Gulf International Bank UK Ltd Has $2.34 Million Stock Position in Public Service Enterprise Group Incorporated $PEG

Key Points

• Gulf International Bank UK Ltd reduced its stake in Public Service Enterprise Group (PEG) by 27.3%, now holding 28,407 shares worth approximately $2.34 million after selling 10,665 shares in the first quarter.
• Public Service Enterprise Group recently reported earnings of $0.77 per share, exceeding analyst expectations by $0.07, with quarterly revenue up 15.8% year-over-year.
• The company announced a quarterly dividend of $0.63 per share, with an annual yield of 2.9%, set to be paid to shareholders on September 30th.

Gulf International Bank UK Ltd trimmed its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 27.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,407 shares of the utilities provider's stock after selling 10,665 shares during the period. Gulf International Bank UK Ltd's holdings in Public Service Enterprise Group were worth $2,337,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Townsquare Capital LLC raised its position in shares of Public Service Enterprise Group by 91.7% in the fourth quarter. Townsquare Capital LLC now owns 9,586 shares of the utilities provider's stock valued at $810,000 after purchasing an additional 4,585 shares during the period. Mariner LLC grew its stake in shares of Public Service Enterprise Group by 3.7% in the fourth quarter. Mariner LLC now owns 184,678 shares of the utilities provider's stock worth $15,603,000 after acquiring an additional 6,590 shares during the last quarter. CreativeOne Wealth LLC boosted its stake in Public Service Enterprise Group by 4.6% during the fourth quarter. CreativeOne Wealth LLC now owns 4,693 shares of the utilities provider's stock worth $397,000 after buying an additional 208 shares in the last quarter. Belpointe Asset Management LLC boosted its stake in Public Service Enterprise Group by 5.4% during the fourth quarter. Belpointe Asset Management LLC now owns 3,416 shares of the utilities provider's stock worth $276,000 after buying an additional 176 shares in the last quarter. Finally, United Capital Financial Advisors LLC boosted its stake in Public Service Enterprise Group by 2.4% during the fourth quarter. United Capital Financial Advisors LLC now owns 13,220 shares of the utilities provider's stock worth $1,117,000 after buying an additional 311 shares in the last quarter. 73.34% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Ralph A. Larossa sold 1,387 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $83.12, for a total value of $115,287.44. Following the transaction, the chief executive officer directly owned 218,328 shares of the company's stock, valued at $18,147,423.36. This represents a 0.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.19% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PEG shares. BMO Capital Markets boosted their target price on shares of Public Service Enterprise Group from $84.00 to $89.00 and gave the company a "market perform" rating in a research note on Wednesday, August 6th. Wall Street Zen downgraded shares of Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research note on Sunday, July 20th. Evercore ISI reduced their target price on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. UBS Group boosted their target price on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Finally, Guggenheim reduced their target price on shares of Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Public Service Enterprise Group has a consensus rating of "Hold" and a consensus target price of $90.95.

Public Service Enterprise Group Trading Down 1.3%

Shares of PEG stock traded down $1.12 on Monday, reaching $84.20. The company had a trading volume of 2,494,077 shares, compared to its average volume of 2,874,340. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 1.30. The stock has a market cap of $42.02 billion, a PE ratio of 21.26, a PEG ratio of 2.97 and a beta of 0.45. The company has a 50-day moving average of $84.23 and a 200-day moving average of $82.28. Public Service Enterprise Group Incorporated has a 12 month low of $74.67 and a 12 month high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its earnings results on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share (EPS) 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 during the quarter, compared to analysts' expectations of $2.49 billion. During the same period in the prior year, the business earned $0.63 EPS. Public Service Enterprise Group's revenue for the quarter was up 15.8% compared to the same quarter last year. On average, equities analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

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