Public Service Enterprise Group Incorporated $PEG Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC cut its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 8.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 183,301 shares of the utilities provider’s stock after selling 16,837 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Public Service Enterprise Group were worth $15,131,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. grew its stake in Public Service Enterprise Group by 1.9% during the 2nd quarter. Vanguard Group Inc. now owns 64,961,047 shares of the utilities provider’s stock valued at $5,468,421,000 after purchasing an additional 1,199,371 shares in the last quarter. State Street Corp raised its position in shares of Public Service Enterprise Group by 0.8% in the 2nd quarter. State Street Corp now owns 27,330,736 shares of the utilities provider’s stock valued at $2,300,701,000 after purchasing an additional 206,843 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Public Service Enterprise Group by 24.7% during the 2nd quarter. Bank of America Corp DE now owns 17,536,584 shares of the utilities provider’s stock valued at $1,476,230,000 after buying an additional 3,469,886 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Public Service Enterprise Group by 0.9% during the second quarter. Geode Capital Management LLC now owns 12,526,776 shares of the utilities provider’s stock worth $1,049,973,000 after buying an additional 110,087 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its position in shares of Public Service Enterprise Group by 9.8% during the second quarter. Ameriprise Financial Inc. now owns 8,009,067 shares of the utilities provider’s stock worth $674,218,000 after buying an additional 715,051 shares in the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.

Public Service Enterprise Group Stock Performance

Shares of NYSE PEG opened at $80.99 on Monday. 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 firm’s 50-day moving average price is $81.17 and its two-hundred day moving average price is $82.70. Public Service Enterprise Group Incorporated has a 52-week low of $74.67 and a 52-week high of $91.25. The stock has a market capitalization of $40.43 billion, a P/E ratio of 19.47, a P/E/G ratio of 2.28 and a beta of 0.60.

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

Public Service Enterprise Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 10th were paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Wednesday, December 10th. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 60.58%.

Wall Street Analysts Forecast Growth

PEG has been the topic of several recent analyst reports. Wells Fargo & Company began coverage on shares of Public Service Enterprise Group in a report on Tuesday, October 28th. They issued an “equal weight” rating and a $88.00 price target on the stock. JPMorgan Chase & Co. cut their target price on shares of Public Service Enterprise Group from $96.00 to $88.00 and set an “overweight” rating on the stock in a research note on Friday, December 12th. Evercore ISI started coverage on shares of Public Service Enterprise Group in a research report on Tuesday, October 7th. They set an “in-line” rating and a $83.00 price target on the stock. Barclays boosted their price objective on Public Service Enterprise Group from $82.00 to $87.00 and gave the company an “equal weight” rating in a report on Tuesday, October 21st. Finally, BMO Capital Markets reduced their target price on Public Service Enterprise Group from $85.00 to $83.00 and set a “market perform” rating on the stock in a report on Tuesday, November 4th. Nine investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.96.

Insider Activity

In other news, SVP Richard T. Thigpen sold 4,920 shares of the company’s 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 completion of the transaction, the senior vice president owned 26,134 shares in the company, valued at approximately $2,151,612.22. This represents a 15.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company 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.