Truist Financial Corp Sells 7,363 Shares of Public Service Enterprise Group Incorporated $PEG

Key Points

• Truist Financial Corp reduced its stake in Public Service Enterprise Group by 4.0%, now holding 174,521 shares valued at $14.7 million.
• Public Service Enterprise Group reported a quarterly earnings per share of $0.77, beating expectations of $0.70, alongside a 15.8% increase in revenue year-over-year.
• The company recently declared a quarterly dividend of $0.63, representing an annualized yield of 3.1%, with a payout ratio of 63.64%.

Truist Financial Corp cut its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 4.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 174,521 shares of the utilities provider's stock after selling 7,363 shares during the period. Truist Financial Corp's holdings in Public Service Enterprise Group were worth $14,691,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Headlands Technologies LLC purchased a new stake in Public Service Enterprise Group during the 1st quarter valued at $32,000. Wealth Preservation Advisors LLC purchased a new stake in Public Service Enterprise Group during the 1st quarter valued at $33,000. Marshall & Sullivan Inc. WA purchased a new stake in Public Service Enterprise Group during the 2nd quarter valued at $33,000. Zions Bancorporation National Association UT purchased a new stake in Public Service Enterprise Group during the 1st quarter valued at $50,000. Finally, Sound Income Strategies LLC raised its stake in Public Service Enterprise Group by 105.9% during the 1st quarter. Sound Income Strategies LLC now owns 702 shares of the utilities provider's stock valued at $58,000 after buying an additional 361 shares during the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of Public Service Enterprise Group in a research note on Saturday, September 27th. 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. UBS Group boosted their price objective 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. Barclays cut their price objective 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, BMO Capital Markets boosted their price objective 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. Seven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Public Service Enterprise Group has a consensus rating of "Moderate Buy" and a consensus price target of $91.85.

Public Service Enterprise Group Trading Up 0.5%

Shares of Public Service Enterprise Group stock opened at $82.02 on Friday. The company has a market capitalization of $40.93 billion, a P/E ratio of 20.71, a P/E/G ratio of 2.85 and a beta of 0.53. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.76 and a current ratio of 1.00. The company has a fifty day moving average of $83.92 and a 200 day moving average of $82.22. Public Service Enterprise Group Incorporated has a fifty-two week low of $74.67 and a fifty-two week high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last issued its earnings results 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. The company had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.49 billion. Public Service Enterprise Group had a net margin of 17.78% and a return on equity of 12.08%. Public Service Enterprise Group's quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.63 EPS. Public Service Enterprise Group has set its FY 2025 guidance at 3.940-4.060 EPS. On average, sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th were issued a $0.63 dividend. The ex-dividend date of this dividend was Tuesday, September 9th. This represents a $2.52 annualized dividend and a yield of 3.1%. Public Service Enterprise Group's dividend payout ratio is currently 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.

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