The Manufacturers Life Insurance Company Acquires Shares of 799,406 Public Service Enterprise Group Incorporated $PEG

The Manufacturers Life Insurance Company bought a new position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 799,406 shares of the utilities provider’s stock, valued at approximately $64,880,000. The Manufacturers Life Insurance Company owned 0.16% of Public Service Enterprise Group as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in PEG. Simplicity Wealth LLC boosted its position in shares of Public Service Enterprise Group by 3.3% during the fourth quarter. Simplicity Wealth LLC now owns 3,990 shares of the utilities provider’s stock valued at $320,000 after purchasing an additional 129 shares in the last quarter. Westfuller Advisors LLC raised its holdings in Public Service Enterprise Group by 7.3% in the first quarter. Westfuller Advisors LLC now owns 1,891 shares of the utilities provider’s stock worth $153,000 after purchasing an additional 129 shares in the last quarter. Key Financial Inc raised its holdings in Public Service Enterprise Group by 2.6% in the fourth quarter. Key Financial Inc now owns 5,221 shares of the utilities provider’s stock worth $419,000 after purchasing an additional 133 shares in the last quarter. Benjamin Edwards Inc. lifted its position in Public Service Enterprise Group by 4.3% during the second quarter. Benjamin Edwards Inc. now owns 3,231 shares of the utilities provider’s stock valued at $272,000 after buying an additional 134 shares during the period. Finally, CFS Investment Advisory Services LLC lifted its position in Public Service Enterprise Group by 1.0% during the fourth quarter. CFS Investment Advisory Services LLC now owns 13,296 shares of the utilities provider’s stock valued at $1,068,000 after buying an additional 138 shares during the period. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Insider Buying and Selling

In related news, SVP Richard T. Thigpen sold 8,000 shares of the company’s stock in a transaction that occurred 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 transaction, the senior vice president directly owned 20,970 shares of the company’s stock, valued at approximately $1,563,523.20. This represents a 27.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 owned 283,656 shares in the company, valued at approximately $21,691,174.32. This represents a 0.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 17,284 shares of company stock worth $1,332,751 in the last three months. Insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Stock Performance

Shares of PEG stock opened at $73.29 on Wednesday. The company has a market capitalization of $36.53 billion, a price-to-earnings ratio of 18.23, a price-to-earnings-growth ratio of 2.77 and a beta of 0.51. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.67 and a current ratio of 0.88. Public Service Enterprise Group Incorporated has a one year low of $72.53 and a one year high of $87.63. The company’s 50-day moving average is $78.44 and its 200 day moving average is $80.26.

Public Service Enterprise Group (NYSE:PEG) last issued its 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. The business had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.66 billion. Public Service Enterprise Group had a net margin of 16.04% and a return on equity of 12.42%. The business’s revenue for the quarter was down 8.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.77 earnings per share. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. Sell-side analysts expect that Public Service Enterprise Group Incorporated will post 4.36 EPS for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors 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 yield of 3.7%. The ex-dividend date is Wednesday, September 9th. Public Service Enterprise Group’s payout ratio is presently 66.67%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PEG shares. Truist Financial reduced their target price on shares of Public Service Enterprise Group from $90.00 to $84.00 and set a “hold” rating on the stock in a research report on Thursday, August 13th. Wells Fargo & Company lowered their price target on shares of Public Service Enterprise Group from $91.00 to $89.00 and set an “overweight” rating for the company in a research report on Wednesday, August 5th. 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. Jefferies Financial Group decreased their target price on shares of Public Service Enterprise Group from $89.00 to $78.00 and set a “hold” rating for the company in a research note on Monday, July 20th. Finally, Citigroup lowered their target price on shares of Public Service Enterprise Group from $91.00 to $84.00 and set a “neutral” rating for the company in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $89.43.

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.