Korea Investment CORP Buys 26,470 Shares of Public Service Enterprise Group Incorporated $PEG

Korea Investment CORP increased its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 7.6% in the first quarter, HoldingsChannel reports. The firm owned 373,650 shares of the utilities provider’s stock after purchasing an additional 26,470 shares during the period. Korea Investment CORP’s holdings in Public Service Enterprise Group were worth $30,751,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Public Service Enterprise Group by 4.9% in the first quarter. Vanguard Group Inc. now owns 63,761,676 shares of the utilities provider’s stock valued at $5,247,586,000 after acquiring an additional 2,986,646 shares during the last quarter. Nuveen LLC bought a new stake in shares of Public Service Enterprise Group in the 1st quarter valued at $95,076,000. Assenagon Asset Management S.A. raised its position in shares of Public Service Enterprise Group by 476.9% during the first quarter. Assenagon Asset Management S.A. now owns 919,218 shares of the utilities provider’s stock worth $75,652,000 after purchasing an additional 759,873 shares during the period. GAMMA Investing LLC raised its holdings in Public Service Enterprise Group by 8,465.1% during the 1st quarter. GAMMA Investing LLC now owns 586,881 shares of the utilities provider’s stock worth $48,300,000 after buying an additional 580,029 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Public Service Enterprise Group by 15.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,997,028 shares of the utilities provider’s stock valued at $337,709,000 after acquiring an additional 542,671 shares in the last quarter. Institutional investors own 73.34% of the company’s stock.

Insider Activity

In related news, CEO Ralph A. Larossa sold 1,387 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $83.12, for a total transaction of $115,287.44. Following the transaction, the chief executive officer directly owned 218,328 shares of the company’s stock, valued at $18,147,423.36. This represents a 0.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.19% of the stock is owned by insiders.

Analyst Ratings Changes

Several research analysts recently commented on PEG shares. Morgan Stanley reduced their target price on shares of Public Service Enterprise Group from $101.00 to $100.00 and set an “overweight” rating for the company in a report on Wednesday, June 18th. Wall Street Zen cut Public Service Enterprise Group from a “hold” rating to a “sell” rating in a research note on Sunday, July 20th. UBS Group upped their price target on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the company a “buy” rating in a research note on Friday, July 25th. Evercore ISI cut their price objective on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an “outperform” rating for the company in a research report on Thursday, May 1st. Finally, BMO Capital Markets upped their target price on Public Service Enterprise Group from $84.00 to $89.00 and gave the company a “market perform” rating in a research report on Wednesday, August 6th. Six analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $90.95.

Public Service Enterprise Group Price Performance

Shares of NYSE:PEG opened at $84.5250 on Wednesday. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.00 and a quick ratio of 0.76. Public Service Enterprise Group Incorporated has a one year low of $74.67 and a one year high of $95.22. The company has a market cap of $42.18 billion, a price-to-earnings ratio of 21.34, a PEG ratio of 2.93 and a beta of 0.45. The firm has a 50 day simple moving average of $84.42 and a 200 day simple moving average of $82.30.

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

Public Service Enterprise Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be paid a $0.63 dividend. The ex-dividend date is Tuesday, September 9th. This represents a $2.52 annualized dividend and a dividend yield of 3.0%. Public Service Enterprise Group’s payout ratio is currently 63.64%.

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.