Geode Capital Management LLC Acquires 114,351 Shares of Public Service Enterprise Group Incorporated $PEG

Key Points

• Geode Capital Management boosted its stake in Public Service Enterprise Group by 0.9% in the fourth quarter, adding 114,351 shares and bringing its total holdings to 12.77 million shares worth about $1.02 billion.
• Public Service Enterprise Group beat earnings expectations in its latest quarter, reporting $1.55 EPS versus the $1.44 estimate and revenue of $3.85 billion, up 19.4% year over year.
• The company also announced a quarterly dividend of $0.67 per share, implying an annualized yield of 3.4%, while analysts currently rate the stock a “Moderate Buy” with an average target price of $93.19.

Geode Capital Management LLC increased its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 0.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,771,343 shares of the utilities provider's stock after acquiring an additional 114,351 shares during the period. Geode Capital Management LLC owned about 2.56% of Public Service Enterprise Group worth $1,021,475,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Rossby Financial LCC grew its holdings in shares of Public Service Enterprise Group by 5.5% in the third quarter. Rossby Financial LCC now owns 2,311 shares of the utilities provider's stock valued at $191,000 after acquiring an additional 121 shares in the last quarter. Colonial Trust Co SC grew its holdings in shares of Public Service Enterprise Group by 26.8% in the third quarter. Colonial Trust Co SC now owns 573 shares of the utilities provider's stock valued at $48,000 after acquiring an additional 121 shares in the last quarter. JPL Wealth Management LLC grew its holdings in shares of Public Service Enterprise Group by 0.4% in the third quarter. JPL Wealth Management LLC now owns 32,758 shares of the utilities provider's stock valued at $2,734,000 after acquiring an additional 122 shares in the last quarter. Transcend Capital Advisors LLC grew its holdings in shares of Public Service Enterprise Group by 2.6% in the third quarter. Transcend Capital Advisors LLC now owns 4,916 shares of the utilities provider's stock valued at $410,000 after acquiring an additional 125 shares in the last quarter. Finally, Strategic Investment Advisors MI grew its holdings in shares of Public Service Enterprise Group by 0.8% in the third quarter. Strategic Investment Advisors MI now owns 15,954 shares of the utilities provider's stock valued at $1,331,000 after acquiring an additional 127 shares in the last quarter. 73.34% of the stock is owned by institutional investors.

Public Service Enterprise Group Price Performance

Public Service Enterprise Group stock opened at $78.55 on Friday. Public Service Enterprise Group Incorporated has a one year low of $76.05 and a one year high of $91.25. The business has a fifty day moving average price of $80.05 and a 200-day moving average price of $81.14. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.97 and a quick ratio of 0.75. The firm has a market capitalization of $39.14 billion, a P/E ratio of 17.38, a PEG ratio of 2.98 and a beta of 0.53.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The utilities provider reported $1.55 EPS for the quarter, topping analysts' consensus estimates of $1.44 by $0.11. Public Service Enterprise Group had a return on equity of 12.30% and a net margin of 17.69%.The firm had revenue of $3.85 billion during the quarter, compared to analyst estimates of $3.35 billion. During the same period last year, the company earned $1.43 earnings per share. The business's revenue for the quarter was up 19.4% on a year-over-year basis. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. As a group, equities research analysts forecast that Public Service Enterprise Group Incorporated will post 4.37 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 9th will be issued a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, June 9th. Public Service Enterprise Group's dividend payout ratio (DPR) is presently 59.29%.

Insiders Place Their Bets

In other news, SVP Richard T. Thigpen sold 4,700 shares of the firm's stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $83.00, for a total value of $390,100.00. Following the completion of the transaction, the senior vice president directly owned 28,481 shares of the company's stock, valued at $2,363,923. This trade represents a 14.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ralph A. Larossa sold 2,083 shares of the firm's stock in a transaction on Friday, May 1st. The stock was sold at an average price of $81.21, for a total value of $169,160.43. Following the completion of the transaction, the chief executive officer directly owned 289,315 shares of the company's stock, valued at $23,495,271.15. The trade was a 0.71% 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. Insiders sold 10,949 shares of company stock valued at $902,747 over the last ninety days. Corporate insiders own 0.19% of the company's stock.

Analyst Ratings Changes

PEG has been the subject of several recent analyst reports. LADENBURG THALM/SH SH lowered Public Service Enterprise Group from a "buy" rating to a "neutral" rating and reduced their target price for the company from $87.50 to $84.50 in a report on Friday, March 13th. Truist Financial reduced their price objective on Public Service Enterprise Group from $91.00 to $88.00 and set a "hold" rating for the company in a report on Monday, May 18th. JPMorgan Chase & Co. increased their price objective on Public Service Enterprise Group from $85.00 to $90.00 and gave the company a "neutral" rating in a report on Thursday, March 12th. Wells Fargo & Company increased their price objective on Public Service Enterprise Group from $96.00 to $97.00 and gave the company an "overweight" rating in a report on Wednesday, May 6th. Finally, BMO Capital Markets increased their price objective on Public Service Enterprise Group from $90.00 to $91.00 and gave the company a "market perform" rating in a report on Monday, April 13th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $93.19.

Public Service Enterprise Group 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.