iA Global Asset Management Inc. Grows Position in Public Service Enterprise Group Incorporated $PEG

Key Points

• iA Global Asset Management sharply increased its stake in Public Service Enterprise Group, boosting its holdings by 1,280.8% in the first quarter to 25,199 shares worth about $2.04 million.
• Several other major institutional investors also added to PEG, and hedge funds and other institutions now own 73.34% of the stock.
• The company reported solid recent results, beating EPS and revenue expectations, while paying a quarterly dividend of $0.67 per share for a 3.3% annualized yield; analysts currently rate the stock Moderate Buy with a consensus target of $92.32.

iA Global Asset Management Inc. grew its position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 1,280.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,199 shares of the utilities provider's stock after acquiring an additional 23,374 shares during the quarter. iA Global Asset Management Inc.'s holdings in Public Service Enterprise Group were worth $2,040,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its position in Public Service Enterprise Group by 3.4% during the fourth quarter. Vanguard Group Inc. now owns 67,498,821 shares of the utilities provider's stock valued at $5,420,155,000 after purchasing an additional 2,189,951 shares during the last quarter. State Street Corp increased its holdings in shares of Public Service Enterprise Group by 2.8% in the 4th quarter. State Street Corp now owns 28,361,198 shares of the utilities provider's stock worth $2,277,404,000 after buying an additional 762,591 shares during the last quarter. Bank of America Corp DE raised its position in shares of Public Service Enterprise Group by 1.4% during the 3rd quarter. Bank of America Corp DE now owns 17,773,378 shares of the utilities provider's stock valued at $1,483,366,000 after buying an additional 236,794 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Public Service Enterprise Group by 0.9% during 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 buying an additional 114,351 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in shares of Public Service Enterprise Group by 8.1% during the 3rd quarter. Ameriprise Financial Inc. now owns 8,657,207 shares of the utilities provider's stock valued at $722,546,000 after buying an additional 648,140 shares in the last quarter. 73.34% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Ralph A. Larossa sold 2,083 shares of the company's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $80.51, for a total value 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kim C. Hanemann sold 3,035 shares of the business's stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $82.00, for a total transaction of $248,870.00. Following the completion of the sale, the chief operating officer directly owned 98,815 shares of the company's stock, valued at approximately $8,102,830. This trade represents a 2.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 9,284 shares of company stock valued at $746,145 over the last three months. Insiders own 0.19% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on the company. Barclays lifted their price target on Public Service Enterprise Group from $81.00 to $89.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 5th. Wall Street Zen upgraded Public Service Enterprise Group from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Truist Financial lowered their price objective on Public Service Enterprise Group from $91.00 to $88.00 and set a "hold" rating for the company in a research note on Monday, May 18th. LADENBURG THALM/SH SH cut Public Service Enterprise Group from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $87.50 to $84.50 in a report on Friday, March 13th. Finally, Royal Bank Of Canada began coverage on Public Service Enterprise Group in a research report on Thursday. They set a "sector perform" rating and a $81.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $92.32.

Public Service Enterprise Group Stock Up 1.6%

Shares of NYSE PEG opened at $81.55 on Friday. Public Service Enterprise Group Incorporated has a 1 year low of $76.05 and a 1 year high of $91.25. The firm has a 50-day simple moving average of $79.42 and a two-hundred day simple moving average of $80.89. The company has a market cap of $40.64 billion, a P/E ratio of 18.04, a PEG ratio of 3.02 and a beta of 0.51. 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 released its earnings results on Tuesday, May 5th. The utilities provider reported $1.55 EPS for the quarter, beating analysts' consensus estimates of $1.44 by $0.11. The firm had revenue of $3.85 billion for the quarter, compared to analysts' expectations of $3.35 billion. Public Service Enterprise Group had a return on equity of 12.30% and a net margin of 17.69%.The company's quarterly revenue was up 19.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.43 earnings per share. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. Research analysts anticipate that Public Service Enterprise Group Incorporated will post 4.37 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 9th were paid a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Tuesday, June 9th. Public Service Enterprise Group's payout ratio is currently 59.29%.

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.

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