Cullen Investment Group LTD. Purchases 10,458 Shares of Public Service Enterprise Group Incorporated $PEG

Key Points

• Cullen Investment Group LTD. increased its stake in Public Service Enterprise Group by 19.4% during the second quarter, acquiring an additional 10,458 shares, resulting in total holdings valued at $5.41 million.
• Public Service Enterprise Group recently posted earnings of $0.77 per share for the quarter, exceeding estimates, with revenue of $2.81 billion, reflecting a 15.8% year-over-year increase.
• The company will pay a quarterly dividend of $0.63 on September 30th, representing an annualized dividend yield of 3.0% and a payout ratio of 63.64%.

Cullen Investment Group LTD. boosted its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 19.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 64,320 shares of the utilities provider's stock after acquiring an additional 10,458 shares during the quarter. Cullen Investment Group LTD.'s holdings in Public Service Enterprise Group were worth $5,414,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. REAP Financial Group LLC raised its position in Public Service Enterprise Group by 105.9% in the fourth quarter. REAP Financial Group LLC now owns 315 shares of the utilities provider's stock worth $27,000 after acquiring an additional 162 shares in the last quarter. Headlands Technologies LLC purchased a new position in Public Service Enterprise Group during the 1st quarter valued at about $32,000. Wealth Preservation Advisors LLC purchased a new position in Public Service Enterprise Group during the 1st quarter valued at about $33,000. Zions Bancorporation National Association UT purchased a new position in Public Service Enterprise Group during the 1st quarter valued at about $50,000. Finally, Sound Income Strategies LLC lifted its holdings in shares of Public Service Enterprise Group by 105.9% during the 1st quarter. Sound Income Strategies LLC now owns 702 shares of the utilities provider's stock valued at $58,000 after buying an additional 361 shares during the last quarter. 73.34% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PEG has been the subject of a number of research analyst reports. Morgan Stanley cut their price target on Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, June 18th. Wall Street Zen upgraded Public Service Enterprise Group from a "sell" rating to a "hold" rating in a research report on Saturday, September 6th. Barclays decreased their target price on Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating on the stock in a report on Thursday, July 10th. BMO Capital Markets raised their price target on 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. Finally, UBS Group raised their price target on Public Service Enterprise Group from $97.00 to $103.00 and gave the company a "buy" rating in a report on Friday, July 25th. Six equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $91.55.

Insider Activity 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 that occurred on Tuesday, July 1st. The stock was sold at an average price of $83.12, for a total transaction of $115,287.44. Following the completion of the transaction, the chief executive officer directly owned 218,328 shares in the company, valued at approximately $18,147,423.36. The trade was a 0.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.19% of the company's stock.

Public Service Enterprise Group Stock Up 0.4%

PEG stock traded up $0.33 during mid-day trading on Monday, reaching $83.02. The company had a trading volume of 2,237,063 shares, compared to its average volume of 2,547,135. 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 50 day simple moving average of $84.47 and a two-hundred day simple moving average of $82.11. The company has a market capitalization of $41.43 billion, a price-to-earnings ratio of 20.96, a PEG ratio of 2.88 and a beta of 0.50. Public Service Enterprise Group Incorporated has a 52 week low of $74.67 and a 52 week high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.07. The firm had revenue of $2.81 billion during the quarter, compared to the consensus estimate 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 was up 15.8% compared to the same quarter last year. During the same period last 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, equities 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 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 3.0%. The ex-dividend date is Tuesday, September 9th. Public Service Enterprise Group's payout ratio is currently 63.64%.

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.