Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by Kentucky Retirement Systems

Kentucky Retirement Systems decreased its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 7.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,705 shares of the utilities provider’s stock after selling 2,828 shares during the quarter. Kentucky Retirement Systems’ holdings in Public Service Enterprise Group were worth $3,096,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in PEG. Raymond James & Associates increased its holdings in shares of Public Service Enterprise Group by 30.1% during the third quarter. Raymond James & Associates now owns 2,869,113 shares of the utilities provider’s stock valued at $255,954,000 after acquiring an additional 663,012 shares in the last quarter. Hamlin Capital Management LLC increased its stake in Public Service Enterprise Group by 7.2% during the 3rd quarter. Hamlin Capital Management LLC now owns 2,427,336 shares of the utilities provider’s stock valued at $216,543,000 after purchasing an additional 162,731 shares in the last quarter. Hsbc Holdings PLC lifted its stake in shares of Public Service Enterprise Group by 43.2% during the second quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock worth $178,763,000 after buying an additional 732,443 shares during the period. abrdn plc grew its holdings in shares of Public Service Enterprise Group by 10.2% during the third quarter. abrdn plc now owns 1,792,186 shares of the utilities provider’s stock valued at $159,074,000 after buying an additional 165,995 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Public Service Enterprise Group by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,734,257 shares of the utilities provider’s stock valued at $127,809,000 after acquiring an additional 163,333 shares during the period. 73.34% of the stock is owned by institutional investors and hedge funds.

Public Service Enterprise Group Stock Up 2.3 %

Shares of NYSE PEG opened at $88.99 on Friday. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. The company has a 50-day moving average of $87.50 and a 200 day moving average of $79.96. Public Service Enterprise Group Incorporated has a 12-month low of $56.85 and a 12-month high of $92.20. The stock has a market cap of $44.34 billion, a PE ratio of 21.86, a P/E/G ratio of 3.27 and a beta of 0.61.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.87 by $0.03. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The business had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the previous year, the firm earned $0.85 EPS. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. As a group, sell-side analysts predict that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Jefferies Financial Group initiated coverage on Public Service Enterprise Group in a research note on Friday, September 13th. They set a “hold” rating and a $85.00 price target on the stock. BMO Capital Markets increased their price target on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the stock a “market perform” rating in a report on Monday, October 21st. Bank of America lifted their price objective on shares of Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, August 29th. Evercore ISI raised their target price on shares of Public Service Enterprise Group from $92.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Finally, Scotiabank upped their price target on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the company a “sector perform” rating in a report on Tuesday, August 20th. Four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $86.69.

Insider Buying and Selling

In other news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the transaction, the chief executive officer now directly owns 148,892 shares in the company, valued at approximately $12,014,095.48. This represents a 0.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Tamara Louise Linde sold 9,564 shares of Public Service Enterprise Group stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $90.61, for a total transaction of $866,594.04. Following the completion of the sale, the executive vice president now owns 48,397 shares of the company’s stock, valued at $4,385,252.17. This trade represents a 16.50 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,783 shares of company stock valued at $2,381,626. 0.57% of the stock is currently owned by insiders.

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.