Public Service Enterprise Group Incorporated $PEG Shares Bought by California State Teachers Retirement System

California State Teachers Retirement System boosted its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 15,435.7% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 89,498,622 shares of the utilities provider's stock after purchasing an additional 88,922,538 shares during the period. California State Teachers Retirement System owned approximately 17.96% of Public Service Enterprise Group worth $7,263,708,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Community Financial Services Group LLC purchased a new position in Public Service Enterprise Group during the second quarter valued at approximately $25,000. Chapman Financial Group LLC purchased a new position in shares of Public Service Enterprise Group during the 2nd quarter valued at approximately $25,000. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Public Service Enterprise Group in the 2nd quarter valued at $26,000. Elevation Wealth Partners LLC boosted its holdings in Public Service Enterprise Group by 240.6% during the second quarter. Elevation Wealth Partners LLC now owns 344 shares of the utilities provider's stock worth $28,000 after buying an additional 243 shares in the last quarter. Finally, Aberdeen Wealth Management LLC acquired a new stake in Public Service Enterprise Group during the second quarter valued at $32,000. Hedge funds and other institutional investors own 73.34% of the company's stock.

Wall Street Analysts Forecast Growth

PEG has been the subject of a number of analyst reports. Truist Financial decreased their price objective on shares of Public Service Enterprise Group from $90.00 to $84.00 and set a "hold" rating for the company in a research report on Thursday, August 13th. Royal Bank Of Canada assumed coverage on Public Service Enterprise Group in a research report on Thursday, July 2nd. They set a "sector perform" rating and a $81.00 price target on the stock. Wells Fargo & Company cut their price objective on Public Service Enterprise Group from $91.00 to $89.00 and set an "overweight" rating for the company in a research report on Wednesday, August 5th. Citigroup reduced their price objective on shares of Public Service Enterprise Group from $91.00 to $84.00 and set a "neutral" rating for the company in a research report on Wednesday, August 5th. Finally, Weiss Ratings cut shares of Public Service Enterprise Group from a "buy (b-)" rating to a "hold (c)" rating in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $89.43.

Insider Activity

In other Public Service Enterprise Group news, 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 value of $248,870.00. Following the transaction, the chief operating officer directly owned 98,815 shares in the company, valued at $8,102,830. The trade was a 2.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ralph A. Larossa sold 2,083 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $76.47, for a total transaction of $159,287.01. Following the sale, the chief executive officer owned 283,656 shares of the company's stock, valued at $21,691,174.32. This represents a 0.73% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 15,201 shares of company stock valued at $1,172,339. 0.19% of the stock is currently owned by insiders.

Public Service Enterprise Group Price Performance

Public Service Enterprise Group stock opened at $74.32 on Wednesday. The company has a fifty day simple moving average of $76.90 and a 200-day simple moving average of $79.55. The firm has a market capitalization of $37.04 billion, a price-to-earnings ratio of 18.49, a PEG ratio of 2.78 and a beta of 0.50. The company has a quick ratio of 0.67, a current ratio of 0.88 and a debt-to-equity ratio of 1.31. Public Service Enterprise Group Incorporated has a 52-week low of $72.53 and a 52-week high of $87.63.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The utilities provider reported $0.86 earnings per share for the quarter, topping analysts' consensus estimates of $0.80 by $0.06. The firm had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.66 billion. Public Service Enterprise Group had a net margin of 16.04% and a return on equity of 12.42%. Public Service Enterprise Group's quarterly revenue was down 8.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.77 earnings per share. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. On average, equities analysts anticipate that Public Service Enterprise Group Incorporated will post 4.36 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 9th will be issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Wednesday, September 9th. Public Service Enterprise Group's payout ratio is currently 66.67%.

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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