Voya Investment Management LLC Cuts Holdings in Public Service Enterprise Group Incorporated $PEG

Key Points

• Voya Investment Management LLC has reduced its stake in Public Service Enterprise Group by 5.7%, selling 79,498 shares and owning approximately 0.26% of the company, valued at $107.5 million.
• CEO Ralph A. Larossa sold 1,387 shares of the company for around $115,287, bringing his total shares owned to 218,328, valued at about $18.1 million.
• Public Service Enterprise Group recently declared a quarterly dividend of $0.63 per share, yielding approximately 3.0%, to be paid on September 30, 2023.

Voya Investment Management LLC decreased its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 5.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,307,555 shares of the utilities provider's stock after selling 79,498 shares during the period. Voya Investment Management LLC owned approximately 0.26% of Public Service Enterprise Group worth $107,498,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. REAP Financial Group LLC increased its position in Public Service Enterprise Group by 105.9% during the 4th quarter. REAP Financial Group LLC now owns 315 shares of the utilities provider's stock worth $27,000 after purchasing an additional 162 shares during the period. Headlands Technologies LLC acquired a new position in Public Service Enterprise Group during the 1st quarter worth approximately $32,000. Wealth Preservation Advisors LLC acquired a new position in Public Service Enterprise Group during the 1st quarter worth approximately $33,000. Zions Bancorporation National Association UT acquired a new position in Public Service Enterprise Group during the 1st quarter worth approximately $50,000. Finally, Sound Income Strategies LLC increased its position 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 worth $58,000 after purchasing an additional 361 shares during the period. Institutional investors and hedge funds own 73.34% of the company's stock.

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,387 shares of the stock in a transaction on Tuesday, July 1st. The stock was 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 of the company's stock, valued at $18,147,423.36. This represents a 0.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.19% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on PEG shares. Morgan Stanley dropped their target price on Public Service Enterprise Group from $101.00 to $100.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 18th. UBS Group upped their price target on Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Wall Street Zen upgraded Public Service Enterprise Group from a "sell" rating to a "hold" rating in a report on Saturday, September 6th. Barclays lowered their price target 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, BMO Capital Markets upped their price target on Public Service Enterprise Group from $84.00 to $89.00 and gave the stock a "market perform" rating in a report on Wednesday, August 6th. Six equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $91.55.

Public Service Enterprise Group Price Performance

PEG stock traded up $0.33 on Monday, reaching $83.02. The company had a trading volume of 2,237,063 shares, compared to its average volume of 2,547,135. Public Service Enterprise Group Incorporated has a 1 year low of $74.67 and a 1 year high of $95.22. 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's fifty day moving average is $84.47 and its 200 day moving average is $82.11. The company has a market cap of $41.43 billion, a P/E ratio of 20.96, a PEG ratio of 2.88 and a beta of 0.50.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted 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 firm had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.49 billion. During the same quarter in the prior year, the company earned $0.63 EPS. Public Service Enterprise Group's revenue 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. On average, research analysts forecast 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. Shareholders 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 3.0%. The ex-dividend date of this dividend is Tuesday, September 9th. Public Service Enterprise Group's dividend payout ratio is currently 63.64%.

About Public Service Enterprise Group

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.