Kayne Anderson Rudnick Investment Management LLC Sells 2,988 Shares of Public Service Enterprise Group Incorporated $PEG

Kayne Anderson Rudnick Investment Management LLC lessened its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 11.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,303 shares of the utilities provider’s stock after selling 2,988 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Public Service Enterprise Group were worth $1,836,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Chapman Financial Group LLC bought a new stake in Public Service Enterprise Group during the 4th quarter valued at $25,000. REAP Financial Group LLC boosted its holdings in Public Service Enterprise Group by 105.9% during the 4th quarter. REAP Financial Group LLC now owns 315 shares of the utilities provider’s stock worth $27,000 after acquiring an additional 162 shares during the last quarter. Headlands Technologies LLC purchased a new position in Public Service Enterprise Group during the 1st quarter worth $32,000. Optiver Holding B.V. purchased a new position in Public Service Enterprise Group during the 4th quarter worth $50,000. Finally, Zions Bancorporation National Association UT purchased a new position in Public Service Enterprise Group during the 1st quarter worth $50,000. Institutional investors own 73.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PEG. Morgan Stanley cut their price objective on shares of Public Service Enterprise Group from $101.00 to $100.00 and set an “overweight” rating on the stock in a report on Wednesday, June 18th. Barclays cut their price objective on shares of Public Service Enterprise Group from $83.00 to $82.00 and set an “equal weight” rating on the stock in a report on Thursday, July 10th. UBS Group boosted their price target on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a “buy” rating in a report on Friday, July 25th. Evercore ISI cut their price target on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an “outperform” rating on the stock in a report on Thursday, May 1st. Finally, BMO Capital Markets boosted their price target on shares of Public Service Enterprise Group from $84.00 to $89.00 and gave the stock a “market perform” rating in a report on Wednesday, August 6th. Six equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Public Service Enterprise Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.95.

Insider Buying and Selling

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,387 shares of the company’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $83.12, for a total transaction of $115,287.44. Following the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.19% of the stock is currently owned by company insiders.

Public Service Enterprise Group Price Performance

NYSE PEG opened at $83.36 on Wednesday. The company has a market cap of $41.60 billion, a PE ratio of 21.05, a price-to-earnings-growth ratio of 2.87 and a beta of 0.45. 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 quick ratio of 0.76, a current ratio of 1.00 and a debt-to-equity ratio of 1.30. The firm’s 50-day simple moving average is $84.67 and its two-hundred day simple moving average is $82.29.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Tuesday, August 5th. The utilities provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.70 by $0.07. The business had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.49 billion. Public Service Enterprise Group had a net margin of 17.78% and a return on equity of 12.08%. The company’s revenue was up 15.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.63 earnings per share. 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 year.

Public Service Enterprise Group Dividend Announcement

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

About Public Service Enterprise Group

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.