State Street Corp Purchases 206,843 Shares of Public Service Enterprise Group Incorporated $PEG

State Street Corp grew its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.8% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 27,330,736 shares of the utilities provider’s stock after buying an additional 206,843 shares during the quarter. State Street Corp owned 0.05% of Public Service Enterprise Group worth $2,300,701,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Twin Peaks Wealth Advisors LLC bought a new stake in Public Service Enterprise Group during the second quarter worth $25,000. Keener Financial Planning LLC bought a new position in Public Service Enterprise Group in the 2nd quarter valued at $27,000. GoalVest Advisory LLC increased its position in shares of Public Service Enterprise Group by 166.7% during the 2nd quarter. GoalVest Advisory LLC now owns 360 shares of the utilities provider’s stock valued at $30,000 after purchasing an additional 225 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Public Service Enterprise Group during the 1st quarter worth $32,000. Finally, Wealth Preservation Advisors LLC bought a new stake in shares of Public Service Enterprise Group during the 1st quarter worth $33,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Morgan Stanley reduced their price target on shares of Public Service Enterprise Group from $105.00 to $103.00 and set an “overweight” rating for the company in a research report on Thursday, September 25th. Evercore ISI began coverage on shares of Public Service Enterprise Group in a research report on Tuesday, October 7th. They set an “in-line” rating and a $83.00 target price for the company. Jefferies Financial Group upgraded shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating and raised their price target for the stock from $89.00 to $90.00 in a research note on Thursday, November 6th. BMO Capital Markets dropped their price objective on Public Service Enterprise Group from $85.00 to $83.00 and set a “market perform” rating on the stock in a research note on Tuesday, November 4th. Finally, TD Cowen raised their target price on Public Service Enterprise Group from $93.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $91.19.

Insiders Place Their Bets

In other news, SVP Richard T. Thigpen sold 4,920 shares of the stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $82.33, for a total value of $405,063.60. Following the sale, the senior vice president directly owned 26,134 shares of the company’s stock, valued at approximately $2,151,612.22. This represents a 15.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.19% of the stock is owned by insiders.

Public Service Enterprise Group Stock Performance

Shares of PEG stock opened at $79.26 on Wednesday. The firm’s 50 day moving average is $82.04 and its 200 day moving average is $82.73. The stock has a market capitalization of $39.56 billion, a P/E ratio of 19.05, a PEG ratio of 2.41 and a beta of 0.59. Public Service Enterprise Group Incorporated has a 12 month low of $74.67 and a 12 month high of $91.25. The company has a current ratio of 0.93, a quick ratio of 0.69 and a debt-to-equity ratio of 1.27.

Public Service Enterprise Group (NYSE:PEG) last issued its earnings results on Monday, November 3rd. The utilities provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.11. The business had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $2.80 billion. Public Service Enterprise Group had a net margin of 17.77% and a return on equity of 12.62%. The business’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.90 EPS. Public Service Enterprise Group has set its FY 2025 guidance at 4.000-4.060 EPS. On average, sell-side analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 10th will be paid a $0.63 dividend. The ex-dividend date is Wednesday, December 10th. This represents a $2.52 annualized dividend and a yield of 3.2%. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 60.58%.

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.