Allspring Global Investments Holdings LLC Sells 18,914 Shares of Public Service Enterprise Group Incorporated $PEG

Allspring Global Investments Holdings LLC cut its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 8.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 200,138 shares of the utilities provider’s stock after selling 18,914 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Public Service Enterprise Group were worth $16,585,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PEG. GAMMA Investing LLC lifted its position in Public Service Enterprise Group by 4.1% in the 1st quarter. GAMMA Investing LLC now owns 7,131 shares of the utilities provider’s stock valued at $587,000 after acquiring an additional 279 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Public Service Enterprise Group by 4.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 90,126 shares of the utilities provider’s stock valued at $7,417,000 after buying an additional 3,601 shares during the period. Exchange Traded Concepts LLC lifted its holdings in shares of Public Service Enterprise Group by 12.7% during the 1st quarter. Exchange Traded Concepts LLC now owns 3,977 shares of the utilities provider’s stock valued at $327,000 after buying an additional 447 shares during the period. Janney Montgomery Scott LLC lifted its holdings in shares of Public Service Enterprise Group by 1.2% during the 1st quarter. Janney Montgomery Scott LLC now owns 67,393 shares of the utilities provider’s stock valued at $5,546,000 after buying an additional 783 shares during the period. Finally, Sowell Financial Services LLC bought a new position in shares of Public Service Enterprise Group during the 1st quarter valued at $298,000. 73.34% of the stock is owned by institutional investors.

Public Service Enterprise Group Trading Up 0.5%

Shares of PEG stock opened at $84.77 on Friday. Public Service Enterprise Group Incorporated has a 52-week low of $74.67 and a 52-week high of $95.22. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.76 and a current ratio of 1.00. The firm has a market capitalization of $42.30 billion, a PE ratio of 21.41, a PEG ratio of 2.58 and a beta of 0.53. The stock has a fifty day simple moving average of $82.74 and a two-hundred day simple moving average of $82.23.

Public Service Enterprise Group (NYSE:PEG) last issued its quarterly earnings results on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.07. Public Service Enterprise Group had a return on equity of 12.08% and a net margin of 17.78%.The business had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.49 billion. During the same quarter in the prior year, the business posted $0.63 EPS. Public Service Enterprise Group’s revenue for the quarter was up 15.8% compared to the same quarter last year. Public Service Enterprise Group has set its FY 2025 guidance at 3.940-4.060 EPS. On average, analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 9th were paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Tuesday, September 9th. Public Service Enterprise Group’s dividend payout ratio is presently 63.64%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PEG. Wall Street Zen raised Public Service Enterprise Group from a “sell” rating to a “hold” rating in a report on Saturday, September 6th. Evercore ISI started coverage on Public Service Enterprise Group in a report on Tuesday, October 7th. They set an “in-line” rating and a $83.00 price target on the stock. Morgan Stanley reduced their price objective on Public Service Enterprise Group from $105.00 to $103.00 and set an “overweight” rating for the company in a research note on Thursday, September 25th. UBS Group upped their price objective on Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a “buy” rating in a research note on Friday, July 25th. Finally, TD Cowen started coverage on Public Service Enterprise Group in a research note on Thursday. They issued a “buy” rating and a $93.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $91.14.

Public Service Enterprise Group Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.