Public Service Enterprise Group Incorporated $PEG Shares Sold by Comerica Bank

Key Points

• Comerica Bank has reduced its holdings in Public Service Enterprise Group by 9.2%, selling 11,467 shares during the first quarter, leaving it with 113,015 shares valued at approximately $9.3 million.
• Public Service Enterprise Group reported a quarterly EPS of $0.77, exceeding expectations, with a revenue of $2.81 billion for the same period, marking a 15.8% increase year-over-year.
• A dividend of $0.63 per share was recently declared, with a yield of 3.0%, to be paid to investors of record on September 9th.

Comerica Bank reduced its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 9.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,015 shares of the utilities provider's stock after selling 11,467 shares during the quarter. Comerica Bank's holdings in Public Service Enterprise Group were worth $9,301,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Synovus Financial Corp acquired a new stake in Public Service Enterprise Group during the 1st quarter worth $254,000. Campbell & CO Investment Adviser LLC acquired a new stake in Public Service Enterprise Group during the 1st quarter worth $5,400,000. Jump Financial LLC raised its stake in Public Service Enterprise Group by 20.1% during the 1st quarter. Jump Financial LLC now owns 7,456 shares of the utilities provider's stock worth $614,000 after acquiring an additional 1,249 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC acquired a new stake in Public Service Enterprise Group during the 1st quarter worth $68,317,000. Finally, Smartleaf Asset Management LLC boosted its stake in Public Service Enterprise Group by 10.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 3,583 shares of the utilities provider's stock worth $292,000 after purchasing an additional 351 shares during the period. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Ralph A. Larossa sold 1,387 shares of Public Service Enterprise Group 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 transaction, the chief executive officer owned 218,328 shares in the company, valued at approximately $18,147,423.36. This trade represents a 0.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.19% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PEG shares. Morgan Stanley decreased their price target on shares of Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating for the company in a research note on Wednesday, June 18th. BMO Capital Markets boosted their price objective on shares of Public Service Enterprise Group from $84.00 to $89.00 and gave the company a "market perform" rating in a research note on Wednesday, August 6th. UBS Group boosted their price objective on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Barclays dropped their price objective on shares of Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 10th. Finally, Wall Street Zen downgraded Public Service Enterprise Group from a "hold" rating to a "sell" rating in a report on Sunday, July 20th. Six equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $90.95.

Public Service Enterprise Group Price Performance

Public Service Enterprise Group stock traded down $0.23 during trading hours on Monday, hitting $82.36. The stock had a trading volume of 2,254,583 shares, compared to its average volume of 2,773,879. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.00 and a quick ratio of 0.76. The stock has a market capitalization of $41.10 billion, a price-to-earnings ratio of 20.80, a PEG ratio of 2.86 and a beta of 0.50. Public Service Enterprise Group Incorporated has a 1-year low of $74.67 and a 1-year high of $95.22. The stock's fifty day moving average is $84.68 and its two-hundred day moving average is $82.25.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted 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 company had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.49 billion. Public Service Enterprise Group had a return on equity of 12.08% and a net margin of 17.78%.Public Service Enterprise Group's revenue was up 15.8% compared to the same quarter last year. During the same quarter in the prior year, the company 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, analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

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

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.