELD Corp ON decreased its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 81.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 80,931 shares of the utilities provider's stock after selling 351,339 shares during the quarter. BROOKFIELD Corp ON's holdings in Public Service Enterprise Group were worth $6,661,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Robeco Institutional Asset Management B.V. grew its holdings in shares of Public Service Enterprise Group by 6.2% during the first quarter. Robeco Institutional Asset Management B.V. now owns 47,659 shares of the utilities provider's stock worth $3,922,000 after purchasing an additional 2,803 shares during the last quarter. Sowell Financial Services LLC purchased a new position in shares of Public Service Enterprise Group during the first quarter worth about $298,000. Exchange Traded Concepts LLC grew its holdings in shares of Public Service Enterprise Group by 12.7% during the first quarter. Exchange Traded Concepts LLC now owns 3,977 shares of the utilities provider's stock worth $327,000 after purchasing an additional 447 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Public Service Enterprise Group by 4.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 90,126 shares of the utilities provider's stock worth $7,417,000 after purchasing an additional 3,601 shares during the last quarter. Finally, Vontobel Holding Ltd. purchased a new position in shares of Public Service Enterprise Group during the first quarter worth about $329,000. Hedge funds and other institutional investors own 73.34% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. 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. UBS Group upped their target price on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the company a "buy" rating in a report on Friday, July 25th. BMO Capital Markets upped their target price on shares of Public Service Enterprise Group from $84.00 to $89.00 and gave the company a "market perform" rating in a report on Wednesday, August 6th. Wall Street Zen raised shares of Public Service Enterprise Group from a "sell" rating to a "hold" rating in a report on Saturday, September 6th. Finally, Barclays reduced their target price on shares of Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating for the company in a report on Thursday, July 10th. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $90.95.

Public Service Enterprise Group Stock Up 0.5%

Shares of NYSE:PEG opened at $82.14 on Friday. The company has a market cap of $40.99 billion, a price-to-earnings ratio of 20.74, a PEG ratio of 2.84 and a beta of 0.50. The firm's 50-day simple moving average is $84.43 and its 200-day simple moving average is $82.10. 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 fifty-two week low of $74.67 and a fifty-two week high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last issued 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. The business had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.49 billion. Public Service Enterprise Group had a net margin of 17.78% and a return on equity of 12.08%. The business's quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.63 earnings per share. Public Service Enterprise Group has set its FY 2025 guidance at 3.940-4.060 EPS. As a group, equities research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

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

Insider Buying and Selling at Public Service Enterprise Group

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.