Raymond James Financial Inc. Raises Stake in Public Service Enterprise Group Incorporated $PEG

Key Points

• Raymond James Financial Inc. increased its stake in Public Service Enterprise Group by 5.2%, acquiring an additional 230,636 shares, bringing its total ownership to 4,683,338 shares valued at approximately $385.4 million.
• The company reported a quarterly earnings EPS of $0.77, surpassing estimates, with revenues of $2.81 billion, a 15.8% year-over-year increase.
• Public Service Enterprise Group announced a quarterly dividend of $0.63 per share, reflecting a 3.0% yield, set to be paid on September 30th.

Raymond James Financial Inc. increased its position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 5.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 4,683,338 shares of the utilities provider's stock after buying an additional 230,636 shares during the period. Raymond James Financial Inc. owned about 0.94% of Public Service Enterprise Group worth $385,439,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of PEG. Transce3nd LLC purchased a new stake in Public Service Enterprise Group in the 4th quarter worth about $25,000. Chapman Financial Group LLC purchased a new stake in Public Service Enterprise Group in the 4th quarter worth about $25,000. REAP Financial Group LLC raised its position in Public Service Enterprise Group by 105.9% in the 4th quarter. REAP Financial Group LLC now owns 315 shares of the utilities provider's stock worth $27,000 after purchasing an additional 162 shares during the period. Headlands Technologies LLC purchased a new stake in Public Service Enterprise Group in the 1st quarter worth about $32,000. Finally, Optiver Holding B.V. purchased a new stake in Public Service Enterprise Group in the 4th quarter worth about $50,000. Hedge funds and other institutional investors own 73.34% of the company's stock.

Public Service Enterprise Group Price Performance

Shares of PEG stock traded down $0.0430 on Friday, reaching $83.2470. 897,357 shares of the company were exchanged, compared to its average volume of 2,856,734. Public Service Enterprise Group Incorporated has a 1 year low of $74.67 and a 1 year high of $95.22. The company has a market cap of $41.55 billion, a price-to-earnings ratio of 21.04, a P/E/G ratio of 2.96 and a beta of 0.45. 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 business has a 50-day moving average price of $84.54 and a 200 day moving average price of $82.31.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last announced 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. 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 during the quarter, compared to analysts' expectations of $2.49 billion. During the same quarter in the prior year, the company earned $0.63 EPS. Public Service Enterprise Group's revenue 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. Equities research 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 business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors 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 dividend payout ratio (DPR) is 63.64%.

Insider Activity at Public Service Enterprise Group

In related 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 completion of the sale, the chief executive officer owned 218,328 shares in the company, 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 the SEC website. 0.19% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on PEG shares. Evercore ISI dropped their target price on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating on the stock in a research note on Thursday, May 1st. Morgan Stanley lowered 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 research note on Wednesday, June 18th. Guggenheim lowered their target price on shares of 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. Wall Street Zen downgraded shares of Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research note on Sunday, July 20th. Finally, 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. Six analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Public Service Enterprise Group has a consensus rating of "Moderate Buy" and a consensus 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.