Sound Shore Management Inc. CT Has $79.71 Million Stake in Public Service Enterprise Group Incorporated $PEG

Sound Shore Management Inc. CT reduced its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 27.7% in the first quarter, HoldingsChannel.com reports. The firm owned 984,658 shares of the utilities provider’s stock after selling 377,323 shares during the period. Public Service Enterprise Group comprises about 2.7% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 13th largest holding. Sound Shore Management Inc. CT’s holdings in Public Service Enterprise Group were worth $79,708,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of PEG. Scarborough Advisors LLC bought a new position in shares of Public Service Enterprise Group in the first quarter valued at approximately $437,000. KBC Group NV grew its holdings in Public Service Enterprise Group by 15.3% during the first quarter. KBC Group NV now owns 123,826 shares of the utilities provider’s stock worth $10,024,000 after buying an additional 16,475 shares in the last quarter. Swiss National Bank grew its holdings in Public Service Enterprise Group by 7.1% during the first quarter. Swiss National Bank now owns 1,464,900 shares of the utilities provider’s stock worth $118,584,000 after buying an additional 97,100 shares in the last quarter. Valley Wealth Managers Inc. raised its position in Public Service Enterprise Group by 1.9% in the 1st quarter. Valley Wealth Managers Inc. now owns 56,972 shares of the utilities provider’s stock valued at $4,612,000 after buying an additional 1,087 shares during the last quarter. Finally, AIA Group Ltd raised its position in Public Service Enterprise Group by 48.4% in the 1st quarter. AIA Group Ltd now owns 95,107 shares of the utilities provider’s stock valued at $7,699,000 after buying an additional 31,037 shares during the last quarter. 73.34% of the stock is owned by hedge funds and other institutional investors.

Public Service Enterprise Group Stock Down 0.1%

Public Service Enterprise Group stock opened at $78.58 on Monday. The firm has a 50 day moving average price of $79.60 and a 200-day moving average price of $80.90. The company has a quick ratio of 0.75, a current ratio of 0.97 and a debt-to-equity ratio of 1.31. Public Service Enterprise Group Incorporated has a twelve month low of $76.05 and a twelve month high of $91.25. The company has a market capitalization of $39.16 billion, a P/E ratio of 17.38, a P/E/G ratio of 2.96 and a beta of 0.51.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Tuesday, May 5th. The utilities provider reported $1.55 EPS for the quarter, topping analysts’ consensus estimates of $1.44 by $0.11. The company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $3.35 billion. Public Service Enterprise Group had a net margin of 17.69% and a return on equity of 12.30%. Public Service Enterprise Group’s revenue was up 19.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.43 EPS. Public Service Enterprise Group has set its FY 2026 guidance at 4.280-4.400 EPS. As a group, equities analysts predict that Public Service Enterprise Group Incorporated will post 4.37 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 9th were given a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Tuesday, June 9th. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 59.29%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PEG. BMO Capital Markets lifted their price objective on shares of Public Service Enterprise Group from $90.00 to $91.00 and gave the stock a “market perform” rating in a report on Monday, April 13th. Wells Fargo & Company increased their target price on shares of Public Service Enterprise Group from $96.00 to $97.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Jefferies Financial Group lowered shares of Public Service Enterprise Group from a “buy” rating to a “hold” rating and dropped their price target for the company from $90.00 to $89.00 in a research report on Wednesday, April 15th. Weiss Ratings cut shares of Public Service Enterprise Group from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, June 8th. Finally, Truist Financial upped their price objective on shares of Public Service Enterprise Group from $88.00 to $90.00 and gave the stock a “hold” rating in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and a consensus price target of $92.46.

Insider Buying and Selling at Public Service Enterprise Group

In other news, CEO Ralph A. Larossa sold 2,083 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $80.51, for a total transaction of $167,702.33. Following the completion of the transaction, the chief executive officer owned 285,149 shares in the company, valued at approximately $22,957,345.99. This represents a 0.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kim C. Hanemann sold 3,035 shares of Public Service Enterprise Group stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $82.00, for a total value of $248,870.00. Following the completion of the sale, the chief operating officer directly owned 98,815 shares of the company’s stock, valued at approximately $8,102,830. This trade represents a 2.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 9,284 shares of company stock worth $746,145. Corporate insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Company Profile

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.