Swedbank AB Cuts Stock Holdings in Public Service Enterprise Group Incorporated $PEG

Key Points

• Swedbank AB has reduced its stake in Public Service Enterprise Group by 2.1%, now holding 450,313 shares valued at approximately $37.91 million.
• The company has recently reported a 15.8% increase in year-over-year revenue, with an earnings per share (EPS) of $0.77 for the last quarter, exceeding analysts' expectations.
• Public Service Enterprise Group announced a quarterly dividend of $0.63, which will be paid on September 30th, resulting in an annualized yield of 3.1%.

Swedbank AB lessened its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 2.1% in the second quarter, according to its most recent filing with the SEC. The firm owned 450,313 shares of the utilities provider's stock after selling 9,667 shares during the quarter. Swedbank AB owned approximately 0.09% of Public Service Enterprise Group worth $37,907,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Public Service Enterprise Group by 4.9% during the 1st quarter. Vanguard Group Inc. now owns 63,761,676 shares of the utilities provider's stock worth $5,247,586,000 after buying an additional 2,986,646 shares during the period. Ameriprise Financial Inc. grew its position in shares of Public Service Enterprise Group by 2.3% during the 1st quarter. Ameriprise Financial Inc. now owns 7,294,016 shares of the utilities provider's stock worth $600,317,000 after buying an additional 162,261 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Public Service Enterprise Group by 20.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,803,810 shares of the utilities provider's stock worth $395,354,000 after buying an additional 806,782 shares during the period. Raymond James Financial Inc. grew its position in shares of Public Service Enterprise Group by 5.2% during the 1st quarter. Raymond James Financial Inc. now owns 4,683,338 shares of the utilities provider's stock worth $385,439,000 after buying an additional 230,636 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Public Service Enterprise Group by 1.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,061,714 shares of the utilities provider's stock worth $251,979,000 after buying an additional 31,631 shares during the period. Institutional investors and hedge funds own 73.34% of the company's stock.

Public Service Enterprise Group Stock Up 0.1%

NYSE:PEG traded up $0.06 during trading hours on Tuesday, hitting $81.79. 158,736 shares of the company traded hands, compared to its average volume of 2,844,316. 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's 50-day simple moving average is $84.37 and its 200-day simple moving average is $82.14. Public Service Enterprise Group Incorporated has a one year low of $74.67 and a one year high of $95.22. The company has a market cap of $40.82 billion, a PE ratio of 20.67, a PEG ratio of 2.84 and a beta of 0.50.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last released its earnings results on Tuesday, August 5th. The utilities provider reported $0.77 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.07. The company had revenue of $2.81 billion for the quarter, compared to analysts' expectations of $2.49 billion. Public Service Enterprise Group had a return on equity of 12.08% and a net margin of 17.78%.The business's revenue for the quarter was up 15.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.63 EPS. Public Service Enterprise Group has set its FY 2025 guidance at 3.940-4.060 EPS. Equities 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 announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Tuesday, September 9th. Public Service Enterprise Group's payout ratio is presently 63.64%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Wall Street Zen raised shares of Public Service Enterprise Group from a "sell" rating to a "hold" rating in a research report on Saturday, September 6th. Morgan Stanley reduced their price objective on shares of Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating for the company in a research report on Wednesday, June 18th. BMO Capital Markets lifted their price target on shares of Public Service Enterprise Group from $84.00 to $89.00 and gave the company a "market perform" rating in a research report on Wednesday, August 6th. Barclays reduced their price target on shares of Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating for the company in a research report on Thursday, July 10th. Finally, UBS Group lifted their price target on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the company a "buy" rating in a research report on Friday, July 25th. Six research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $91.55.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group 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 transaction of $115,287.44. Following the completion of the transaction, the chief executive officer owned 218,328 shares of the company's stock, valued at $18,147,423.36. The trade was a 0.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.19% of the stock is 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.