Engineers Gate Manager LP Increases Position in Public Service Enterprise Group Incorporated $PEG

Key Points

• Engineers Gate Manager LP increased its PEG position by 74.4% in the second quarter, bringing its holdings to 105,592 shares valued at approximately $8.57 million. Institutional investors collectively own 73.34% of Public Service Enterprise Group.
• Analysts have an overall “Hold” rating on PEG, with an average price target of $89.43; several firms recently lowered their targets, while Wall Street Zen downgraded the stock to “Sell.”
• PEG exceeded quarterly earnings expectations with EPS of $0.86 versus the $0.80 consensus, despite an 8.9% year-over-year revenue decline. The company declared a $0.67 quarterly dividend, equal to a 3.7% annualized yield.

Engineers Gate Manager LP grew its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 74.4% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 105,592 shares of the utilities provider's stock after purchasing an additional 45,056 shares during the period. Engineers Gate Manager LP's holdings in Public Service Enterprise Group were worth $8,570,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. California State Teachers Retirement System grew its stake in shares of Public Service Enterprise Group by 15,435.7% in the second quarter. California State Teachers Retirement System now owns 89,498,622 shares of the utilities provider's stock valued at $7,263,708,000 after buying an additional 88,922,538 shares in the last quarter. BlackRock Inc. acquired a new position in Public Service Enterprise Group during the 2nd quarter worth about $4,366,570,000. State Street Corp boosted its holdings in 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 valued at $2,277,404,000 after acquiring an additional 762,591 shares during the period. Bank of America Corp DE boosted its holdings in 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 valued at $1,476,230,000 after acquiring an additional 3,469,886 shares during the period. Finally, Geode Capital Management LLC grew its position 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 in the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on PEG shares. Truist Financial cut their price target on shares of Public Service Enterprise Group from $90.00 to $84.00 and set a "hold" rating on the stock in a research note on Thursday, August 13th. Wells Fargo & Company dropped their price objective on shares of Public Service Enterprise Group from $91.00 to $89.00 and set an "overweight" rating for the company in a report on Wednesday, August 5th. Morgan Stanley cut their target price on shares of 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 target price on shares of Public Service Enterprise Group from $91.00 to $84.00 and set a "neutral" rating on the stock in a report on Wednesday, August 5th. Finally, Wall Street Zen lowered shares of Public Service Enterprise Group from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $89.43.

Insider Transactions at Public Service Enterprise Group

In other news, CEO Ralph LaRossa sold 2,083 shares of the company's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $76.47, for a total value 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. This represents a 0.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Richard Thigpen sold 8,000 shares of the stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $74.56, for a total transaction of $596,480.00. Following the completion of the transaction, the senior vice president directly owned 20,970 shares in the company, valued at $1,563,523.20. This trade represents a 27.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 15,201 shares of company stock worth $1,172,339. 0.19% of the stock is currently owned by insiders.

Public Service Enterprise Group Trading Down 0.1%

PEG opened at $72.54 on Friday. 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 one year low of $72.08 and a one year high of $87.63. The company has a market cap of $36.16 billion, a P/E ratio of 18.05, a PEG ratio of 2.73 and a beta of 0.50. The business's 50-day simple moving average is $76.56 and its 200-day simple moving average is $79.37.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its earnings results on Tuesday, August 4th. The utilities provider reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.06. The firm had revenue of $2.55 billion during the quarter, compared to analysts' expectations of $2.66 billion. Public Service Enterprise Group had a return on equity of 12.42% and a net margin of 16.04%.The firm's revenue was down 8.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.77 earnings per share. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. As a group, equities research 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 business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders 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 payout ratio is currently 66.67%.

About Public Service Enterprise Group

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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