Commerce Bank Invests $3.93 Million in Public Service Enterprise Group Incorporated $PEG

Commerce Bank purchased a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 48,471 shares of the utilities provider’s stock, valued at approximately $3,934,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PEG. Vanguard Group Inc. grew its position in Public Service Enterprise Group by 3.4% during the fourth quarter. Vanguard Group Inc. now owns 67,498,821 shares of the utilities provider’s stock worth $5,420,155,000 after buying an additional 2,189,951 shares during the period. BlackRock Inc. acquired a new stake in shares of Public Service Enterprise Group during the 2nd quarter valued at approximately $4,366,570,000. State Street Corp lifted its position in shares of Public Service Enterprise Group by 2.8% during the 4th quarter. State Street Corp now owns 28,361,198 shares of the utilities provider’s stock valued at $2,277,404,000 after acquiring an additional 762,591 shares during the period. Bank of America Corp DE lifted its position 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 valued at $1,476,230,000 after acquiring an additional 3,469,886 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Public Service Enterprise Group by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 12,771,343 shares of the utilities provider’s stock worth $1,021,475,000 after acquiring an additional 114,351 shares in the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Truist Financial lowered their price target on Public Service Enterprise Group from $90.00 to $84.00 and set a “hold” rating on the stock in a report on Thursday, August 13th. Wall Street Zen cut Public Service Enterprise Group from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. Wells Fargo & Company decreased their target price on Public Service Enterprise Group from $91.00 to $89.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 5th. Weiss Ratings lowered Public Service Enterprise Group from a “buy (b-)” rating to a “hold (c)” rating in a report on Wednesday, August 5th. Finally, Citigroup dropped their price target on Public Service Enterprise Group from $91.00 to $84.00 and set a “neutral” rating for the company in a research report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $89.43.

Insider Transactions at Public Service Enterprise Group

In other news, SVP Richard T. Thigpen sold 8,000 shares of the company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $74.56, for a total value of $596,480.00. Following the sale, the senior vice president directly owned 20,970 shares in the company, valued at $1,563,523.20. This represents a 27.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ralph A. Larossa sold 2,083 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $76.47, for a total value of $159,287.01. Following the sale, the chief executive officer directly owned 283,656 shares in the company, valued at approximately $21,691,174.32. The trade was a 0.73% 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. Insiders 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 currently owned by insiders.

Public Service Enterprise Group Stock Up 1.3%

PEG stock opened at $73.53 on Tuesday. The company’s 50 day simple moving average is $78.59 and its 200-day simple moving average is $80.31. The firm has a market capitalization of $36.65 billion, a PE ratio of 18.29, a P/E/G ratio of 2.73 and a beta of 0.51. Public Service Enterprise Group Incorporated has a 12 month low of $72.53 and a 12 month high of $87.63. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.88 and a quick ratio of 0.67.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings data 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 return on equity of 12.42% and a net margin of 16.04%.The firm had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.66 billion. During the same period in the previous year, the firm posted $0.77 EPS. The company’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. Equities analysts expect that Public Service Enterprise Group Incorporated will post 4.36 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 9th will be issued a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Wednesday, September 9th. Public Service Enterprise Group’s payout ratio is 66.67%.

Public Service Enterprise Group 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.