New York State Teachers Retirement System Sells 33,611 Shares of Public Service Enterprise Group Incorporated $PEG

Key Points

• The New York State Teachers Retirement System reduced its stake in Public Service Enterprise Group by 7.7%, owning 402,865 shares worth approximately $33.9 million after selling 33,611 shares.
• Public Service Enterprise Group reported a quarterly earnings per share (EPS) of $0.77, exceeding analysts' expectations, with revenue totaling $2.81 billion during the period.
• The company recently announced a quarterly dividend of $0.63 per share, equating to an annualized dividend yield of 3.0% and a payout ratio of 63.64%.

New York State Teachers Retirement System decreased its stake in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 7.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 402,865 shares of the utilities provider's stock after selling 33,611 shares during the period. New York State Teachers Retirement System owned about 0.08% of Public Service Enterprise Group worth $33,913,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Massachusetts Wealth Management increased its position in shares of Public Service Enterprise Group by 2.5% during the second quarter. Massachusetts Wealth Management now owns 5,125 shares of the utilities provider's stock worth $431,000 after buying an additional 125 shares during the period. Apollon Wealth Management LLC increased its position in shares of Public Service Enterprise Group by 0.8% during the second quarter. Apollon Wealth Management LLC now owns 15,621 shares of the utilities provider's stock worth $1,315,000 after buying an additional 126 shares during the period. FourThought Financial Partners LLC increased its position in shares of Public Service Enterprise Group by 2.8% during the first quarter. FourThought Financial Partners LLC now owns 4,588 shares of the utilities provider's stock worth $378,000 after buying an additional 127 shares during the period. Oregon Public Employees Retirement Fund increased its position in shares of Public Service Enterprise Group by 0.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 42,803 shares of the utilities provider's stock worth $3,523,000 after buying an additional 130 shares during the period. Finally, Summit Financial LLC increased its position in shares of Public Service Enterprise Group by 2.2% during the first quarter. Summit Financial LLC now owns 6,166 shares of the utilities provider's stock worth $507,000 after buying an additional 133 shares during the period. Institutional investors own 73.34% of the company's stock.

Public Service Enterprise Group Stock Down 0.5%

Shares of NYSE PEG opened at $84.33 on Friday. The stock has a market capitalization of $42.09 billion, a P/E ratio of 21.30, a P/E/G ratio of 2.60 and a beta of 0.53. The company has a 50-day moving average price of $82.80 and a 200-day moving average price of $82.22. Public Service Enterprise Group Incorporated has a 1 year low of $74.67 and a 1 year high of $95.22. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.00 and a quick ratio of 0.76.

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

Public Service Enterprise Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th were issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Tuesday, September 9th. Public Service Enterprise Group's dividend payout ratio (DPR) is currently 63.64%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Evercore ISI assumed coverage on shares of Public Service Enterprise Group in a report on Tuesday, October 7th. They issued an "in-line" rating and a $83.00 price target for the company. Wall Street Zen upgraded shares of Public Service Enterprise Group from a "sell" rating to a "hold" rating in a report on Saturday, September 6th. Barclays reduced their price target on shares of Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating for the company in a report on Thursday, July 10th. TD Cowen assumed coverage on shares of Public Service Enterprise Group in a report on Thursday. They issued a "buy" rating and a $93.00 price target for the company. Finally, Morgan Stanley reduced their price target on shares of Public Service Enterprise Group from $105.00 to $103.00 and set an "overweight" rating for the company in a report on Thursday, September 25th. Seven equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $91.14.

Public Service Enterprise Group Company 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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.