Fifth Third Bancorp Acquires 98,740 Shares of Public Service Enterprise Group Incorporated $PEG

Fifth Third Bancorp raised its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 371.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 125,321 shares of the utilities provider’s stock after buying an additional 98,740 shares during the quarter. Fifth Third Bancorp’s holdings in Public Service Enterprise Group were worth $10,145,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Chapman Financial Group LLC purchased a new stake in Public Service Enterprise Group in the second quarter valued at approximately $25,000. Quest 10 Wealth Builders Inc. lifted its position in Public Service Enterprise Group by 250.5% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 347 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 248 shares during the last quarter. Bayban purchased a new position in Public Service Enterprise Group in the 4th quarter worth approximately $33,000. Motiv8 Investments LLC purchased a new position in Public Service Enterprise Group in the 4th quarter worth approximately $40,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Public Service Enterprise Group in the 4th quarter worth $44,000. 73.34% of the stock is currently owned by institutional investors.

Insider Activity at Public Service Enterprise Group

In related news, COO Kim C. Hanemann sold 3,035 shares of the firm’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $82.00, for a total value of $248,870.00. Following the completion of the sale, the chief operating officer owned 98,815 shares of the company’s stock, valued at $8,102,830. This trade represents a 2.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ralph A. Larossa sold 2,083 shares of Public Service Enterprise Group stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $80.51, for a total transaction of $167,702.33. Following the completion of the sale, the chief executive officer owned 285,149 shares in the company, valued at approximately $22,957,345.99. This trade represents a 0.73% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 9,284 shares of company stock worth $746,145 over the last three months. Insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Stock Performance

Public Service Enterprise Group stock opened at $79.93 on Thursday. The company has a current ratio of 0.97, a quick ratio of 0.75 and a debt-to-equity ratio of 1.31. The firm has a 50-day moving average of $79.54 and a 200-day moving average of $80.92. The firm has a market cap of $39.83 billion, a P/E ratio of 17.68, a P/E/G ratio of 3.03 and a beta of 0.51. Public Service Enterprise Group Incorporated has a 1-year low of $76.05 and a 1-year high of $91.25.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.44 by $0.11. Public Service Enterprise Group had a return on equity of 12.30% and a net margin of 17.69%.The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $3.35 billion. During the same quarter in the previous year, the business earned $1.43 EPS. Public Service Enterprise Group’s revenue was up 19.4% compared to the same quarter last year. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. Sell-side analysts expect that Public Service Enterprise Group Incorporated will post 4.37 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 9th were paid a dividend of $0.67 per share. The ex-dividend date of this dividend was Tuesday, June 9th. This represents a $2.68 annualized dividend and a dividend yield of 3.4%. Public Service Enterprise Group’s payout ratio is 59.29%.

Wall Street Analyst Weigh In

PEG has been the subject of a number of research analyst reports. Royal Bank Of Canada assumed coverage on shares of Public Service Enterprise Group in a report on Thursday, July 2nd. They set a “sector perform” rating and a $81.00 price objective for the company. BMO Capital Markets increased their target price on Public Service Enterprise Group from $90.00 to $91.00 and gave the company a “market perform” rating in a research note on Monday, April 13th. Wall Street Zen upgraded Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Jefferies Financial Group lowered Public Service Enterprise Group from a “buy” rating to a “hold” rating and dropped their price target for the stock from $90.00 to $89.00 in a research note on Wednesday, April 15th. Finally, Truist Financial dropped their price target on Public Service Enterprise Group from $91.00 to $88.00 and set a “hold” rating for the company in a research note on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, Public Service Enterprise Group has an average rating of “Moderate Buy” and a consensus price target of $92.32.

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.