Legal & General Group Plc Buys New Holdings in Public Service Enterprise Group Incorporated $PEG

Legal & General Group Plc acquired a new stake in Public Service Enterprise Group Incorporated (NYSE:PEG) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 6,838,275 shares of the utilities provider’s stock, valued at approximately $554,994,000. Legal & General Group Plc owned about 1.37% of Public Service Enterprise Group as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently made changes to their positions in PEG. Empowered Funds LLC grew its holdings in Public Service Enterprise Group by 10.3% in the 1st quarter. Empowered Funds LLC now owns 10,103 shares of the utilities provider’s stock worth $831,000 after acquiring an additional 940 shares during the last quarter. Woodline Partners LP raised its stake in shares of Public Service Enterprise Group by 40.7% during the first quarter. Woodline Partners LP now owns 42,093 shares of the utilities provider’s stock valued at $3,464,000 after acquiring an additional 12,172 shares during the last quarter. Cresset Asset Management LLC raised its stake in shares of Public Service Enterprise Group by 27.6% during the second quarter. Cresset Asset Management LLC now owns 4,811 shares of the utilities provider’s stock valued at $405,000 after acquiring an additional 1,040 shares during the last quarter. Jump Financial LLC boosted its holdings in shares of Public Service Enterprise Group by 70.4% during the second quarter. Jump Financial LLC now owns 12,706 shares of the utilities provider’s stock worth $1,070,000 after purchasing an additional 5,250 shares during the period. Finally, NewEdge Advisors LLC boosted its holdings in shares of Public Service Enterprise Group by 3.0% during the second quarter. NewEdge Advisors LLC now owns 56,838 shares of the utilities provider’s stock worth $4,785,000 after purchasing an additional 1,649 shares during the period. Institutional investors own 73.34% of the company’s stock.

Insider Buying and Selling at Public Service Enterprise Group

In other news, COO Kim C. Hanemann sold 3,035 shares of the business’s stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of $82.00, for a total transaction of $248,870.00. Following the sale, the chief operating officer owned 98,815 shares in the company, valued at approximately $8,102,830. The trade was a 2.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ralph A. Larossa sold 2,083 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $76.47, for a total transaction of $159,287.01. Following the completion of the sale, the chief executive officer directly owned 283,656 shares in the company, valued at $21,691,174.32. This represents a 0.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 17,284 shares of company stock valued at $1,332,751. 0.19% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PEG shares. Weiss Ratings downgraded Public Service Enterprise Group from a “buy (b-)” rating to a “hold (c)” rating in a report on Wednesday, August 5th. Truist Financial dropped their price objective on Public Service Enterprise Group from $90.00 to $84.00 and set a “hold” rating for the company in a report on Thursday, August 13th. Citigroup cut their price objective on Public Service Enterprise Group from $91.00 to $84.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 5th. Wall Street Zen cut Public Service Enterprise Group from a “hold” rating to a “sell” rating in a research note on Saturday, August 15th. Finally, Wells Fargo & Company decreased their target price on Public Service Enterprise Group from $91.00 to $89.00 and set an “overweight” rating for the company in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $89.43.

Public Service Enterprise Group Stock Performance

Public Service Enterprise Group stock opened at $73.53 on Tuesday. Public Service Enterprise Group Incorporated has a fifty-two week low of $72.53 and a fifty-two week high of $87.63. The stock’s 50 day simple moving average is $78.59 and its two-hundred day simple moving average is $80.31. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.67 and a current ratio of 0.88. The stock has a market cap of $36.65 billion, a price-to-earnings ratio of 18.29, a PEG ratio of 2.73 and a beta of 0.51.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Tuesday, August 4th. The utilities provider reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.06. The firm had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.66 billion. Public Service Enterprise Group had a return on equity of 12.42% and a net margin of 16.04%.The business’s revenue was down 8.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.77 EPS. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. As a group, analysts expect that Public Service Enterprise Group Incorporated will post 4.36 earnings per share for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 9th will be given a dividend of $0.67 per share. The ex-dividend date of this dividend is Wednesday, September 9th. This represents a $2.68 annualized dividend and a yield of 3.6%. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 66.67%.

About Public Service Enterprise Group

Public Service Enterprise Group (NYSE: PEG) is a diversified energy company that operates primarily in New Jersey. Its core businesses include a regulated utility that delivers electric and natural gas service to residential, commercial and industrial customers, as well as generation and energy services operations that participate in wholesale power markets. The company’s activities encompass transmission and distribution, power generation operations, and related energy infrastructure services.

The regulated utility arm, Public Service Electric and Gas Company (PSE&G), is responsible for owning and maintaining electric and gas networks, connecting customers, performing meter and billing services, and managing system reliability and storm response.