Martingale Asset Management L P Lowers Holdings in Public Service Enterprise Group Incorporated $PEG

Key Points

• Martingale Asset Management L P reduced its stake in Public Service Enterprise Group by 17.2%, currently owning 147,400 shares valued at approximately $12.13 million.
• The company reported $0.77 EPS for the last quarter, exceeding analyst expectations of $0.70, with revenue also up 15.8% year-over-year at $2.81 billion.
• Public Service Enterprise Group announced a quarterly dividend of $0.63 per share, yielding approximately 3.0%, to be paid on September 30th.

Martingale Asset Management L P reduced its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 17.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 147,400 shares of the utilities provider's stock after selling 30,710 shares during the period. Martingale Asset Management L P's holdings in Public Service Enterprise Group were worth $12,131,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Robeco Institutional Asset Management B.V. increased its stake in Public Service Enterprise Group by 6.2% in the 1st 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 last quarter. Sowell Financial Services LLC bought a new position in shares of Public Service Enterprise Group in the first quarter worth approximately $298,000. Exchange Traded Concepts LLC lifted its position 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 valued at $327,000 after purchasing an additional 447 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Public Service Enterprise Group by 4.2% in the 1st 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. bought a new position in shares of Public Service Enterprise Group in the 1st quarter worth $329,000. Hedge funds and other institutional investors own 73.34% of the company's stock.

Insider Activity

In other news, CEO Ralph A. Larossa sold 1,387 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $83.12, for a total value of $115,287.44. Following the sale, the chief executive officer directly owned 218,328 shares in the company, valued at approximately $18,147,423.36. This represents a 0.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.19% of the stock is owned by company insiders.

Analysts Set New Price Targets

PEG has been the subject of several research analyst reports. Guggenheim dropped their price target on Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. UBS Group lifted their price target on Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a "buy" rating in a research note on Friday, July 25th. Morgan Stanley dropped their target price on shares of Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, June 18th. Wall Street Zen lowered Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research note on Sunday, July 20th. Finally, Evercore ISI reduced their price objective on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Six research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $90.95.

Public Service Enterprise Group Stock Performance

Public Service Enterprise Group stock traded up $0.3440 during trading on Friday, reaching $83.6340. The company had a trading volume of 3,117,018 shares, compared to its average volume of 2,499,858. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 1.30. Public Service Enterprise Group Incorporated has a 52 week low of $74.67 and a 52 week high of $95.22. The firm's 50-day simple moving average is $84.59 and its 200 day simple moving average is $82.30. The firm has a market capitalization of $41.74 billion, a price-to-earnings ratio of 21.12, a price-to-earnings-growth ratio of 2.91 and a beta of 0.45.

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

Public Service Enterprise Group Dividend Announcement

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

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.