Rakuten Investment Management Inc. Buys Shares of 22,194 Public Service Enterprise Group Incorporated $PEG

Rakuten Investment Management Inc. purchased a new position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 22,194 shares of the utilities provider’s stock, valued at approximately $1,852,000.

Several other large investors have also made changes to their positions in the company. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in Public Service Enterprise Group by 5.3% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 353,258 shares of the utilities provider’s stock worth $29,483,000 after purchasing an additional 17,882 shares during the last quarter. Joel Isaacson & Co. LLC bought a new position in shares of Public Service Enterprise Group in the 3rd quarter valued at $264,000. Root Financial Partners LLC acquired a new position in shares of Public Service Enterprise Group during the 3rd quarter worth $78,000. Arkadios Wealth Advisors raised its holdings in shares of Public Service Enterprise Group by 20.1% during the 3rd quarter. Arkadios Wealth Advisors now owns 27,079 shares of the utilities provider’s stock worth $2,260,000 after buying an additional 4,539 shares in the last quarter. Finally, Allstate Corp acquired a new stake in Public Service Enterprise Group in the third quarter valued at about $1,531,000. Institutional investors and hedge funds own 73.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Weiss Ratings reiterated a “buy (b)” rating on shares of Public Service Enterprise Group in a research report on Monday, December 29th. Evercore ISI began coverage on shares of 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. BMO Capital Markets dropped their price objective on shares of Public Service Enterprise Group from $85.00 to $83.00 and set a “market perform” rating for the company in a research note on Tuesday, November 4th. Wells Fargo & Company raised shares of Public Service Enterprise Group from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $88.00 to $92.00 in a research note on Tuesday. Finally, TD Cowen upped their price target on shares of Public Service Enterprise Group from $93.00 to $96.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $90.96.

Public Service Enterprise Group Stock Down 1.4%

NYSE:PEG opened at $78.28 on Friday. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.93 and a quick ratio of 0.69. Public Service Enterprise Group Incorporated has a one year low of $74.67 and a one year high of $91.25. The firm’s 50 day simple moving average is $80.21 and its 200 day simple moving average is $82.31. The company has a market cap of $39.07 billion, a PE ratio of 18.82, a P/E/G ratio of 2.58 and a beta of 0.60.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Monday, November 3rd. The utilities provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.11. Public Service Enterprise Group had a net margin of 17.77% and a return on equity of 12.62%. The firm had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $2.80 billion. During the same quarter last year, the firm earned $0.90 earnings per share. The company’s revenue for the quarter was up 22.1% on a year-over-year basis. Public Service Enterprise Group has set its FY 2025 guidance at 4.000-4.060 EPS. On average, research analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 10th were issued a dividend of $0.63 per share. The ex-dividend date of this dividend was Wednesday, December 10th. This represents a $2.52 annualized dividend and a yield of 3.2%. Public Service Enterprise Group’s payout ratio is presently 60.58%.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, SVP Richard T. Thigpen sold 4,920 shares of the company’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $82.33, for a total value of $405,063.60. Following the sale, the senior vice president owned 26,134 shares in the company, valued at approximately $2,151,612.22. The trade was a 15.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.19% of the company’s stock.

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.