abrdn plc Acquires 221,008 Shares of Public Service Enterprise Group Incorporated (NYSE:PEG)

abrdn plc boosted its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 18.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,436,565 shares of the utilities provider’s stock after purchasing an additional 221,008 shares during the period. abrdn plc owned approximately 0.29% of Public Service Enterprise Group worth $87,846,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Operose Advisors LLC raised its stake in shares of Public Service Enterprise Group by 435.0% during the third quarter. Operose Advisors LLC now owns 535 shares of the utilities provider’s stock valued at $30,000 after acquiring an additional 435 shares during the last quarter. ICA Group Wealth Management LLC bought a new position in shares of Public Service Enterprise Group during the fourth quarter valued at about $31,000. Clear Street Markets LLC bought a new position in shares of Public Service Enterprise Group during the fourth quarter valued at about $31,000. CNB Bank bought a new position in shares of Public Service Enterprise Group during the third quarter valued at about $34,000. Finally, Bruce G. Allen Investments LLC bought a new position in shares of Public Service Enterprise Group during the fourth quarter valued at about $36,000. 73.34% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on PEG. Morgan Stanley reaffirmed an “overweight” rating and set a $70.00 price objective (up from $61.00) on shares of Public Service Enterprise Group in a research note on Monday, March 25th. Evercore ISI boosted their price target on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, April 4th. Barclays boosted their price target on shares of Public Service Enterprise Group from $68.00 to $71.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Wells Fargo & Company boosted their price target on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Tuesday, March 19th. Finally, Bank of America boosted their price target on shares of Public Service Enterprise Group from $66.00 to $73.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Public Service Enterprise Group has an average rating of “Moderate Buy” and an average price target of $67.58.

Insider Activity

In related news, SVP Richard T. Thigpen sold 4,800 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $64.18, for a total transaction of $308,064.00. Following the transaction, the senior vice president now owns 31,122 shares in the company, valued at $1,997,409.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, SVP Richard T. Thigpen sold 4,800 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $64.18, for a total transaction of $308,064.00. Following the transaction, the senior vice president now owns 31,122 shares in the company, valued at $1,997,409.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $66.37, for a total transaction of $91,192.38. Following the transaction, the chief executive officer now owns 152,347 shares in the company, valued at approximately $10,111,270.39. The disclosure for this sale can be found here. Insiders have sold a total of 7,948 shares of company stock worth $510,300 over the last 90 days. 0.57% of the stock is currently owned by insiders.

Public Service Enterprise Group Trading Up 1.0 %

NYSE:PEG opened at $65.74 on Friday. The company’s 50 day moving average price is $63.84 and its 200-day moving average price is $61.96. Public Service Enterprise Group Incorporated has a 52 week low of $53.71 and a 52 week high of $67.51. The company has a quick ratio of 0.46, a current ratio of 0.67 and a debt-to-equity ratio of 1.15. The stock has a market cap of $32.78 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 2.88 and a beta of 0.58.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Monday, February 26th. The utilities provider reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. Public Service Enterprise Group had a net margin of 22.81% and a return on equity of 11.53%. The firm had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.45 billion. During the same quarter in the prior year, the company posted $0.64 earnings per share. The business’s revenue for the quarter was down 17.0% on a year-over-year basis. On average, equities research analysts forecast that Public Service Enterprise Group Incorporated will post 3.66 earnings per share for the current fiscal year.

Public Service Enterprise Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date of this dividend is Friday, June 7th. Public Service Enterprise Group’s payout ratio is 46.78%.

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.