Chemistry Wealth Management LLC Acquires Shares of 6,881 Public Service Enterprise Group Incorporated $PEG

Chemistry Wealth Management LLC acquired a new stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,881 shares of the utilities provider’s stock, valued at approximately $579,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. NBC Securities Inc. raised its position in Public Service Enterprise Group by 2.1% during the second quarter. NBC Securities Inc. now owns 50,256 shares of the utilities provider’s stock valued at $4,230,000 after purchasing an additional 1,041 shares during the period. Parallel Advisors LLC raised its holdings in shares of Public Service Enterprise Group by 5.6% in the second quarter. Parallel Advisors LLC now owns 3,185 shares of the utilities provider’s stock worth $268,000 after buying an additional 169 shares during the period. Fox Hill Wealth Management raised its holdings in shares of Public Service Enterprise Group by 5.6% in the second quarter. Fox Hill Wealth Management now owns 20,528 shares of the utilities provider’s stock worth $1,728,000 after buying an additional 1,082 shares during the period. Wesbanco Bank Inc. raised its holdings in shares of Public Service Enterprise Group by 5.6% in the second quarter. Wesbanco Bank Inc. now owns 9,272 shares of the utilities provider’s stock worth $781,000 after buying an additional 495 shares during the period. Finally, Cullen Investment Group LTD. raised its holdings in shares of Public Service Enterprise Group by 19.4% in the second quarter. Cullen Investment Group LTD. now owns 64,320 shares of the utilities provider’s stock worth $5,414,000 after buying an additional 10,458 shares during the period. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Barclays reduced their price target on 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 increased their price target on Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a “buy” rating in a report on Friday, July 25th. BMO Capital Markets raised their price objective on 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. Wall Street Zen upgraded Public Service Enterprise Group from a “sell” rating to a “hold” rating in a report on Saturday, September 6th. Finally, Morgan Stanley dropped their target price on Public Service Enterprise Group from $101.00 to $100.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 18th. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $91.55.

Public Service Enterprise Group Stock Performance

NYSE PEG opened at $82.74 on Monday. The stock has a 50-day simple moving average of $84.45 and a two-hundred day simple moving average of $82.10. The firm has a market capitalization of $41.29 billion, a P/E ratio of 20.89, a PEG ratio of 2.88 and a beta of 0.50. Public Service Enterprise Group Incorporated has a fifty-two week low of $74.67 and a fifty-two week high of $95.22. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.76 and a current ratio of 1.00.

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 for the quarter, beating the consensus estimate 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 firm had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.49 billion. During the same quarter in the previous year, the business earned $0.63 EPS. Public Service Enterprise Group’s revenue for the quarter 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. On average, equities analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors 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 yield of 3.0%. Public Service Enterprise Group’s dividend payout ratio is currently 63.64%.

Insider Buying and Selling

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,387 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer owned 218,328 shares of the company’s stock, valued at $18,147,423.36. The trade was a 0.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Company 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.