Allstate Corp Purchases Shares of 18,340 Public Service Enterprise Group Incorporated $PEG

Allstate Corp purchased a new position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 18,340 shares of the utilities provider’s stock, valued at approximately $1,531,000.

Several other institutional investors and hedge funds have also modified their holdings of PEG. JARISLOWSKY FRASER Ltd grew its stake in Public Service Enterprise Group by 107.1% during the 3rd quarter. JARISLOWSKY FRASER Ltd now owns 1,025,305 shares of the utilities provider’s stock valued at $85,572,000 after acquiring an additional 530,248 shares in the last quarter. Railway Pension Investments Ltd raised its stake in Public Service Enterprise Group by 97.5% during the third quarter. Railway Pension Investments Ltd now owns 1,897,800 shares of the utilities provider’s stock worth $158,390,000 after purchasing an additional 937,100 shares during the period. Voya Investment Management LLC boosted its holdings in Public Service Enterprise Group by 18.2% in the 3rd quarter. Voya Investment Management LLC now owns 1,645,407 shares of the utilities provider’s stock valued at $137,155,000 after purchasing an additional 253,810 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in Public Service Enterprise Group by 22.6% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 73,542 shares of the utilities provider’s stock valued at $6,192,000 after purchasing an additional 13,540 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Public Service Enterprise Group in the 2nd quarter valued at approximately $564,238,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Insider Transactions at Public Service Enterprise Group

In other news, SVP Richard T. Thigpen sold 4,920 shares of the business’s stock in a transaction dated Friday, November 7th. The stock was 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 directly owned 26,134 shares of the company’s stock, valued at approximately $2,151,612.22. The trade was a 15.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.19% of the stock is owned by corporate insiders.

Public Service Enterprise Group Price Performance

Shares of PEG opened at $79.36 on Wednesday. The company has a market cap of $39.61 billion, a P/E ratio of 19.08, a PEG ratio of 2.24 and a beta of 0.60. Public Service Enterprise Group Incorporated has a fifty-two week low of $74.67 and a fifty-two week high of $91.25. 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 $80.43 and its 200 day moving average price is $82.37.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly 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. Public Service Enterprise Group had a net margin of 17.77% and a return on equity of 12.62%. The company had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $2.80 billion. During the same quarter last year, the company posted $0.90 EPS. The firm’s revenue was up 22.1% compared to the same quarter last year. Public Service Enterprise Group has set its FY 2025 guidance at 4.000-4.060 EPS. On average, research analysts forecast 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 declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 10th were given a $0.63 dividend. The ex-dividend date of this dividend was Wednesday, December 10th. This represents a $2.52 dividend on an annualized basis and a yield of 3.2%. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 60.58%.

Analyst Ratings Changes

PEG has been the topic of several analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Public Service Enterprise Group in a research report on Monday, December 29th. BMO Capital Markets decreased their price target on Public Service Enterprise Group from $85.00 to $83.00 and set a “market perform” rating on the stock in a research note on Tuesday, November 4th. BTIG Research initiated coverage on Public Service Enterprise Group in a research report on Wednesday, October 22nd. They set a “buy” rating and a $98.00 price objective for the company. Jefferies Financial Group raised shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating and upped their target price for the company from $89.00 to $90.00 in a research report on Thursday, November 6th. Finally, UBS Group lowered their target price on shares of Public Service Enterprise Group from $105.00 to $98.00 and set a “buy” rating for the company in a research note on Wednesday, December 17th. Eleven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Public Service Enterprise Group has an average rating of “Moderate Buy” and a consensus target price of $91.65.

About Public Service Enterprise Group

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.