Public Service Enterprise Group Incorporated $PEG Shares Sold by Allstate Corp

Key Points

• Allstate Corp significantly reduced its stake in Public Service Enterprise Group by 83.4% in the first quarter, leaving it with 2,453 shares valued at approximately $202,000.
• Several hedge funds, including Chapman Financial Group LLC and Headlands Technologies LLC, made new investments in Public Service Enterprise Group, highlighting ongoing institutional interest with 73.34% of the stock owned by institutional investors.
• Public Service Enterprise Group reported a quarterly EPS of $0.77, exceeding estimates, and has set FY 2025 guidance for EPS between 3.940 and 4.060.

Allstate Corp lowered its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 83.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,453 shares of the utilities provider's stock after selling 12,347 shares during the quarter. Allstate Corp's holdings in Public Service Enterprise Group were worth $202,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Robeco Institutional Asset Management B.V. increased its stake in shares of Public Service Enterprise Group by 6.2% in the first quarter. Robeco Institutional Asset Management B.V. now owns 47,659 shares of the utilities provider's stock worth $3,922,000 after acquiring an additional 2,803 shares during the period. Sowell Financial Services LLC acquired a new stake in shares of Public Service Enterprise Group in the first quarter worth $298,000. Exchange Traded Concepts LLC boosted its holdings in Public Service Enterprise Group by 12.7% during the first quarter. Exchange Traded Concepts LLC now owns 3,977 shares of the utilities provider's stock worth $327,000 after buying an additional 447 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Public Service Enterprise Group by 4.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 90,126 shares of the utilities provider's stock worth $7,417,000 after buying an additional 3,601 shares in the last quarter. Finally, Vontobel Holding Ltd. purchased a new stake in Public Service Enterprise Group during the first quarter worth $329,000. Institutional investors and hedge funds own 73.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PEG shares. Wall Street Zen downgraded shares of Public Service Enterprise Group from a "hold" rating to a "sell" rating in a report on Sunday, July 20th. Barclays lowered their price target on shares of Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating on the stock in a report on Thursday, July 10th. UBS Group increased their price target 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. BMO Capital Markets increased 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 report on Wednesday, August 6th. Finally, Morgan Stanley lowered 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 report 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. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $90.95.

Public Service Enterprise Group Price Performance

PEG traded down $0.23 during midday trading on Monday, hitting $82.36. 2,254,583 shares of the company traded hands, compared to its average volume of 2,773,879. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 1.30. The company has a market capitalization of $41.10 billion, a price-to-earnings ratio of 20.80, a PEG ratio of 2.86 and a beta of 0.50. Public Service Enterprise Group Incorporated has a 52-week low of $74.67 and a 52-week high of $95.22. The business has a 50 day simple moving average of $84.68 and a two-hundred day simple moving average of $82.25.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $2.81 billion for 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% compared to the same quarter last year. During the same period last year, the firm posted $0.63 earnings per share. Public Service Enterprise Group has set its FY 2025 guidance at 3.940-4.060 EPS. On average, equities analysts forecast 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 business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 9th. Public Service Enterprise Group's dividend payout ratio (DPR) is presently 63.64%.

Insider Transactions at Public Service Enterprise Group

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 transaction of $115,287.44. Following the transaction, the chief executive officer directly owned 218,328 shares of the company's stock, valued at $18,147,423.36. This trade represents a 0.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.19% of the stock is currently owned by insiders.

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.