Corient Private Wealth LP Has $13.26 Million Stake in Public Service Enterprise Group Incorporated $PEG

Key Points

• Corient Private Wealth reduced its PSEG stake by 22.8% in the second quarter, selling 48,351 shares and retaining 163,409 shares valued at approximately $13.26 million. Institutional investors collectively own 73.34% of the company.
• Analyst sentiment has weakened, with several firms cutting price targets or downgrading the stock. PSEG carries a consensus “Hold” rating and an average price target of $89.43, versus a recent share price of $70.40.
• PSEG beat quarterly EPS expectations, reporting $0.86 versus the $0.80 consensus, but revenue fell 8.9% year over year to $2.55 billion. The company declared a quarterly dividend of $0.67, representing a 3.8% annualized yield.

Corient Private Wealth LP reduced its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 22.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 163,409 shares of the utilities provider's stock after selling 48,351 shares during the quarter. Corient Private Wealth LP's holdings in Public Service Enterprise Group were worth $13,262,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Tucker Asset Management LLC bought a new stake in Public Service Enterprise Group in the 2nd quarter valued at about $333,000. Amundi increased its holdings in shares of Public Service Enterprise Group by 71.6% during the second quarter. Amundi now owns 3,962,317 shares of the utilities provider's stock worth $321,580,000 after purchasing an additional 1,653,832 shares during the period. Groupe la Francaise raised its position in shares of Public Service Enterprise Group by 8.3% in the second quarter. Groupe la Francaise now owns 5,440 shares of the utilities provider's stock valued at $442,000 after buying an additional 417 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Public Service Enterprise Group in the second quarter valued at approximately $15,071,000. Finally, Kintra Wealth LLC boosted its stake in shares of Public Service Enterprise Group by 67.2% in the second quarter. Kintra Wealth LLC now owns 9,648 shares of the utilities provider's stock valued at $733,000 after buying an additional 3,877 shares during the period. Institutional investors own 73.34% of the company's stock.

Insider Buying and Selling at Public Service Enterprise Group

In other news, COO Kim Hanemann sold 3,035 shares of the firm's stock in a transaction on Wednesday, June 24th. The stock was 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 directly 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 document filed with the SEC, which is available through the SEC website. 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 dated Monday, August 3rd. The shares were sold at an average price of $76.47, for a total transaction of $159,287.01. Following the completion of the transaction, the chief executive officer owned 283,656 shares in the company, valued at approximately $21,691,174.32. The trade was a 0.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 15,201 shares of company stock worth $1,172,339 in the last quarter. 0.19% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Citigroup lowered their price objective on Public Service Enterprise Group from $91.00 to $84.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 5th. Truist Financial reduced their target price on Public Service Enterprise Group from $90.00 to $84.00 and set a "hold" rating on the stock in a report on Thursday, August 13th. Weiss Ratings cut Public Service Enterprise Group from a "buy (b-)" rating to a "hold (c)" rating in a research report on Wednesday, August 5th. Wall Street Zen downgraded Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. Finally, Royal Bank Of Canada assumed coverage on Public Service Enterprise Group in a research note on Thursday, July 2nd. They issued a "sector perform" rating and a $81.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $89.43.

Public Service Enterprise Group Stock Down 0.7%

Shares of NYSE:PEG opened at $70.40 on Wednesday. The firm has a market cap of $35.09 billion, a P/E ratio of 17.51, a P/E/G ratio of 2.67 and a beta of 0.50. The company has a quick ratio of 0.67, a current ratio of 0.88 and a debt-to-equity ratio of 1.31. Public Service Enterprise Group Incorporated has a 12-month low of $70.14 and a 12-month high of $87.63. The business has a fifty day simple moving average of $75.96 and a 200 day simple moving average of $79.05.

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

Public Service Enterprise Group Dividend Announcement

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

Public Service Enterprise Group Company 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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