Bank of New York Mellon Corp Cuts Position in Public Service Enterprise Group Incorporated $PEG

Bank of New York Mellon Corp lessened its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 1.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 2,849,938 shares of the utilities provider’s stock after selling 56,416 shares during the quarter. Bank of New York Mellon Corp’s holdings in Public Service Enterprise Group were worth $228,850,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of PEG. Goldman Sachs Group Inc. lifted its position in shares of Public Service Enterprise Group by 5.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 4,994,372 shares of the utilities provider’s stock valued at $401,048,000 after acquiring an additional 241,058 shares during the period. Westpac Banking Corp acquired a new stake in shares of Public Service Enterprise Group during the 4th quarter valued at approximately $1,471,000. Capital Innovations LLC acquired a new stake in shares of Public Service Enterprise Group during the 4th quarter valued at approximately $2,212,000. Cbre Investment Management Listed Real Assets LLC lifted its position in shares of Public Service Enterprise Group by 38.0% during the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,946,512 shares of the utilities provider’s stock valued at $156,305,000 after acquiring an additional 536,363 shares during the period. Finally, AXQ Capital LP acquired a new stake in shares of Public Service Enterprise Group during the 4th quarter valued at approximately $822,000. 73.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 2,083 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $77.01, for a total value of $160,411.83. Following the transaction, the chief executive officer owned 287,232 shares in the company, valued at $22,119,736.32. The trade was a 0.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 6,249 shares of company stock valued at $498,795. Insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on PEG shares. Wells Fargo & Company lifted their price objective on Public Service Enterprise Group from $96.00 to $97.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Truist Financial cut their price objective on Public Service Enterprise Group from $91.00 to $88.00 and set a “hold” rating for the company in a research report on Monday, May 18th. LADENBURG THALM/SH SH downgraded Public Service Enterprise Group from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $87.50 to $84.50 in a research report on Friday, March 13th. BMO Capital Markets lifted their target price on shares of Public Service Enterprise Group from $90.00 to $91.00 and gave the stock a “market perform” rating in a research note on Monday, April 13th. Finally, Jefferies Financial Group cut shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating and lowered their target price for the stock from $90.00 to $89.00 in a research note on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $93.19.

Public Service Enterprise Group Stock Up 1.8%

Shares of NYSE PEG opened at $79.48 on Friday. Public Service Enterprise Group Incorporated has a 52-week low of $76.05 and a 52-week high of $91.25. The firm has a fifty day moving average of $79.80 and a 200-day moving average of $80.97. The stock has a market capitalization of $39.61 billion, a PE ratio of 17.58, a P/E/G ratio of 2.94 and a beta of 0.51. The company has a quick ratio of 0.75, a current ratio of 0.97 and a debt-to-equity ratio of 1.31.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Tuesday, May 5th. The utilities provider reported $1.55 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.11. Public Service Enterprise Group had a net margin of 17.69% and a return on equity of 12.30%. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $3.35 billion. During the same period in the prior year, the company earned $1.43 EPS. The firm’s revenue was up 19.4% on a year-over-year basis. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. On average, analysts anticipate that Public Service Enterprise Group Incorporated will post 4.37 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 9th will be issued a $0.67 dividend. The ex-dividend date is Tuesday, June 9th. This represents a $2.68 dividend on an annualized basis and a yield of 3.4%. Public Service Enterprise Group’s payout ratio is currently 59.29%.

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.