Cullen Investment Group LTD. Acquires 10,458 Shares of Public Service Enterprise Group Incorporated $PEG

Cullen Investment Group LTD. increased its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 19.4% in the second quarter, according to its most recent filing with the SEC. The fund owned 64,320 shares of the utilities provider’s stock after acquiring an additional 10,458 shares during the period. Cullen Investment Group LTD.’s holdings in Public Service Enterprise Group were worth $5,414,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. REAP Financial Group LLC lifted its stake in shares of 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 bought a new stake in shares of Public Service Enterprise Group during the 1st quarter worth approximately $32,000. Wealth Preservation Advisors LLC bought a new stake in shares of Public Service Enterprise Group during the 1st quarter worth approximately $33,000. Zions Bancorporation National Association UT bought a new stake in shares of Public Service Enterprise Group during the 1st quarter worth approximately $50,000. Finally, Sound Income Strategies LLC lifted its stake in shares of Public Service Enterprise Group by 105.9% during the 1st quarter. Sound Income Strategies LLC now owns 702 shares of the utilities provider’s stock worth $58,000 after acquiring an additional 361 shares during the last quarter. 73.34% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Ralph A. Larossa sold 1,387 shares of Public Service Enterprise Group stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $83.12, for a total value of $115,287.44. Following the transaction, the chief executive officer directly owned 218,328 shares in the company, valued at approximately $18,147,423.36. This trade represents a 0.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PEG. Wall Street Zen raised Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research report on Saturday, September 6th. UBS Group lifted their target price on Public Service Enterprise Group from $97.00 to $103.00 and gave the company a “buy” rating in a research report on Friday, July 25th. Barclays decreased their target price on Public Service Enterprise Group from $83.00 to $82.00 and set an “equal weight” rating for the company in a research report on Thursday, July 10th. Morgan Stanley decreased their target price on Public Service Enterprise Group from $101.00 to $100.00 and set an “overweight” rating for the company in a research report on Wednesday, June 18th. Finally, BMO Capital Markets lifted 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 equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $91.55.

Public Service Enterprise Group Trading Up 0.9%

Shares of NYSE:PEG opened at $82.74 on Friday. Public Service Enterprise Group Incorporated has a 12-month low of $74.67 and a 12-month high of $95.22. The business’s fifty day simple moving average is $84.45 and its 200-day simple moving average is $82.09. The company has a market capitalization of $41.29 billion, a PE ratio of 20.89, a P/E/G ratio of 2.85 and a beta of 0.50. The company has a current ratio of 1.00, a quick ratio of 0.76 and a debt-to-equity ratio of 1.30.

Public Service Enterprise Group (NYSE:PEG) last announced its quarterly earnings results on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $2.49 billion. During the same period last year, the business posted $0.63 EPS. The business’s revenue 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. As a group, equities 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 declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be issued a $0.63 dividend. The ex-dividend date is Tuesday, September 9th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.0%. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 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.