Zimmer Partners LP Makes New Investment in Public Service Enterprise Group Incorporated $PEG

Key Points

• Zimmer Partners LP has acquired a new position in Public Service Enterprise Group, purchasing 370,000 shares valued at approximately $30.45 million.
• Wall Street analysts have varying views on the stock, with a consensus rating of "Moderate Buy" and an average target price of $90.95.
• Public Service Enterprise Group announced a quarterly dividend of $0.63, yielding 3.1%, with the ex-dividend date on September 9th.

Zimmer Partners LP purchased a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 370,000 shares of the utilities provider's stock, valued at approximately $30,451,000. Zimmer Partners LP owned 0.07% of Public Service Enterprise Group as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of PEG. Baird Financial Group Inc. grew its position in Public Service Enterprise Group by 17.5% in the 4th quarter. Baird Financial Group Inc. now owns 33,553 shares of the utilities provider's stock valued at $2,835,000 after acquiring an additional 5,000 shares during the last quarter. Cary Street Partners Financial LLC bought a new position in Public Service Enterprise Group in the 4th quarter valued at $205,000. CoreCap Advisors LLC grew its position in Public Service Enterprise Group by 92.6% in the 4th quarter. CoreCap Advisors LLC now owns 1,862 shares of the utilities provider's stock valued at $157,000 after acquiring an additional 895 shares during the last quarter. First Manhattan CO. LLC. grew its position in Public Service Enterprise Group by 61.5% in the 4th quarter. First Manhattan CO. LLC. now owns 9,731 shares of the utilities provider's stock valued at $822,000 after acquiring an additional 3,707 shares during the last quarter. Finally, Focus Partners Wealth grew its position in Public Service Enterprise Group by 97.1% in the 4th quarter. Focus Partners Wealth now owns 32,237 shares of the utilities provider's stock valued at $2,728,000 after acquiring an additional 15,885 shares during the last quarter. Hedge funds and other institutional investors own 73.34% of the company's stock.

Public Service Enterprise Group Stock Up 0.9%

PEG stock traded up $0.71 during trading on Friday, reaching $82.74. 1,703,010 shares of the company traded hands, compared to its average volume of 2,861,110. Public Service Enterprise Group Incorporated has a 12 month low of $74.67 and a 12 month high of $95.22. The business has a 50 day simple moving average of $84.43 and a 200 day simple moving average of $82.10. The company has a market capitalization of $41.29 billion, a price-to-earnings ratio of 20.89, a price-to-earnings-growth ratio of 2.84 and a beta of 0.50. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.76 and a current ratio of 1.00.

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 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 for the quarter, compared to the consensus estimate of $2.49 billion. During the same quarter last year, the company earned $0.63 earnings per share. The firm's revenue for the quarter 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. On average, equities research 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 business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $2.52 dividend on an annualized basis and a yield of 3.0%. Public Service Enterprise Group's dividend payout ratio (DPR) is presently 63.64%.

Insiders Place Their Bets

In related news, CEO Ralph A. Larossa sold 1,387 shares of the firm's 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.19% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have commented on PEG shares. Wall Street Zen raised Public Service Enterprise Group from a "sell" rating to a "hold" rating in a research report on Saturday, September 6th. BMO Capital Markets upped their price objective on 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. UBS Group upped their price objective on 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 Public Service Enterprise Group from $83.00 to $82.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 10th. Finally, 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 report on Wednesday, June 18th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Public Service Enterprise Group presently has an average rating of "Moderate Buy" and a consensus target price of $90.95.

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.