Truist Financial Corp Sells 7,363 Shares of Public Service Enterprise Group Incorporated $PEG

Truist Financial Corp lessened its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 4.0% in the 2nd quarter, Holdings Channel reports. The firm owned 174,521 shares of the utilities provider’s stock after selling 7,363 shares during the period. Truist Financial Corp’s holdings in Public Service Enterprise Group were worth $14,691,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Public Service Enterprise Group by 6.2% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 47,659 shares of the utilities provider’s stock valued at $3,922,000 after purchasing an additional 2,803 shares during the last quarter. Sowell Financial Services LLC bought a new position in shares of Public Service Enterprise Group during the 1st quarter valued at about $298,000. Exchange Traded Concepts LLC boosted its holdings in shares of Public Service Enterprise Group by 12.7% during the 1st quarter. Exchange Traded Concepts LLC now owns 3,977 shares of the utilities provider’s stock valued at $327,000 after purchasing an additional 447 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Public Service Enterprise Group by 4.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 90,126 shares of the utilities provider’s stock valued at $7,417,000 after purchasing an additional 3,601 shares during the last quarter. Finally, Chemistry Wealth Management LLC purchased a new stake in shares of Public Service Enterprise Group during the 2nd quarter valued at about $579,000. Institutional investors own 73.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PEG has been the topic of several recent research reports. UBS Group upped their target price on shares of Public Service Enterprise Group from $97.00 to $103.00 and gave the company a “buy” rating in a research report on Friday, July 25th. Wall Street Zen upgraded shares of Public Service Enterprise Group from a “sell” rating to a “hold” rating in a research report on Saturday, September 6th. Barclays decreased their target price on shares of Public Service Enterprise Group from $83.00 to $82.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 10th. Weiss Ratings restated a “buy (b)” rating on shares of Public Service Enterprise Group in a research report on Saturday, September 27th. Finally, Morgan Stanley decreased their target price on shares of Public Service Enterprise Group from $105.00 to $103.00 and set an “overweight” rating on the stock in a research report on Thursday, September 25th. Seven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and an average price target of $91.85.

Public Service Enterprise Group Stock Performance

Public Service Enterprise Group stock opened at $82.02 on Friday. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.00 and a quick ratio of 0.76. Public Service Enterprise Group Incorporated has a 1-year low of $74.67 and a 1-year high of $95.22. The firm has a market capitalization of $40.93 billion, a P/E ratio of 20.71, a price-to-earnings-growth ratio of 2.85 and a beta of 0.53. The company’s 50-day moving average is $83.92 and its 200 day moving average is $82.22.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Tuesday, August 5th. The utilities provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.07. Public Service Enterprise Group had a net margin of 17.78% and a return on equity of 12.08%. The company had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.49 billion. During the same period in the prior year, the company posted $0.63 EPS. The firm’s revenue for the quarter was up 15.8% on a year-over-year basis. Public Service Enterprise Group has set its FY 2025 guidance at 3.940-4.060 EPS. Research analysts forecast that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 9th were given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, September 9th. Public Service Enterprise Group’s dividend payout ratio is 63.64%.

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.