Glenview Trust co Increases Stake in Public Service Enterprise Group Incorporated $PEG

Key Points

• Glenview Trust co increased its stake in Public Service Enterprise Group by 2.0%, purchasing an additional 4,249 shares to own a total of 213,893 shares valued at $17.6 million.
• Public Service Enterprise Group reported a quarterly EPS of $0.77, exceeding analysts' expectations of $0.70, and achieved a revenue of $2.81 billion for the quarter, a 15.8% year-over-year increase.
• The company announced a quarterly dividend of $0.63 per share, reflecting an annualized yield of 3.1%, which will be paid to shareholders of record on September 9th.

Glenview Trust co raised its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 2.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 213,893 shares of the utilities provider's stock after purchasing an additional 4,249 shares during the quarter. Glenview Trust co's holdings in Public Service Enterprise Group were worth $17,603,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Public Service Enterprise Group by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 63,761,676 shares of the utilities provider's stock valued at $5,247,586,000 after purchasing an additional 2,986,646 shares during the period. Ameriprise Financial Inc. increased its position in Public Service Enterprise Group by 2.3% during the 1st quarter. Ameriprise Financial Inc. now owns 7,294,016 shares of the utilities provider's stock valued at $600,317,000 after purchasing an additional 162,261 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Public Service Enterprise Group by 20.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,803,810 shares of the utilities provider's stock valued at $395,354,000 after purchasing an additional 806,782 shares during the period. Raymond James Financial Inc. increased its position in Public Service Enterprise Group by 5.2% during the 1st quarter. Raymond James Financial Inc. now owns 4,683,338 shares of the utilities provider's stock valued at $385,439,000 after purchasing an additional 230,636 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Public Service Enterprise Group by 15.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,997,028 shares of the utilities provider's stock valued at $337,709,000 after purchasing an additional 542,671 shares during the period. 73.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on PEG shares. Morgan Stanley reduced their price objective on shares of Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 18th. Barclays dropped their price target 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. Wall Street Zen upgraded shares of Public Service Enterprise Group from a "sell" rating to a "hold" rating in a research note on Saturday, September 6th. UBS Group upped their price target on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Finally, BMO Capital Markets upped their price target on shares of Public Service Enterprise Group from $84.00 to $89.00 and gave the company a "market perform" rating in a research report on Wednesday, August 6th. Six investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $90.95.

Public Service Enterprise Group Trading Up 0.9%

PEG stock traded up $0.71 during midday trading on Friday, reaching $82.74. The company's stock had a trading volume of 1,703,010 shares, compared to its average volume of 2,608,096. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.76 and a current ratio of 1.00. The stock has a fifty day simple moving average of $84.45 and a two-hundred day simple moving average of $82.09. Public Service Enterprise Group Incorporated has a 1 year low of $74.67 and a 1 year high of $95.22. The firm has a market capitalization of $41.29 billion, a price-to-earnings ratio of 20.89, a PEG ratio of 2.85 and a beta of 0.50.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last released its earnings results on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.07. Public Service Enterprise Group had a return on equity of 12.08% and a net margin of 17.78%.The business had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.49 billion. During the same quarter last year, the firm posted $0.63 earnings per share. The business's revenue was up 15.8% compared to the same quarter last year. Public Service Enterprise Group has set its FY 2025 guidance at 3.940-4.060 EPS. On average, equities research analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be paid a $0.63 dividend. The ex-dividend date is Tuesday, September 9th. This represents a $2.52 dividend on an annualized basis and a yield of 3.0%. Public Service Enterprise Group's dividend payout ratio (DPR) is presently 63.64%.

Insiders Place Their Bets

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,387 shares of the 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 sale, the chief executive officer owned 218,328 shares in the company, valued at $18,147,423.36. This trade represents a 0.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.19% of the stock is currently owned by insiders.

About Public Service Enterprise Group

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.