Public Service Enterprise Group Incorporated $PEG Shares Sold by AQR Capital Management LLC

Key Points

• AQR Capital Management LLC reduced its stake in Public Service Enterprise Group (PEG) by 45.3%, selling over 150,000 shares during the first quarter and ending with approximately 181,720 shares valued at nearly $14.84 million.
• The company recently announced a quarterly dividend of $0.63, yielding 3.1%, to be paid on September 30th, with a payout ratio of 63.64%.
• Public Service Enterprise Group reported an earnings per share (EPS) of $0.77 for the last quarter, exceeding analysts' expectations by $0.07, while its revenue rose by 15.8% year-over-year to $2.81 billion.

AQR Capital Management LLC cut its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 45.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 181,720 shares of the utilities provider's stock after selling 150,737 shares during the period. AQR Capital Management LLC's holdings in Public Service Enterprise Group were worth $14,839,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Advisors Asset Management Inc. boosted its stake in shares of Public Service Enterprise Group by 7.7% during the 1st quarter. Advisors Asset Management Inc. now owns 10,183 shares of the utilities provider's stock worth $838,000 after acquiring an additional 726 shares in the last quarter. Aprio Wealth Management LLC acquired a new stake in Public Service Enterprise Group in the 1st quarter valued at about $218,000. Paragon Private Wealth Management LLC raised its holdings in Public Service Enterprise Group by 14.6% in the 1st quarter. Paragon Private Wealth Management LLC now owns 5,068 shares of the utilities provider's stock valued at $417,000 after acquiring an additional 644 shares during the last quarter. Rench Wealth Management Inc. raised its holdings in Public Service Enterprise Group by 1.3% in the 1st quarter. Rench Wealth Management Inc. now owns 45,925 shares of the utilities provider's stock valued at $3,780,000 after acquiring an additional 602 shares during the last quarter. Finally, Federation des caisses Desjardins du Quebec grew its stake in shares of Public Service Enterprise Group by 4.8% in the 1st quarter. Federation des caisses Desjardins du Quebec now owns 29,983 shares of the utilities provider's stock valued at $2,468,000 after buying an additional 1,360 shares during the period. 73.34% of the stock is owned by hedge funds and other institutional investors.

Public Service Enterprise Group Price Performance

PEG stock traded up $0.33 during trading on Monday, reaching $83.02. 2,237,063 shares of the company were exchanged, compared to its average volume of 2,547,135. Public Service Enterprise Group Incorporated has a 52-week low of $74.67 and a 52-week high of $95.22. The company has a market cap of $41.43 billion, a P/E ratio of 20.96, a PEG ratio of 2.88 and a beta of 0.50. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.76 and a current ratio of 1.00. The stock's 50 day moving average price is $84.47 and its 200 day moving average price is $82.11.

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

Public Service Enterprise Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 9th. Public Service Enterprise Group's payout ratio is currently 63.64%.

Analysts Set New Price Targets

PEG has been the subject of several research reports. Barclays dropped their target price on shares of 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. UBS Group raised their price target on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the company a "buy" rating in a research report on Friday, July 25th. BMO Capital Markets raised their price objective on shares of Public Service Enterprise Group from $84.00 to $89.00 and gave the company a "market perform" rating in a report on Wednesday, August 6th. 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 research note on Wednesday, June 18th. Finally, Wall Street Zen upgraded shares of Public Service Enterprise Group from a "sell" rating to a "hold" rating in a research note on Saturday, September 6th. Six research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $91.55.

Insider Buying and Selling at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,387 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $83.12, for a total value of $115,287.44. Following the completion of the transaction, the chief executive officer owned 218,328 shares of the company's stock, 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 SEC, which is available at the SEC website. 0.19% of the stock is currently owned by corporate insiders.

About Public Service Enterprise Group

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.