Magellan Asset Management Ltd Makes New Investment in Public Service Enterprise Group Incorporated $PEG

Magellan Asset Management Ltd acquired a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 548,309 shares of the utilities provider’s stock, valued at approximately $44,501,000. Magellan Asset Management Ltd owned about 0.11% of Public Service Enterprise Group at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in Public Service Enterprise Group during the 2nd quarter valued at about $4,366,570,000. Norges Bank bought a new stake in Public Service Enterprise Group during the fourth quarter worth $552,280,000. Bank of America Corp DE raised its position in Public Service Enterprise Group by 24.7% in the 2nd quarter. Bank of America Corp DE now owns 17,536,584 shares of the utilities provider’s stock valued at $1,476,230,000 after buying an additional 3,469,886 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in Public Service Enterprise Group in the 2nd quarter valued at $221,632,000. Finally, Vanguard Group Inc. lifted its stake in Public Service Enterprise Group by 3.4% during the 4th quarter. Vanguard Group Inc. now owns 67,498,821 shares of the utilities provider’s stock valued at $5,420,155,000 after acquiring an additional 2,189,951 shares in the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.

Insider Buying and Selling

In other Public Service Enterprise Group news, COO Kim C. Hanemann sold 3,035 shares of the stock in a transaction on 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 sale, the chief operating officer owned 98,815 shares of the company’s stock, valued at $8,102,830. This represents a 2.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Richard T. Thigpen sold 8,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $74.56, for a total transaction of $596,480.00. Following the transaction, the senior vice president directly owned 20,970 shares of the company’s stock, valued at approximately $1,563,523.20. This trade represents a 27.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 17,284 shares of company stock valued at $1,332,751 over the last three months. 0.19% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PEG shares. Weiss Ratings lowered shares of Public Service Enterprise Group from a “buy (b-)” rating to a “hold (c)” rating in a research note on Wednesday, August 5th. Wall Street Zen cut shares of Public Service Enterprise Group from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Royal Bank Of Canada assumed 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. Truist Financial decreased their price objective on shares of Public Service Enterprise Group from $90.00 to $84.00 and set a “hold” rating for the company in a research note on Thursday, August 13th. Finally, Citigroup cut their target price on Public Service Enterprise Group from $91.00 to $84.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $89.43.

Public Service Enterprise Group Stock Performance

Shares of PEG stock opened at $72.71 on Monday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.67 and a current ratio of 0.88. The firm has a market cap of $36.24 billion, a price-to-earnings ratio of 18.09, a P/E/G ratio of 2.73 and a beta of 0.51. Public Service Enterprise Group Incorporated has a 52 week low of $72.60 and a 52 week high of $87.63. The firm’s 50-day simple moving average is $78.72 and its two-hundred day simple moving average is $80.37.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, August 4th. The utilities provider reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.06. Public Service Enterprise Group had a net margin of 16.04% and a return on equity of 12.42%. The company had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.66 billion. During the same quarter last year, the business posted $0.77 EPS. Public Service Enterprise Group’s quarterly revenue was down 8.9% compared to the same quarter last year. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. As a group, equities analysts forecast that Public Service Enterprise Group Incorporated will post 4.36 earnings per share for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 9th will be paid a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Wednesday, September 9th. Public Service Enterprise Group’s payout ratio is 66.67%.

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.