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

Bank of New York Mellon Corp cut its position in Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.5% during the first quarter, Holdings Channel reports. The firm owned 2,835,345 shares of the utilities provider’s stock after selling 14,593 shares during the period. Bank of New York Mellon Corp’s holdings in Public Service Enterprise Group were worth $229,521,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently modified their holdings of the company. Empowered Funds LLC grew its position in Public Service Enterprise Group by 10.3% during the 1st quarter. Empowered Funds LLC now owns 10,103 shares of the utilities provider’s stock worth $831,000 after purchasing an additional 940 shares during the period. Woodline Partners LP boosted its stake in shares of Public Service Enterprise Group by 40.7% in the first quarter. Woodline Partners LP now owns 42,093 shares of the utilities provider’s stock worth $3,464,000 after buying an additional 12,172 shares during the last quarter. Cresset Asset Management LLC grew its holdings in Public Service Enterprise Group by 27.6% during the second quarter. Cresset Asset Management LLC now owns 4,811 shares of the utilities provider’s stock worth $405,000 after acquiring an additional 1,040 shares during the period. Jump Financial LLC raised its position in Public Service Enterprise Group by 70.4% during the second quarter. Jump Financial LLC now owns 12,706 shares of the utilities provider’s stock valued at $1,070,000 after acquiring an additional 5,250 shares in the last quarter. Finally, NewEdge Advisors LLC raised its position in Public Service Enterprise Group by 3.0% during the second quarter. NewEdge Advisors LLC now owns 56,838 shares of the utilities provider’s stock valued at $4,785,000 after acquiring an additional 1,649 shares in the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Public Service Enterprise Group Trading Down 1.2%

Shares of NYSE:PEG opened at $78.58 on Friday. The business’s 50 day moving average price is $79.60 and its 200-day moving average price is $80.90. Public Service Enterprise Group Incorporated has a 1 year low of $76.05 and a 1 year high of $91.25. The firm has a market capitalization of $39.16 billion, a price-to-earnings ratio of 17.38, a price-to-earnings-growth ratio of 2.96 and a beta of 0.51. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.97 and a quick ratio of 0.75.

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

Public Service Enterprise Group Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 3.4%. Public Service Enterprise Group’s payout ratio is currently 59.29%.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Weiss Ratings lowered Public Service Enterprise Group from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, June 8th. Jefferies Financial Group downgraded shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating and lowered their price target for the stock from $90.00 to $89.00 in a report on Wednesday, April 15th. BMO Capital Markets raised their price target on shares of Public Service Enterprise Group from $90.00 to $91.00 and gave the company a “market perform” rating in a research report on Monday, April 13th. Royal Bank Of Canada began coverage on shares of Public Service Enterprise Group in a research report on Thursday, July 2nd. They issued a “sector perform” rating and a $81.00 price objective for the company. Finally, Truist Financial raised their target price on Public Service Enterprise Group from $88.00 to $90.00 and gave the company a “hold” rating in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $92.46.

Insider Transactions at Public Service Enterprise Group

In related news, CEO Ralph A. Larossa sold 2,083 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $80.51, for a total value of $167,702.33. Following the transaction, the chief executive officer directly owned 285,149 shares of the company’s stock, valued at approximately $22,957,345.99. This trade represents a 0.73% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kim C. Hanemann sold 3,035 shares of Public Service Enterprise Group stock in a transaction dated 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 in the company, valued at approximately $8,102,830. The trade was a 2.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 9,284 shares of company stock valued at $746,145 in the last three months. Corporate insiders own 0.19% of the company’s stock.

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.