The Manufacturers Life Insurance Company Sells 11,251 Shares of Public Service Enterprise Group Incorporated $PEG

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Public Service Enterprise Group by 1.4%, holding 764,935 shares valued at approximately $62.95 million after selling 11,251 shares in the first quarter.
• Public Service Enterprise Group reported $2.81 billion in revenue for the quarter, exceeding analysts' expectations, and announced a quarterly dividend of $0.63 per share with an annualized yield of 3.1%.
• Market analysts have varied ratings on the stock, with six maintaining a "buy" rating and a current consensus price target of $90.95.

The Manufacturers Life Insurance Company lessened its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 1.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 764,935 shares of the utilities provider's stock after selling 11,251 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.15% of Public Service Enterprise Group worth $62,954,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Centre Asset Management LLC lifted its holdings in shares of Public Service Enterprise Group by 3.2% in the 1st quarter. Centre Asset Management LLC now owns 3,933 shares of the utilities provider's stock valued at $324,000 after purchasing an additional 121 shares during the last quarter. FourThought Financial Partners LLC raised its position in Public Service Enterprise Group by 2.8% during the 1st quarter. FourThought Financial Partners LLC now owns 4,588 shares of the utilities provider's stock worth $378,000 after buying an additional 127 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in Public Service Enterprise Group by 0.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 42,803 shares of the utilities provider's stock valued at $3,523,000 after purchasing an additional 130 shares in the last quarter. Summit Financial LLC raised its position in Public Service Enterprise Group by 2.2% in the first quarter. Summit Financial LLC now owns 6,166 shares of the utilities provider's stock worth $507,000 after acquiring an additional 133 shares in the last quarter. Finally, Apella Capital LLC boosted its holdings in Public Service Enterprise Group by 2.7% during the first quarter. Apella Capital LLC now owns 5,418 shares of the utilities provider's stock worth $443,000 after buying an additional 144 shares in the last quarter. Institutional investors and hedge funds own 73.34% of the company's stock.

Insider Buying and Selling at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 1,387 shares of the firm's stock in a transaction that occurred 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 transaction, the chief executive officer owned 218,328 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.19% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on PEG shares. 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. BMO Capital Markets increased their price target on shares of Public Service Enterprise Group from $84.00 to $89.00 and gave the stock a "market perform" rating in a research note on Wednesday, August 6th. Wall Street Zen cut Public Service Enterprise Group from a "hold" rating to a "sell" rating in a report on Sunday, July 20th. Barclays cut their price objective on Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating on the stock in a report on Thursday, July 10th. Finally, UBS Group raised 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 report on Friday, July 25th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $90.95.

Public Service Enterprise Group Stock Performance

PEG stock traded down $0.90 during trading on Friday, hitting $80.83. 637,740 shares of the company's stock traded hands, compared to its average volume of 2,853,946. The stock has a market capitalization of $40.34 billion, a price-to-earnings ratio of 20.39, a price-to-earnings-growth ratio of 2.83 and a beta of 0.50. Public Service Enterprise Group Incorporated has a 52 week low of $74.67 and a 52 week high of $95.22. The stock has a fifty day moving average price of $84.60 and a two-hundred day moving average price of $82.22. The company has a quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 1.30.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share 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 firm had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.49 billion. During the same period last year, the firm posted $0.63 EPS. Public Service Enterprise Group's quarterly 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. As a group, equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th will be given 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 63.64%.

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.