Public Service Enterprise Group Incorporated $PEG Shares Purchased by Bank of Nova Scotia

Bank of Nova Scotia raised its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 114.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 110,563 shares of the utilities provider’s stock after buying an additional 59,017 shares during the quarter. Bank of Nova Scotia’s holdings in Public Service Enterprise Group were worth $9,307,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of PEG. Vanguard Personalized Indexing Management LLC increased its position in Public Service Enterprise Group by 22.6% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 73,542 shares of the utilities provider’s stock worth $6,192,000 after purchasing an additional 13,540 shares in the last quarter. Norges Bank purchased a new position in Public Service Enterprise Group in the 2nd quarter valued at about $564,238,000. Janney Montgomery Scott LLC boosted its holdings in shares of Public Service Enterprise Group by 2.5% during the second quarter. Janney Montgomery Scott LLC now owns 69,045 shares of the utilities provider’s stock worth $5,812,000 after purchasing an additional 1,652 shares during the last quarter. Magellan Asset Management Ltd grew its position in shares of Public Service Enterprise Group by 9.8% in the second quarter. Magellan Asset Management Ltd now owns 354,187 shares of the utilities provider’s stock valued at $29,815,000 after purchasing an additional 31,486 shares during the period. Finally, Chemistry Wealth Management LLC purchased a new stake in Public Service Enterprise Group in the second quarter valued at approximately $579,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Insider Activity

In other news, SVP Richard T. Thigpen sold 4,920 shares of the stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $82.33, for a total transaction of $405,063.60. Following the transaction, the senior vice president owned 26,134 shares of the company’s stock, valued at approximately $2,151,612.22. This trade represents a 15.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PEG. TD Cowen increased their target price on Public Service Enterprise Group from $93.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Wall Street Zen raised Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research note on Saturday, September 6th. Weiss Ratings restated a “buy (b)” rating on shares of Public Service Enterprise Group in a report on Monday. Morgan Stanley decreased their price objective on shares of Public Service Enterprise Group from $105.00 to $103.00 and set an “overweight” rating for the company in a research note on Thursday, September 25th. Finally, Barclays increased their price objective on shares of Public Service Enterprise Group from $82.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 21st. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Public Service Enterprise Group currently has an average rating of “Moderate Buy” and an average target price of $91.19.

Public Service Enterprise Group Stock Performance

Shares of PEG opened at $78.69 on Thursday. The firm has a market cap of $39.28 billion, a price-to-earnings ratio of 18.92, a PEG ratio of 2.42 and a beta of 0.59. The company has a quick ratio of 0.69, a current ratio of 0.93 and a debt-to-equity ratio of 1.27. The business’s 50 day moving average is $81.97 and its two-hundred day moving average is $82.70. Public Service Enterprise Group Incorporated has a 52-week low of $74.67 and a 52-week high of $91.25.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Monday, November 3rd. The utilities provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.11. The business had revenue of $3.23 billion during the quarter, compared to analyst estimates of $2.80 billion. Public Service Enterprise Group had a net margin of 17.77% and a return on equity of 12.62%. The business’s revenue was up 22.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.90 earnings per share. Public Service Enterprise Group has set its FY 2025 guidance at 4.000-4.060 EPS. Analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 10th will be given a $0.63 dividend. The ex-dividend date of this dividend is Wednesday, December 10th. This represents a $2.52 annualized dividend and a dividend yield of 3.2%. Public Service Enterprise Group’s payout ratio is presently 60.58%.

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.