Public Service Enterprise Group Incorporated (NYSE:PEG) Stake Decreased by Alta Fundamental Advisers LLC

Key Points

• Alta Fundamental Advisers LLC reduced its stake in Public Service Enterprise Group (PEG) by 55.6%, owning 143,745 shares after selling 180,287 shares in the 1st quarter.
• Public Service Enterprise Group's latest quarterly earnings report revealed $0.77 earnings per share, exceeding analysts' estimates of $0.70, along with a revenue increase of 15.8% year-over-year.
• The company declared a quarterly dividend of $0.63 per share, with an annualized yield of 2.9%, and a dividend payout ratio of 63.64%.

Alta Fundamental Advisers LLC decreased its position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 55.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 143,745 shares of the utilities provider's stock after selling 180,287 shares during the quarter. Public Service Enterprise Group makes up approximately 7.5% of Alta Fundamental Advisers LLC's portfolio, making the stock its 3rd largest position. Alta Fundamental Advisers LLC's holdings in Public Service Enterprise Group were worth $11,830,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. SouthState Corp bought a new position in shares of Public Service Enterprise Group during the first quarter valued at about $118,000. Nuveen LLC bought a new position in shares of Public Service Enterprise Group during the first quarter valued at about $95,076,000. Aigen Investment Management LP lifted its position in shares of Public Service Enterprise Group by 130.7% during the first quarter. Aigen Investment Management LP now owns 31,453 shares of the utilities provider's stock valued at $2,589,000 after purchasing an additional 17,819 shares in the last quarter. Frank Rimerman Advisors LLC lifted its position in shares of Public Service Enterprise Group by 2.5% during the first quarter. Frank Rimerman Advisors LLC now owns 6,685 shares of the utilities provider's stock valued at $550,000 after purchasing an additional 163 shares in the last quarter. Finally, Townsquare Capital LLC lifted its position in shares of Public Service Enterprise Group by 32.4% during the first quarter. Townsquare Capital LLC now owns 12,688 shares of the utilities provider's stock valued at $1,044,000 after purchasing an additional 3,102 shares in the last quarter. 73.34% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Ralph A. Larossa sold 1,387 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer directly owned 218,328 shares in the company, valued at $18,147,423.36. The trade was a 0.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.19% of the stock is currently owned by insiders.

Public Service Enterprise Group Price Performance

PEG traded down $0.71 during trading on Thursday, reaching $86.96. 693,488 shares of the company were exchanged, compared to its average volume of 2,878,152. The company's 50-day moving average is $83.98 and its two-hundred day moving average is $82.23. The company has a market cap of $43.40 billion, a price-to-earnings ratio of 21.96, a P/E/G ratio of 3.06 and a beta of 0.45. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 1.30. Public Service Enterprise Group Incorporated has a 12-month low of $74.67 and a 12-month high of $95.22.

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, topping analysts' consensus estimates of $0.70 by $0.07. The business had revenue of $2.81 billion for the quarter, compared to analysts' expectations 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 quarterly revenue was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.63 EPS. Research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm 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 dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 2.9%. The ex-dividend date is Tuesday, September 9th. Public Service Enterprise Group's payout ratio is presently 63.64%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on PEG shares. Morgan Stanley cut their price target on shares of Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating on the stock in a report on Wednesday, June 18th. Guggenheim cut their price target on shares of Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. BMO Capital Markets boosted their price target on shares of 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. Barclays cut their price target on shares of Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating on the stock in a report on Thursday, July 10th. Finally, Evercore ISI cut their price target on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $90.95.

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.