Public Service Enterprise Group Incorporated $PEG Shares Sold by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH significantly reduced its stake in Public Service Enterprise Group by 75.6% in the second quarter, now holding 272,769 shares worth approximately $22.96 million.
• Several institutional investors made new acquisitions in Public Service Enterprise Group during the second quarter, with Costello Asset Management INC increasing its holdings by 290.6%.
• The stock has a consensus rating of "Moderate Buy" with price targets ranging from $83.00 to $103.00, indicating positive analyst sentiment despite recent fluctuations.

Allianz Asset Management GmbH decreased its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 75.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 272,769 shares of the utilities provider's stock after selling 846,276 shares during the quarter. Allianz Asset Management GmbH owned about 0.05% of Public Service Enterprise Group worth $22,962,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in PEG. Keener Financial Planning LLC acquired a new position in shares of Public Service Enterprise Group during the 2nd quarter valued at $27,000. Headlands Technologies LLC acquired a new position in shares of Public Service Enterprise Group during the 1st quarter valued at $32,000. Wealth Preservation Advisors LLC acquired a new position in shares of Public Service Enterprise Group during the 1st quarter valued at $33,000. Marshall & Sullivan Inc. WA acquired a new position in shares of Public Service Enterprise Group during the 2nd quarter valued at $33,000. Finally, Costello Asset Management INC lifted its holdings in shares of Public Service Enterprise Group by 290.6% during the 2nd quarter. Costello Asset Management INC now owns 539 shares of the utilities provider's stock valued at $45,000 after acquiring an additional 401 shares in the last quarter. Institutional investors and hedge funds own 73.34% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities 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 objective on the stock. UBS Group boosted their price objective on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Weiss Ratings reiterated a "buy (b)" rating on shares of Public Service Enterprise Group in a report on Wednesday, October 8th. 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 objective on the stock. Finally, Morgan Stanley cut their price objective on shares of Public Service Enterprise Group from $105.00 to $103.00 and set an "overweight" rating on the stock in a report on Thursday, September 25th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $91.14.

Public Service Enterprise Group Price Performance

PEG opened at $84.77 on Monday. The company has a 50-day moving average of $82.74 and a 200-day moving average of $82.23. The company has a market capitalization of $42.30 billion, a P/E ratio of 21.41, a PEG ratio of 2.60 and a beta of 0.53. 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 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 the consensus estimate 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 net margin of 17.78% and a return on equity of 12.08%. The company's revenue was up 15.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.63 EPS. Public Service Enterprise Group has set its FY 2025 guidance at 3.940-4.060 EPS. Equities analysts expect that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

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.

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