American Century Companies Inc. Has $10.92 Million Position in Public Service Enterprise Group Incorporated $PEG

Key Points

• American Century Companies Inc. reduced its stake in Public Service Enterprise Group by 17.4%, selling 27,967 shares and holding 132,679 shares worth approximately $10.92 million.
• CEO Ralph A. Larossa sold 1,387 shares at an average price of $83.12, resulting in a total sale value of $115,287.44, reducing his ownership by 0.63%.
• Public Service Enterprise Group reported earnings of $0.77 EPS for the latest quarter, surpassing estimates, with a projected FY 2025 guidance of 3.940-4.060 EPS.

American Century Companies Inc. trimmed its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 17.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 132,679 shares of the utilities provider's stock after selling 27,967 shares during the period. American Century Companies Inc.'s holdings in Public Service Enterprise Group were worth $10,920,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Brandywine Global Investment Management LLC raised its holdings in Public Service Enterprise Group by 7.0% during the first quarter. Brandywine Global Investment Management LLC now owns 347,442 shares of the utilities provider's stock worth $28,594,000 after acquiring an additional 22,749 shares in the last quarter. Horizon Investments LLC increased its position in shares of Public Service Enterprise Group by 4.0% during the 1st quarter. Horizon Investments LLC now owns 9,353 shares of the utilities provider's stock worth $770,000 after purchasing an additional 358 shares during the last quarter. Fox Run Management L.L.C. raised its stake in shares of Public Service Enterprise Group by 458.1% during the 1st quarter. Fox Run Management L.L.C. now owns 21,665 shares of the utilities provider's stock worth $1,783,000 after purchasing an additional 17,783 shares in the last quarter. Hamlin Capital Management LLC boosted its holdings in shares of Public Service Enterprise Group by 2.0% in the 1st quarter. Hamlin Capital Management LLC now owns 2,459,315 shares of the utilities provider's stock valued at $202,402,000 after buying an additional 47,098 shares during the last quarter. Finally, Inspire Trust Co. N.A. boosted its holdings in shares of Public Service Enterprise Group by 25.0% in the 1st quarter. Inspire Trust Co. N.A. now owns 20,000 shares of the utilities provider's stock valued at $1,646,000 after buying an additional 4,000 shares during the last quarter. Institutional investors own 73.34% of the company's stock.

Insider Activity at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,387 shares of the firm's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $83.12, for a total transaction of $115,287.44. Following the transaction, the chief executive officer directly owned 218,328 shares of the company's stock, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.19% of the company's stock.

Analyst Ratings Changes

PEG has been the topic of several analyst reports. BMO Capital Markets upped 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 research report on Wednesday, August 6th. UBS Group raised their target price on shares of 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. Barclays reduced 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 report on Thursday, July 10th. Morgan Stanley dropped their price objective on Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 18th. Finally, Wall Street Zen cut Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research report on Sunday, July 20th. Six research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $90.95.

Public Service Enterprise Group Stock Performance

Public Service Enterprise Group stock traded down $0.23 during trading hours on Monday, hitting $82.36. The company had a trading volume of 2,254,583 shares, compared to its average volume of 2,773,879. Public Service Enterprise Group Incorporated has a one year low of $74.67 and a one year high of $95.22. The firm has a market cap of $41.10 billion, a PE ratio of 20.80, a PEG ratio of 2.86 and a beta of 0.50. The firm has a 50-day moving average of $84.68 and a 200 day moving average of $82.25. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.00 and a quick ratio of 0.76.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its earnings results on Tuesday, August 5th. The utilities provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.70 by $0.07. The company had revenue of $2.81 billion for 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%.The firm's revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.63 earnings per share. Public Service Enterprise Group has set its FY 2025 guidance at 3.940-4.060 EPS. On average, sell-side analysts expect that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be issued a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.1%. Public Service Enterprise Group's dividend payout ratio (DPR) is currently 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.