Cibc World Market Inc. Makes New $4.26 Million Investment in Public Service Enterprise Group Incorporated $PEG

Key Points

• CIBC World Markets acquired 52,520 shares of Public Service Enterprise Group, valued at approximately $4.26 million. Institutional investors collectively own 73.34% of PEG.
• Analyst sentiment remains cautious, with a consensus “Hold” rating and an average price target of $89.43; several firms recently lowered their targets.
• PEG reported quarterly EPS of $0.86, beating estimates, while revenue fell 8.9% year over year. The company also declared a quarterly dividend of $0.67 per share, representing a 3.7% annualized yield.

Cibc World Market Inc. bought a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 52,520 shares of the utilities provider's stock, valued at approximately $4,263,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Public Service Enterprise Group by 3.4% during the fourth quarter. Vanguard Group Inc. now owns 67,498,821 shares of the utilities provider's stock worth $5,420,155,000 after purchasing an additional 2,189,951 shares during the period. BlackRock Inc. bought a new position in shares of Public Service Enterprise Group during the 2nd quarter worth approximately $4,366,570,000. State Street Corp increased its holdings in shares of Public Service Enterprise Group by 2.8% during the 4th quarter. State Street Corp now owns 28,361,198 shares of the utilities provider's stock worth $2,277,404,000 after acquiring an additional 762,591 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Public Service Enterprise Group by 24.7% during the 2nd quarter. Bank of America Corp DE now owns 17,536,584 shares of the utilities provider's stock worth $1,476,230,000 after acquiring an additional 3,469,886 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Public Service Enterprise Group by 0.9% in 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 period. Institutional investors and hedge funds own 73.34% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on PEG. Wall Street Zen cut shares of Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. Royal Bank Of Canada started coverage on shares of Public Service Enterprise Group in a report on Thursday, July 2nd. They issued a "sector perform" rating and a $81.00 price target on the stock. Morgan Stanley lowered their target price on Public Service Enterprise Group from $93.00 to $91.00 and set an "overweight" rating on the stock in a research note on Friday, August 21st. Citigroup reduced their price target on Public Service Enterprise Group from $91.00 to $84.00 and set a "neutral" rating for the company in a research note on Wednesday, August 5th. Finally, Jefferies Financial Group decreased their price objective on Public Service Enterprise Group from $89.00 to $78.00 and set a "hold" rating on the stock in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, Public Service Enterprise Group has a consensus rating of "Hold" and an average target price of $89.43.

Insiders Place Their Bets

In other news, SVP Richard T. Thigpen sold 8,000 shares of Public Service Enterprise Group stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $74.56, for a total transaction of $596,480.00. Following the sale, the senior vice president directly owned 20,970 shares of the company's stock, valued at approximately $1,563,523.20. This trade represents a 27.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Kim C. Hanemann sold 3,035 shares of the business's stock in a transaction dated 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 owned 98,815 shares in the company, valued at approximately $8,102,830. This trade represents a 2.98% 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. Over the last 90 days, insiders sold 17,284 shares of company stock valued at $1,332,751. 0.19% of the stock is currently owned by corporate insiders.

Public Service Enterprise Group Stock Performance

PEG opened at $73.29 on Wednesday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.67 and a current ratio of 0.88. Public Service Enterprise Group Incorporated has a 52-week low of $72.53 and a 52-week high of $87.63. The firm has a market cap of $36.53 billion, a P/E ratio of 18.23, a price-to-earnings-growth ratio of 2.77 and a beta of 0.51. The business's fifty day moving average is $78.44 and its 200-day moving average is $80.26.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last released its earnings results on Tuesday, August 4th. The utilities provider reported $0.86 EPS for the quarter, beating the consensus estimate of $0.80 by $0.06. The firm had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.66 billion. Public Service Enterprise Group had a net margin of 16.04% and a return on equity of 12.42%. The business's quarterly revenue was down 8.9% compared to the same quarter last year. During the same period last year, the firm earned $0.77 EPS. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. Sell-side analysts expect that Public Service Enterprise Group Incorporated will post 4.36 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The firm 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. This represents a $2.68 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Wednesday, September 9th. Public Service Enterprise Group's dividend payout ratio is currently 66.67%.

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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