Magellan Asset Management Ltd Increases Holdings in Public Service Enterprise Group Incorporated $PEG

Magellan Asset Management Ltd increased its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 5.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 418,554 shares of the utilities provider’s stock after buying an additional 21,678 shares during the quarter. Magellan Asset Management Ltd’s holdings in Public Service Enterprise Group were worth $33,610,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Chapman Financial Group LLC purchased a new position in shares of Public Service Enterprise Group in the second quarter valued at $25,000. Quest 10 Wealth Builders Inc. grew its position in shares of Public Service Enterprise Group by 250.5% in 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 in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Public Service Enterprise Group in the fourth quarter valued at $44,000. TFC Financial Management Inc. grew its position in shares of Public Service Enterprise Group by 3,000.0% in the fourth quarter. TFC Financial Management Inc. now owns 589 shares of the utilities provider’s stock valued at $47,000 after purchasing an additional 570 shares in the last quarter. Finally, Colonial Trust Co SC grew its position in shares of Public Service Enterprise Group by 26.8% in the third quarter. Colonial Trust Co SC now owns 573 shares of the utilities provider’s stock valued at $48,000 after purchasing an additional 121 shares in the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PEG has been the subject of several recent research reports. Truist Financial reduced 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 report on Monday, May 18th. Scotiabank restated a “sector perform” rating and set a $92.00 target price on shares of Public Service Enterprise Group in a research report on Thursday, February 26th. Wells Fargo & Company raised their price objective on Public Service Enterprise Group from $96.00 to $97.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Weiss Ratings reissued a “buy (b)” rating on shares of Public Service Enterprise Group in a report on Friday, March 27th. Finally, JPMorgan Chase & Co. raised their price objective on Public Service Enterprise Group from $85.00 to $90.00 and gave the company a “neutral” rating in a report on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $93.19.

Insiders Place Their Bets

In related news, CEO Ralph A. Larossa sold 2,083 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $77.01, for a total transaction of $160,411.83. Following the completion of the sale, the chief executive officer directly owned 287,232 shares in the company, valued at $22,119,736.32. This represents a 0.72% decrease in their position. 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. In the last three months, insiders sold 6,249 shares of company stock worth $498,795. Corporate insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Stock Performance

Shares of NYSE PEG opened at $78.09 on Friday. The stock has a market cap of $38.91 billion, a price-to-earnings ratio of 17.28, a P/E/G ratio of 2.93 and a beta of 0.51. The company has a current ratio of 0.97, a quick ratio of 0.75 and a debt-to-equity ratio of 1.31. Public Service Enterprise Group Incorporated has a 1-year low of $76.05 and a 1-year high of $91.25. The stock’s 50-day moving average is $79.83 and its 200 day moving average is $80.98.

Public Service Enterprise Group (NYSE:PEG) last released its earnings results on Tuesday, May 5th. The utilities provider reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 12.30% and a net margin of 17.69%.Public Service Enterprise Group’s revenue for the quarter was up 19.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.43 EPS. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. On average, sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 4.37 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 9th will be issued a dividend of $0.67 per share. The ex-dividend date is Tuesday, June 9th. This represents a $2.68 annualized dividend and a yield of 3.4%. Public Service Enterprise Group’s dividend 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.