Royal Bank of Canada Sells 293,901 Shares of Public Service Enterprise Group Incorporated $PEG

Key Points

• Royal Bank of Canada has decreased its stake in Public Service Enterprise Group by 10.7%, now owning approximately 2.46 million shares valued at about $202.7 million.
• The company reported a quarterly earnings per share (EPS) of $0.77, exceeding analysts' expectations of $0.70, with revenues reaching $2.81 billion.
• Public Service Enterprise Group has declared a quarterly dividend of $0.63 per share, with an annualized yield of 3.1%, to be paid on September 30th.

Royal Bank of Canada cut its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 10.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,462,889 shares of the utilities provider's stock after selling 293,901 shares during the period. Royal Bank of Canada owned about 0.49% of Public Service Enterprise Group worth $202,695,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Chapman Financial Group LLC bought a new stake in Public Service Enterprise Group during the fourth quarter worth $25,000. REAP Financial Group LLC lifted its stake in Public Service Enterprise Group by 105.9% during the fourth 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 last quarter. Headlands Technologies LLC bought a new stake in Public Service Enterprise Group during the first quarter worth $32,000. Wealth Preservation Advisors LLC bought a new stake in Public Service Enterprise Group during the first quarter worth $33,000. Finally, Zions Bancorporation National Association UT bought a new stake in Public Service Enterprise Group during the first quarter worth $50,000. 73.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,387 shares of Public Service Enterprise Group stock in a transaction dated Tuesday, July 1st. The stock was 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 directly owned 218,328 shares of the company's stock, valued at approximately $18,147,423.36. This trade represents a 0.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.19% of the company's stock.

Public Service Enterprise Group Trading Down 0.7%

Public Service Enterprise Group stock traded down $0.61 during trading hours on Friday, reaching $81.12. 1,798,506 shares of the company's stock were exchanged, compared to its average volume of 2,428,075. The firm's 50 day simple moving average is $84.55 and its 200 day simple moving average is $82.15. Public Service Enterprise Group Incorporated has a twelve month low of $74.67 and a twelve month high of $95.22. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 1.30. The firm has a market capitalization of $40.49 billion, a PE ratio of 20.49, a PEG ratio of 2.82 and a beta of 0.50.

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 for the quarter, topping the consensus estimate of $0.70 by $0.07. Public Service Enterprise Group had a return on equity of 12.08% and a net margin of 17.78%.The firm had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.49 billion. During the same period last year, the company posted $0.63 EPS. The business's quarterly revenue was up 15.8% on a year-over-year basis. Public Service Enterprise Group has set its FY 2025 guidance at 3.940-4.060 EPS. Research analysts predict 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 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. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $2.52 annualized dividend and a dividend yield of 3.1%. Public Service Enterprise Group's dividend payout ratio (DPR) is 63.64%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Morgan Stanley dropped their price target on 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. Wall Street Zen upgraded Public Service Enterprise Group from a "sell" rating to a "hold" rating in a research note on Saturday. Barclays dropped their price target on Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating for the company in a research note on Thursday, July 10th. BMO Capital Markets increased their price target on 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. Finally, UBS Group increased their price target 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. Six research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price 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.