Quarry LP Purchases 5,234 Shares of Public Service Enterprise Group Incorporated $PEG

Key Points

• Quarry LP significantly increased its stake in Public Service Enterprise Group by 366.5% in the first quarter, now holding 6,662 shares valued at approximately $548,000.
• Analysts have given mixed ratings for PEG, with six suggesting a Buy rating while the average target price stands at $90.95.
• The company recently announced a quarterly dividend of $0.63 per share, representing a yield of 3.1%, with payment scheduled for September 30th.

Quarry LP lifted its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 366.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,662 shares of the utilities provider's stock after acquiring an additional 5,234 shares during the quarter. Quarry LP's holdings in Public Service Enterprise Group were worth $548,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Calton & Associates Inc. boosted its stake in Public Service Enterprise Group by 19.1% during the 1st quarter. Calton & Associates Inc. now owns 7,691 shares of the utilities provider's stock valued at $633,000 after acquiring an additional 1,232 shares during the last quarter. Twin Tree Management LP increased its holdings in Public Service Enterprise Group by 429.5% in the first quarter. Twin Tree Management LP now owns 119,251 shares of the utilities provider's stock valued at $9,814,000 after buying an additional 96,730 shares during the last quarter. Baird Financial Group Inc. grew its position in shares of Public Service Enterprise Group by 4.0% in the 1st quarter. Baird Financial Group Inc. now owns 34,898 shares of the utilities provider's stock worth $2,872,000 after acquiring an additional 1,345 shares in the last quarter. Vident Advisory LLC raised its position in shares of Public Service Enterprise Group by 54.5% during the 1st quarter. Vident Advisory LLC now owns 20,533 shares of the utilities provider's stock valued at $1,690,000 after acquiring an additional 7,243 shares in the last quarter. Finally, Itau Unibanco Holding S.A. boosted its holdings in Public Service Enterprise Group by 17.1% in the first quarter. Itau Unibanco Holding S.A. now owns 23,291 shares of the utilities provider's stock worth $1,917,000 after purchasing an additional 3,407 shares during the period. 73.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,387 shares of the stock in a transaction 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 sale, the chief executive officer directly owned 218,328 shares of the company's stock, valued at $18,147,423.36. This represents a 0.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.19% of the company's stock.

Public Service Enterprise Group Stock Down 0.6%

Public Service Enterprise Group stock traded down $0.46 during trading hours on Wednesday, hitting $81.35. The company had a trading volume of 1,589,082 shares, compared to its average volume of 2,650,084. The firm has a market capitalization of $40.60 billion, a P/E ratio of 20.90, a price-to-earnings-growth ratio of 2.86 and a beta of 0.50. Public Service Enterprise Group Incorporated has a fifty-two week low of $74.67 and a fifty-two week high of $95.22. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.00 and a quick ratio of 0.76. The firm's fifty day moving average is $84.66 and its 200-day moving average is $82.24.

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 EPS for the quarter, beating the consensus estimate of $0.70 by $0.07. The business had revenue of $2.81 billion during 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% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.63 EPS. Public Service Enterprise Group has set its FY 2025 guidance at 3.940-4.060 EPS. On average, research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current 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 paid a dividend of $0.63 per share. The ex-dividend date is Tuesday, September 9th. This represents a $2.52 annualized dividend and a yield of 3.1%. Public Service Enterprise Group's dividend payout ratio is presently 63.64%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PEG shares. UBS Group raised their target price on 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. Wall Street Zen cut Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research note on Sunday, July 20th. BMO Capital Markets lifted 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 research note on Wednesday, August 6th. Barclays decreased 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 research report on Thursday, July 10th. Finally, Morgan Stanley reduced their price target on shares of Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating for the company in a research note on Wednesday, June 18th. Six investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Public Service Enterprise Group presently has an average rating of "Moderate Buy" and an average price target of $90.95.

Public Service Enterprise Group Company 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.