Northern Trust Corp Cuts Stake in Public Service Enterprise Group Incorporated $PEG

Key Points

• Northern Trust Corp reduced its stock holdings in Public Service Enterprise Group by 6.7%, owning 5,418,304 shares valued at approximately $445.9 million following the sale of 388,820 shares.
• Public Service Enterprise Group reported a 15.8% increase in revenue year-over-year, amounting to $2.81 billion in the recent quarter, with earnings per share of $0.77, surpassing estimates.
• The company announced a quarterly dividend of $0.63 per share, reflecting a dividend yield of 3.0%, with the payment scheduled for September 30th.

Northern Trust Corp lessened its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 6.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,418,304 shares of the utilities provider's stock after selling 388,820 shares during the quarter. Northern Trust Corp owned 1.09% of Public Service Enterprise Group worth $445,926,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Transce3nd LLC purchased a new position in shares of Public Service Enterprise Group in the 4th quarter worth about $25,000. Chapman Financial Group LLC purchased a new stake in shares of Public Service Enterprise Group in the fourth quarter worth about $25,000. REAP Financial Group LLC increased its position in shares of Public Service Enterprise Group by 105.9% in the fourth quarter. REAP Financial Group LLC now owns 315 shares of the utilities provider's stock worth $27,000 after purchasing an additional 162 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Public Service Enterprise Group in the first quarter worth approximately $32,000. Finally, Optiver Holding B.V. bought a new position in shares of Public Service Enterprise Group in the fourth quarter worth approximately $50,000. Institutional investors own 73.34% of the company's stock.

Insider Buying and Selling at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,387 shares of Public Service Enterprise Group stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $83.12, for a total transaction of $115,287.44. Following the completion of the sale, the chief executive officer directly owned 218,328 shares in the company, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.19% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PEG. UBS Group increased their price objective on 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. BMO Capital Markets raised their price target on Public Service Enterprise Group from $84.00 to $89.00 and gave the stock a "market perform" rating in a research note on Wednesday, August 6th. Guggenheim lowered their price target on shares of Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Barclays lowered their price target on Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating for the company in a research report on Thursday, July 10th. Finally, Morgan Stanley lowered their price target on Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating for the company in a research report on Wednesday, June 18th. Six analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $90.95.

Public Service Enterprise Group Trading Up 0.4%

PEG traded up $0.3440 on Friday, hitting $83.6340. The company had a trading volume of 3,117,018 shares, compared to its average volume of 2,499,858. The company has a market cap of $41.74 billion, a PE ratio of 21.12, a PEG ratio of 2.90 and a beta of 0.45. Public Service Enterprise Group Incorporated has a 12-month low of $74.67 and a 12-month high of $95.22. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 1.30. The business's fifty day simple moving average is $84.59 and its 200 day simple moving average is $82.32.

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

Public Service Enterprise Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be given 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 currently 63.64%.

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.