Magellan Asset Management Ltd Buys 104,975 Shares of Public Service Enterprise Group Incorporated $PEG

Magellan Asset Management Ltd grew its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 25.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 523,529 shares of the utilities provider’s stock after buying an additional 104,975 shares during the quarter. Magellan Asset Management Ltd owned approximately 0.11% of Public Service Enterprise Group worth $42,380,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in PEG. Chapman Financial Group LLC purchased a new stake in Public Service Enterprise Group in the 2nd quarter worth approximately $25,000. Quest 10 Wealth Builders Inc. lifted its holdings 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 in the last quarter. Bayban purchased a new position in Public Service Enterprise Group during the fourth quarter valued at approximately $33,000. Motiv8 Investments LLC bought a new position in shares of Public Service Enterprise Group in the fourth 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 fourth quarter worth approximately $44,000. Institutional investors own 73.34% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on PEG shares. Wells Fargo & Company raised their price objective on shares of Public Service Enterprise Group from $96.00 to $97.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Truist Financial upped their target price on shares of Public Service Enterprise Group from $88.00 to $90.00 and gave the stock a “hold” rating in a report on Thursday, July 16th. Wall Street Zen upgraded Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Royal Bank Of Canada assumed coverage on Public Service Enterprise Group in a report on Thursday, July 2nd. They set a “sector perform” rating and a $81.00 price target on the stock. Finally, Weiss Ratings downgraded Public Service Enterprise Group from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, June 8th. One equities research 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’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $91.68.

Public Service Enterprise Group Trading Down 0.7%

Shares of PEG opened at $77.25 on Wednesday. The firm has a market cap of $38.50 billion, a P/E ratio of 17.09, a price-to-earnings-growth ratio of 2.93 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 Incorporated has a 1 year low of $76.05 and a 1 year high of $91.25. The company has a 50 day simple moving average of $79.58 and a two-hundred day simple moving average of $80.86.

Public Service Enterprise Group (NYSE:PEG) last released its 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. Public Service Enterprise Group had a net margin of 17.69% and a return on equity of 12.30%. The firm 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 firm earned $1.43 earnings per share. The company’s quarterly 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. On average, equities analysts expect that Public Service Enterprise Group Incorporated will post 4.37 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 9th will be paid a $0.67 dividend. The ex-dividend date is Wednesday, September 9th. This represents a $2.68 annualized dividend and a yield of 3.5%. Public Service Enterprise Group’s payout ratio is presently 59.29%.

Insider Buying and Selling at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 2,083 shares of the stock in a transaction dated 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 transaction, the chief executive officer owned 285,149 shares of the company’s stock, valued at $22,957,345.99. This represents a 0.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 the firm’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $82.00, for a total value of $248,870.00. Following the transaction, the chief operating officer owned 98,815 shares of the company’s stock, valued at approximately $8,102,830. The trade was a 2.98% 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. In the last quarter, insiders sold 9,284 shares of company stock worth $746,145. 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.