Farther Finance Advisors LLC Cuts Stake in Public Service Enterprise Group Incorporated $PEG

Farther Finance Advisors LLC lowered its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 3.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,746 shares of the utilities provider’s stock after selling 232 shares during the period. Farther Finance Advisors LLC’s holdings in Public Service Enterprise Group were worth $484,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PEG. CX Institutional grew its stake in Public Service Enterprise Group by 18.7% in the second quarter. CX Institutional now owns 3,297 shares of the utilities provider’s stock valued at $278,000 after purchasing an additional 520 shares during the last quarter. UMB Bank n.a. grew its stake in Public Service Enterprise Group by 1.1% in the second quarter. UMB Bank n.a. now owns 12,363 shares of the utilities provider’s stock valued at $1,041,000 after purchasing an additional 139 shares during the last quarter. Marshall & Sullivan Inc. WA purchased a new position in Public Service Enterprise Group in the second quarter valued at about $33,000. My Legacy Advisors LLC grew its stake in Public Service Enterprise Group by 2.3% in the second quarter. My Legacy Advisors LLC now owns 8,879 shares of the utilities provider’s stock valued at $729,000 after purchasing an additional 201 shares during the last quarter. Finally, Miller Howard Investments Inc. NY grew its stake in Public Service Enterprise Group by 2.8% in the second quarter. Miller Howard Investments Inc. NY now owns 90,477 shares of the utilities provider’s stock valued at $7,616,000 after purchasing an additional 2,472 shares during the last quarter. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on PEG. Wall Street Zen upgraded Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research note on Saturday, September 6th. Morgan Stanley dropped their price target on Public Service Enterprise Group from $105.00 to $103.00 and set an “overweight” rating on the stock in a research note on Thursday. BMO Capital Markets boosted their price target on Public Service Enterprise Group from $84.00 to $89.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 6th. Barclays dropped 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 research note on Thursday, July 10th. Finally, UBS Group boosted their price target on Public Service Enterprise Group from $97.00 to $103.00 and gave the stock a “buy” rating in a research note on Friday, July 25th. Six equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $91.85.

Insider Buying and Selling

In related news, CEO Ralph A. Larossa sold 1,387 shares of the company’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 in the company, valued at $18,147,423.36. This represents a 0.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.19% of the stock is currently owned by corporate insiders.

Public Service Enterprise Group Price Performance

Shares of PEG stock opened at $82.30 on Friday. The stock’s 50-day simple moving average is $84.30 and its 200-day simple moving average is $82.20. The firm has a market capitalization of $41.07 billion, a price-to-earnings ratio of 20.78, a PEG ratio of 2.86 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 issued its earnings results on Tuesday, August 5th. The utilities provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.07. The firm had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.49 billion. Public Service Enterprise Group had a return on equity of 12.08% and a net margin of 17.78%.Public Service Enterprise Group’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter 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. As a group, equities analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th will be given 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 3.1%. Public Service Enterprise Group’s dividend payout ratio 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.