abrdn plc Acquires 221,008 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

abrdn plc raised its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 18.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,436,565 shares of the utilities provider's stock after purchasing an additional 221,008 shares during the period. abrdn plc owned 0.29% of Public Service Enterprise Group worth $87,846,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of PEG. Vanguard Group Inc. raised its position in Public Service Enterprise Group by 13.0% during the 3rd quarter. Vanguard Group Inc. now owns 61,673,935 shares of the utilities provider's stock worth $3,509,864,000 after purchasing an additional 7,103,657 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of Public Service Enterprise Group by 259.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,504,200 shares of the utilities provider's stock worth $275,973,000 after acquiring an additional 3,252,500 shares in the last quarter. Norges Bank bought a new position in shares of Public Service Enterprise Group in the 4th quarter worth about $141,476,000. Prudential Financial Inc. raised its position in shares of Public Service Enterprise Group by 196.2% in the 1st quarter. Prudential Financial Inc. now owns 1,892,166 shares of the utilities provider's stock worth $132,451,000 after acquiring an additional 1,253,283 shares in the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in shares of Public Service Enterprise Group in the 1st quarter worth about $74,050,000. 73.34% of the stock is owned by institutional investors.

Public Service Enterprise Group Stock Up 1.0 %

PEG stock traded up $0.64 during mid-day trading on Friday, reaching $65.74. 2,954,828 shares of the company traded hands, compared to its average volume of 2,655,548. The stock has a market cap of $32.78 billion, a price-to-earnings ratio of 12.81, a P/E/G ratio of 2.88 and a beta of 0.58. The company has a quick ratio of 0.46, a current ratio of 0.67 and a debt-to-equity ratio of 1.15. Public Service Enterprise Group Incorporated has a fifty-two week low of $53.71 and a fifty-two week high of $67.51. The firm's 50 day moving average price is $63.84 and its 200 day moving average price is $62.01.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last released its quarterly earnings results on Monday, February 26th. The utilities provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. The business had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.45 billion. Public Service Enterprise Group had a return on equity of 11.53% and a net margin of 22.81%. The company's quarterly revenue was down 17.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.64 EPS. As a group, equities research analysts predict that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be paid a $0.60 dividend. The ex-dividend date is Friday, June 7th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.65%. Public Service Enterprise Group's payout ratio is presently 46.78%.

Analyst Upgrades and Downgrades

PEG has been the subject of several research analyst reports. Guggenheim lowered Public Service Enterprise Group from a "buy" rating to a "neutral" rating and set a $61.00 price objective for the company. in a research report on Monday, January 22nd. TheStreet raised Public Service Enterprise Group from a "c+" rating to a "b-" rating in a research report on Wednesday, March 6th. Royal Bank of Canada boosted their target price on Public Service Enterprise Group from $70.00 to $72.00 and gave the company an "outperform" rating in a research report on Thursday, March 7th. Evercore ISI boosted their target price on Public Service Enterprise Group from $67.00 to $72.00 and gave the company an "outperform" rating in a research report on Thursday, April 4th. Finally, Bank of America boosted their target price on Public Service Enterprise Group from $66.00 to $73.00 and gave the company a "buy" rating in a research report on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Public Service Enterprise Group presently has an average rating of "Moderate Buy" and an average price target of $67.58.

Insider Transactions at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 1,374 shares of the business's stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $63.00, for a total value of $86,562.00. Following the transaction, the chief executive officer now owns 153,721 shares in the company, valued at approximately $9,684,423. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, SVP Richard T. Thigpen sold 4,800 shares of the business's stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $64.18, for a total value of $308,064.00. Following the transaction, the senior vice president now owns 31,122 shares in the company, valued at approximately $1,997,409.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ralph A. Larossa sold 1,374 shares of Public Service Enterprise Group stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $63.00, for a total transaction of $86,562.00. Following the completion of the sale, the chief executive officer now directly owns 153,721 shares in the company, valued at approximately $9,684,423. The disclosure for this sale can be found here. Insiders have sold 7,948 shares of company stock worth $510,300 in the last 90 days. Insiders own 0.57% of the company's stock.

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.