Westpac Banking Corp Buys Shares of 18,318 Public Service Enterprise Group Incorporated $PEG

Key Points

• Westpac Banking Corp acquired 18,318 shares of Public Service Enterprise Group, valued at approximately $1.49 million. Institutional investors and hedge funds collectively own 73.34% of PEG.
• PEG’s shares opened at $72.71, near their 52-week low, after the company reported quarterly EPS of $0.86, exceeding estimates, while revenue fell 8.9% year over year to $2.55 billion.
• The company declared a quarterly dividend of $0.67 per share, equivalent to a 3.7% annualized yield. Analysts maintain an overall “Hold” rating, with an average price target of $89.43.

Westpac Banking Corp purchased a new position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,318 shares of the utilities provider's stock, valued at approximately $1,487,000.

Other hedge funds have also made changes to their positions in the company. Community Financial Services Group LLC acquired a new position in shares of Public Service Enterprise Group in the second quarter valued at approximately $25,000. Chapman Financial Group LLC purchased a new stake in Public Service Enterprise Group during the 2nd quarter worth approximately $25,000. Edmond DE Rothschild Holding S.A. acquired a new stake in Public Service Enterprise Group during the 2nd quarter worth approximately $26,000. Quest 10 Wealth Builders Inc. lifted its holdings in Public Service Enterprise Group by 250.5% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 347 shares of the utilities provider's stock worth $28,000 after buying an additional 248 shares in the last quarter. Finally, Elevation Wealth Partners LLC boosted its position in Public Service Enterprise Group by 240.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 344 shares of the utilities provider's stock valued at $28,000 after buying an additional 243 shares during the period. Institutional investors and hedge funds own 73.34% of the company's stock.

Public Service Enterprise Group Stock Down 2.6%

Shares of Public Service Enterprise Group stock opened at $72.71 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.88 and a debt-to-equity ratio of 1.31. Public Service Enterprise Group Incorporated has a 52-week low of $72.60 and a 52-week high of $87.63. The company has a market capitalization of $36.24 billion, a P/E ratio of 18.09, a P/E/G ratio of 2.73 and a beta of 0.51. The company has a 50 day moving average of $78.72 and a 200 day moving average of $80.37.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The utilities provider reported $0.86 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.06. Public Service Enterprise Group had a net margin of 16.04% and a return on equity of 12.42%. The company had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same period in the prior year, the firm posted $0.77 EPS. The company's quarterly revenue was down 8.9% compared to the same quarter last year. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. As a group, research analysts forecast that Public Service Enterprise Group Incorporated will post 4.36 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 9th will be issued a $0.67 dividend. This represents a $2.68 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Wednesday, September 9th. Public Service Enterprise Group's dividend payout ratio is 66.67%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PEG shares. Wall Street Zen downgraded shares of Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research note on Saturday, August 15th. Weiss Ratings cut Public Service Enterprise Group from a "buy (b-)" rating to a "hold (c)" rating in a research note on Wednesday, August 5th. Royal Bank Of Canada started coverage on Public Service Enterprise Group in a report on Thursday, July 2nd. They issued a "sector perform" rating and a $81.00 target price for the company. Morgan Stanley lowered their target price on Public Service Enterprise Group from $93.00 to $91.00 and set an "overweight" rating for the company in a research note on Friday. Finally, Jefferies Financial Group cut their price target on Public Service Enterprise Group from $89.00 to $78.00 and set a "hold" rating on the stock in a report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, Public Service Enterprise Group presently has an average rating of "Hold" and an average target price of $89.43.

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 8,000 shares of the firm's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $74.56, for a total value of $596,480.00. Following the sale, the senior vice president directly owned 20,970 shares in the company, valued at $1,563,523.20. This trade represents a 27.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ralph A. Larossa sold 2,083 shares of Public Service Enterprise Group stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $76.47, for a total value of $159,287.01. Following the sale, the chief executive officer directly owned 283,656 shares of the company's stock, valued at $21,691,174.32. This trade represents a 0.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 17,284 shares of company stock worth $1,332,751 over the last ninety days. Corporate insiders own 0.19% of the company's stock.

Public Service Enterprise Group Profile

Public Service Enterprise Group NYSE: PEG is a diversified energy company that operates primarily in New Jersey. Its core businesses include a regulated utility that delivers electric and natural gas service to residential, commercial and industrial customers, as well as generation and energy services operations that participate in wholesale power markets. The company's activities encompass transmission and distribution, power generation operations, and related energy infrastructure services.

The regulated utility arm, Public Service Electric and Gas Company (PSE&G), is responsible for owning and maintaining electric and gas networks, connecting customers, performing meter and billing services, and managing system reliability and storm response.

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