Hsbc Holdings PLC Trims Position in Public Service Enterprise Group Incorporated $PEG

Key Points

• HSBC Holdings PLC reduced its stake in Public Service Enterprise Group by 10.2% in the first quarter, selling 150,498 shares and ending with 1,321,667 shares valued at about $107 million.
• Public Service Enterprise Group beat quarterly earnings and revenue estimates, reporting $1.55 EPS versus $1.44 expected and $3.85 billion in revenue versus $3.35 billion expected; revenue rose 19.4% year over year.
• Analysts remain generally positive, with a Moderate Buy consensus and average price target of $92.46, while the stock recently traded at $78.58 and also offers a 3.4% dividend yield.

Hsbc Holdings PLC cut its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 10.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,321,667 shares of the utilities provider's stock after selling 150,498 shares during the period. Hsbc Holdings PLC owned 0.27% of Public Service Enterprise Group worth $107,043,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of PEG. First Horizon Corp increased its holdings in Public Service Enterprise Group by 0.5% during the 1st quarter. First Horizon Corp now owns 172,467 shares of the utilities provider's stock worth $13,961,000 after acquiring an additional 871 shares during the period. Kestra Advisory Services LLC lifted its stake in Public Service Enterprise Group by 26.3% in the 1st quarter. Kestra Advisory Services LLC now owns 69,089 shares of the utilities provider's stock worth $5,593,000 after purchasing an additional 14,406 shares in the last quarter. Resona Asset Management Co. Ltd. boosted its holdings in Public Service Enterprise Group by 0.7% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 163,033 shares of the utilities provider's stock valued at $13,210,000 after purchasing an additional 1,095 shares during the period. Cvfg LLC bought a new position in Public Service Enterprise Group in the 1st quarter valued at $337,000. Finally, Clearwave Capital LLC grew its position in shares of Public Service Enterprise Group by 19.0% during the 1st quarter. Clearwave Capital LLC now owns 3,381 shares of the utilities provider's stock valued at $274,000 after purchasing an additional 540 shares in the last quarter. 73.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PEG. Truist Financial upped their price target on shares of Public Service Enterprise Group from $88.00 to $90.00 and gave the stock a "hold" rating in a report on Thursday. BMO Capital Markets lifted their price objective on Public Service Enterprise Group from $90.00 to $91.00 and gave the company a "market perform" rating in a research note on Monday, April 13th. Royal Bank Of Canada began coverage on Public Service Enterprise Group in a research report on Thursday, July 2nd. They set a "sector perform" rating and a $81.00 target price for the company. Weiss Ratings lowered Public Service Enterprise Group from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, June 8th. Finally, Wells Fargo & Company raised their price target 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. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $92.46.

Public Service Enterprise Group Price Performance

Shares of NYSE:PEG opened at $78.58 on Monday. The company's fifty day moving average price is $79.60 and its 200-day moving average price is $80.90. The firm has a market capitalization of $39.16 billion, a price-to-earnings ratio of 17.38, a PEG ratio of 2.96 and a beta of 0.51. Public Service Enterprise Group Incorporated has a one year low of $76.05 and a one year high of $91.25. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.97 and a quick ratio of 0.75.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The utilities provider reported $1.55 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.11. Public Service Enterprise Group had a net margin of 17.69% and a return on equity of 12.30%. The firm had revenue of $3.85 billion for the quarter, compared to analysts' expectations of $3.35 billion. During the same quarter last year, the company posted $1.43 EPS. The business's quarterly revenue 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. On average, equities research analysts anticipate that Public Service Enterprise Group Incorporated will post 4.37 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 9th were given a dividend of $0.67 per share. The ex-dividend date was Tuesday, June 9th. This represents a $2.68 dividend on an annualized basis and a yield of 3.4%. Public Service Enterprise Group's dividend payout ratio (DPR) is presently 59.29%.

Insider Activity

In other news, CEO Ralph A. Larossa sold 2,083 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $80.51, for a total transaction of $167,702.33. Following the transaction, the chief executive officer directly owned 285,149 shares in the company, valued at approximately $22,957,345.99. This represents a 0.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kim C. Hanemann sold 3,035 shares of the firm's stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $82.00, for a total value of $248,870.00. Following the transaction, the chief operating officer directly owned 98,815 shares in the company, valued at approximately $8,102,830. This represents a 2.98% 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. In the last ninety days, insiders have sold 9,284 shares of company stock valued at $746,145. Corporate insiders own 0.19% of the company's stock.

About Public Service Enterprise Group

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.

Want to see what other hedge funds are holding PEG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report).

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.