Sound Shore Management Inc. CT Has $79.71 Million Stock Holdings in Public Service Enterprise Group Incorporated $PEG

Key Points

• Sound Shore Management cut its stake in Public Service Enterprise Group by 27.7% in the first quarter, but still held 984,658 shares worth about $79.7 million, making PEG its 13th-largest holding.
• PEG reported better-than-expected quarterly results, with earnings of $1.55 per share versus $1.44 expected and revenue of $3.85 billion versus $3.35 billion expected, while also guiding FY 2026 EPS to 4.28-4.40.
• The company pays a $0.67 quarterly dividend ($2.68 annualized), yielding about 3.4%, and analysts currently rate the stock a Moderate Buy with an average target price of $92.46.

Sound Shore Management Inc. CT reduced its stake in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 27.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 984,658 shares of the utilities provider's stock after selling 377,323 shares during the quarter. Public Service Enterprise Group comprises 2.7% of Sound Shore Management Inc. CT's holdings, making the stock its 13th largest holding. Sound Shore Management Inc. CT owned about 0.20% of Public Service Enterprise Group worth $79,708,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also added to or reduced their stakes in PEG. Norges Bank bought a new position in Public Service Enterprise Group during the 4th quarter worth approximately $552,280,000. Bank of America Corp DE boosted its stake in shares of Public Service Enterprise Group by 24.7% in the 2nd quarter. Bank of America Corp DE now owns 17,536,584 shares of the utilities provider's stock valued at $1,476,230,000 after purchasing an additional 3,469,886 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Public Service Enterprise Group by 3.4% in the 4th quarter. Vanguard Group Inc. now owns 67,498,821 shares of the utilities provider's stock valued at $5,420,155,000 after purchasing an additional 2,189,951 shares during the last quarter. Pictet Asset Management Holding SA increased its position in shares of Public Service Enterprise Group by 174.9% during the fourth quarter. Pictet Asset Management Holding SA now owns 2,810,761 shares of the utilities provider's stock worth $225,704,000 after buying an additional 1,788,449 shares during the period. Finally, Van ECK Associates Corp increased its position in shares of Public Service Enterprise Group by 40.0% during the fourth quarter. Van ECK Associates Corp now owns 2,708,385 shares of the utilities provider's stock worth $217,483,000 after buying an additional 774,256 shares during the period. Institutional investors and hedge funds own 73.34% of the company's stock.

Public Service Enterprise Group Stock Performance

Shares of PEG opened at $78.58 on Monday. Public Service Enterprise Group Incorporated has a one year low of $76.05 and a one year high of $91.25. The company has a market cap of $39.16 billion, a PE ratio of 17.38, a P/E/G ratio of 2.96 and a beta of 0.51. The stock has a 50-day moving average of $79.60 and a 200-day moving average of $80.90. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.97 and a quick ratio of 0.75.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The utilities provider reported $1.55 earnings per share for the quarter, topping analysts' consensus estimates of $1.44 by $0.11. The business had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $3.35 billion. Public Service Enterprise Group had a return on equity of 12.30% and a net margin of 17.69%.The firm's revenue for the quarter was up 19.4% on a year-over-year basis. During the same period in the prior year, the business earned $1.43 EPS. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. On average, equities research analysts predict that Public Service Enterprise Group Incorporated will post 4.37 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 9th were given a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Tuesday, June 9th. Public Service Enterprise Group's dividend payout ratio is presently 59.29%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PEG. Weiss Ratings lowered shares of Public Service Enterprise Group from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, June 8th. Wells Fargo & Company increased their price target on Public Service Enterprise Group from $96.00 to $97.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Royal Bank Of Canada began coverage on Public Service Enterprise Group in a report on Thursday, July 2nd. They set a "sector perform" rating and a $81.00 price target for the company. BMO Capital Markets boosted their price objective on Public Service Enterprise Group from $90.00 to $91.00 and gave the company a "market perform" rating in a research note on Monday, April 13th. Finally, Truist Financial upped their target price on Public Service Enterprise Group from $88.00 to $90.00 and gave the company a "hold" rating in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $92.46.

Insider Buying and Selling

In related news, CEO Ralph A. Larossa sold 2,083 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $80.51, for a total value of $167,702.33. Following the transaction, the chief executive officer directly owned 285,149 shares in the company, valued at $22,957,345.99. This trade represents a 0.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kim C. Hanemann sold 3,035 shares of Public Service Enterprise Group stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $82.00, for a total transaction of $248,870.00. Following the completion of the sale, the chief operating officer directly owned 98,815 shares of the company's stock, valued at approximately $8,102,830. The trade was a 2.98% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 9,284 shares of company stock worth $746,145 over the last ninety days. 0.19% of the stock is owned by insiders.

Public Service Enterprise Group Profile

Public Service Enterprise Group NYSE: PEG is a diversified energy company that operates primarily in New Jersey. Its core businesses include a regulated utility that delivers electric and natural gas service to residential, commercial and industrial customers, as well as generation and energy services operations that participate in wholesale power markets. The company's activities encompass transmission and distribution, power generation operations, and related energy infrastructure services.

The regulated utility arm, Public Service Electric and Gas Company (PSE&G), is responsible for owning and maintaining electric and gas networks, connecting customers, performing meter and billing services, and managing system reliability and storm response.

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