Illinois Municipal Retirement Fund Cuts Position in Public Service Enterprise Group Incorporated $PEG

Illinois Municipal Retirement Fund decreased its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 70.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 39,260 shares of the utilities provider’s stock after selling 91,605 shares during the period. Illinois Municipal Retirement Fund’s holdings in Public Service Enterprise Group were worth $3,178,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Public Service Enterprise Group in the fourth quarter valued at about $552,280,000. Bank of America Corp DE boosted its stake in shares of Public Service Enterprise Group by 24.7% during the 2nd quarter. Bank of America Corp DE now owns 17,536,584 shares of the utilities provider’s stock worth $1,476,230,000 after acquiring an additional 3,469,886 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Public Service Enterprise Group by 3.4% in the 4th quarter. Vanguard Group Inc. now owns 67,498,821 shares of the utilities provider’s stock worth $5,420,155,000 after acquiring an additional 2,189,951 shares during the period. Pictet Asset Management Holding SA grew its holdings in shares of Public Service Enterprise Group by 174.9% in the 4th quarter. Pictet Asset Management Holding SA now owns 2,810,761 shares of the utilities provider’s stock worth $225,704,000 after acquiring an additional 1,788,449 shares during the period. Finally, Van ECK Associates Corp increased its stake in Public Service Enterprise Group by 40.0% in the 4th quarter. Van ECK Associates Corp now owns 2,708,385 shares of the utilities provider’s stock valued at $217,483,000 after purchasing an additional 774,256 shares in the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Weiss Ratings cut Public Service Enterprise Group from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, June 8th. Wall Street Zen raised Public Service Enterprise Group from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. BMO Capital Markets raised their price target on 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. Truist Financial lifted their price target on Public Service Enterprise Group from $88.00 to $90.00 and gave the stock a “hold” rating in a research note on Thursday. Finally, Wells Fargo & Company boosted their price objective on shares of 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. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $92.46.

Insiders Place Their Bets

In related news, CEO Ralph A. Larossa sold 2,083 shares of the business’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 completion of the transaction, the chief executive officer owned 285,149 shares of the company’s stock, valued at approximately $22,957,345.99. The trade was a 0.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kim C. Hanemann sold 3,035 shares of the company’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $82.00, for a total transaction of $248,870.00. Following the completion of the transaction, the chief operating officer owned 98,815 shares in the company, valued at approximately $8,102,830. This trade represents a 2.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 9,284 shares of company stock worth $746,145. Corporate insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Trading Down 0.1%

Shares of PEG opened at $78.58 on Monday. 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 Incorporated has a 1-year low of $76.05 and a 1-year high of $91.25. The stock has a market cap 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 firm has a 50 day simple moving average of $79.60 and a 200-day simple moving average of $80.90.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Tuesday, May 5th. The utilities provider reported $1.55 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.11. The firm had revenue of $3.85 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 19.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.43 EPS. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. Equities analysts forecast that Public Service Enterprise Group Incorporated will post 4.37 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

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

Public Service Enterprise Group Company Profile

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.