Synovus Financial Corp Makes New $254,000 Investment in Public Service Enterprise Group Incorporated $PEG

Key Points

• Synovus Financial Corp has acquired a new stake in Public Service Enterprise Group, purchasing 3,081 shares valued at approximately $254,000.
• CEO Ralph A. Larossa sold 1,387 shares of the company, reducing his ownership by 0.63%, while the company's insider ownership stands at 0.19%.
• Public Service Enterprise Group's stock received mixed ratings from analysts, with new price targets set ranging from $82 to $103, reflecting varying opinions on its performance.

Synovus Financial Corp acquired a new position in Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,081 shares of the utilities provider's stock, valued at approximately $254,000.

Several other institutional investors also recently bought and sold shares of PEG. Vanguard Group Inc. grew its holdings in Public Service Enterprise Group by 4.9% in the first quarter. Vanguard Group Inc. now owns 63,761,676 shares of the utilities provider's stock valued at $5,247,586,000 after purchasing an additional 2,986,646 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of Public Service Enterprise Group by 2.3% in the 1st quarter. Ameriprise Financial Inc. now owns 7,294,016 shares of the utilities provider's stock valued at $600,317,000 after buying an additional 162,261 shares during the period. Raymond James Financial Inc. increased its holdings in 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 purchasing an additional 230,636 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Public Service Enterprise Group by 15.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,997,028 shares of the utilities provider's stock valued at $337,709,000 after acquiring an additional 542,671 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Public Service Enterprise Group by 1.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,061,714 shares of the utilities provider's stock valued at $251,979,000 after acquiring an additional 31,631 shares during the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related 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 sale, the chief executive officer directly owned 218,328 shares of the company's stock, valued at $18,147,423.36. This trade represents a 0.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.19% of the stock is currently owned by company insiders.

Public Service Enterprise Group Price Performance

Shares of PEG traded down $0.57 during trading hours on Wednesday, hitting $81.24. 629,534 shares of the company were exchanged, compared to its average volume of 2,863,665. The company has a market capitalization of $40.55 billion, a PE ratio of 20.52, a PEG ratio of 2.86 and a beta of 0.50. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.00 and a quick ratio of 0.76. The firm has a fifty day simple moving average of $84.66 and a 200-day simple moving average of $82.24. Public Service Enterprise Group Incorporated has a one year low of $74.67 and a one year high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last released its earnings results on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.49 billion. During the same quarter in the prior year, the company earned $0.63 earnings per share. The company's revenue for the quarter 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. As a group, sell-side analysts predict that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared 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. This represents a $2.52 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 9th. Public Service Enterprise Group's dividend payout ratio (DPR) is currently 63.64%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on PEG shares. Morgan Stanley dropped their price target on Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 18th. BMO Capital Markets raised their price target on Public Service Enterprise Group from $84.00 to $89.00 and gave the company a "market perform" rating in a report on Wednesday, August 6th. Barclays reduced their price objective on Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating for the company in a report on Thursday, July 10th. Wall Street Zen downgraded Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research report on Sunday, July 20th. Finally, UBS Group raised their price target on Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a "buy" rating in a research report on Friday, July 25th. Six research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Public Service Enterprise Group has an average rating of "Moderate Buy" and an average 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.