Canada Pension Plan Investment Board Trims Stock Position in Public Service Enterprise Group Incorporated $PEG

Key Points

• The Canada Pension Plan Investment Board reduced its stake in Public Service Enterprise Group by 43.1%, selling 408,402 shares and holding a total of 538,331 shares valued at approximately $44.3 million.
• Public Service Enterprise Group reported earnings of $0.77 per share for the last quarter, surpassing the consensus estimate of $0.70, with revenues increasing 15.8% year-over-year to $2.81 billion.
• The company declared a quarterly dividend of $0.63 per share, with a yield of 3.1% and a payout ratio of 63.64%.

Canada Pension Plan Investment Board cut its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 43.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 538,331 shares of the utilities provider's stock after selling 408,402 shares during the period. Canada Pension Plan Investment Board owned about 0.11% of Public Service Enterprise Group worth $44,305,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in PEG. Vanguard Group Inc. grew its holdings in Public Service Enterprise Group by 4.9% during the first quarter. Vanguard Group Inc. now owns 63,761,676 shares of the utilities provider's stock valued at $5,247,586,000 after purchasing an additional 2,986,646 shares during the last quarter. Nuveen LLC acquired a new position in shares of 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 1st quarter valued at $68,317,000. Assenagon Asset Management S.A. raised its position in shares of 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 valued at $75,652,000 after buying an additional 759,873 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in Public Service Enterprise Group by 8,465.1% during the first quarter. GAMMA Investing LLC now owns 586,881 shares of the utilities provider's stock valued at $48,300,000 after acquiring an additional 580,029 shares during the period. 73.34% of the stock is currently owned by institutional investors.

Public Service Enterprise Group Trading Up 0.1%

NYSE:PEG traded up $0.10 during mid-day trading on Thursday, hitting $81.45. 1,260,484 shares of the stock traded hands, compared to its average volume of 2,859,238. 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's 50 day moving average is $84.63 and its two-hundred day moving average is $82.24. Public Service Enterprise Group Incorporated has a 52 week low of $74.67 and a 52 week high of $95.22. The stock has a market capitalization of $40.65 billion, a price-to-earnings ratio of 20.58, a PEG ratio of 2.86 and a beta of 0.50.

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, topping the consensus estimate of $0.70 by $0.07. The business had revenue of $2.81 billion during the quarter, compared to analysts' expectations of $2.49 billion. Public Service Enterprise Group had a return on equity of 12.08% and a net margin of 17.78%.The business's revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.63 EPS. Public Service Enterprise Group has set its FY 2025 guidance at 3.940-4.060 EPS. On average, 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 firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 9th. Public Service Enterprise Group's dividend payout ratio is presently 63.64%.

Insider Buying and Selling at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,387 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 218,328 shares of the company's stock, valued at approximately $18,147,423.36. This represents a 0.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.19% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on PEG shares. Morgan Stanley decreased their price target on Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 18th. Barclays decreased their price objective 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 boosted their target price 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 target price on shares of Public Service Enterprise Group from $84.00 to $89.00 and gave the stock a "market perform" rating in a report on Wednesday, August 6th. Finally, Wall Street Zen lowered shares of Public Service Enterprise Group from a "hold" rating to a "sell" rating in a report on Sunday, July 20th. Six analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $90.95.

Public Service Enterprise Group 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.