Sit Investment Associates Inc. Buys 13,910 Shares of Public Service Enterprise Group Incorporated $PEG

Key Points

• Sit Investment Associates Inc. increased its stake in Public Service Enterprise Group by 14.5%, acquiring 110,000 shares valued at approximately $9 million.
• The company reported earnings per share of $0.77 for the latest quarter, exceeding consensus estimates by $0.07 and showing a 15.8% year-over-year revenue increase.
• Public Service Enterprise Group declared a quarterly dividend of $0.63, which translates to an annual yield of 2.9%.

Sit Investment Associates Inc. raised its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 14.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 110,000 shares of the utilities provider's stock after buying an additional 13,910 shares during the quarter. Sit Investment Associates Inc.'s holdings in Public Service Enterprise Group were worth $9,053,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Centerpoint Advisors LLC grew its holdings in Public Service Enterprise Group by 32.6% during the 1st quarter. Centerpoint Advisors LLC now owns 813 shares of the utilities provider's stock valued at $67,000 after buying an additional 200 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. grew its holdings in Public Service Enterprise Group by 1.8% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 15,138 shares of the utilities provider's stock valued at $1,246,000 after buying an additional 272 shares in the last quarter. National Pension Service grew its holdings in Public Service Enterprise Group by 4.0% during the 1st quarter. National Pension Service now owns 642,661 shares of the utilities provider's stock valued at $52,891,000 after buying an additional 24,643 shares in the last quarter. Fox Hill Wealth Management grew its holdings in Public Service Enterprise Group by 1.9% during the 1st quarter. Fox Hill Wealth Management now owns 19,446 shares of the utilities provider's stock valued at $1,600,000 after buying an additional 358 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in Public Service Enterprise Group by 9.8% during the 1st quarter. Russell Investments Group Ltd. now owns 1,168,797 shares of the utilities provider's stock valued at $96,188,000 after buying an additional 103,968 shares in the last quarter. Hedge funds and other institutional investors own 73.34% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on PEG shares. Wall Street Zen lowered Public Service Enterprise Group from a "hold" rating to a "sell" rating in a report on Sunday, July 20th. Barclays cut their price objective on 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. Evercore ISI cut their price objective on Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating for the company in a report on Thursday, May 1st. Guggenheim cut their price objective on Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, BMO Capital Markets boosted their price objective on Public Service Enterprise Group from $84.00 to $89.00 and gave the stock a "market perform" rating in a report on Wednesday, August 6th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $90.95.

Insiders Place Their Bets

In related news, CEO Ralph A. Larossa sold 1,387 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $83.12, for a total value of $115,287.44. Following the completion of the sale, the chief executive officer owned 218,328 shares in the company, valued at $18,147,423.36. The trade was a 0.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.19% of the stock is owned by insiders.

Public Service Enterprise Group Price Performance

NYSE:PEG traded up $0.4830 during mid-day trading on Wednesday, reaching $85.0730. The stock had a trading volume of 2,540,848 shares, compared to its average volume of 2,530,126. The firm has a 50 day moving average price of $84.50 and a two-hundred day moving average price of $82.32. The stock has a market capitalization of $42.46 billion, a P/E ratio of 21.48, a P/E/G ratio of 2.94 and a beta of 0.45. Public Service Enterprise Group Incorporated has a one year low of $74.67 and a one year high of $95.22. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.76 and a current ratio of 1.00.

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

Public Service Enterprise Group Dividend Announcement

The company also recently announced 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 payout ratio is presently 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.