Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by First Horizon Advisors Inc.

First Horizon Advisors Inc. lowered its stake in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 394,903 shares of the utilities provider’s stock after selling 1,193 shares during the period. Public Service Enterprise Group accounts for 1.0% of First Horizon Advisors Inc.’s investment portfolio, making the stock its 24th largest position. First Horizon Advisors Inc. owned 0.08% of Public Service Enterprise Group worth $35,229,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Raymond James & Associates boosted its stake in 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 worth $255,954,000 after buying an additional 663,012 shares during the last quarter. Hamlin Capital Management LLC lifted its stake in shares of Public Service Enterprise Group by 7.2% in 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 during the last quarter. Hsbc Holdings PLC lifted its stake in shares of Public Service Enterprise Group by 43.2% in the 2nd quarter. Hsbc Holdings PLC now owns 2,426,170 shares of the utilities provider’s stock valued at $178,763,000 after purchasing an additional 732,443 shares during the last quarter. abrdn plc lifted its stake in shares of Public Service Enterprise Group by 10.2% in the 3rd quarter. abrdn plc now owns 1,792,186 shares of the utilities provider’s stock valued at $159,074,000 after purchasing an additional 165,995 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake 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 purchasing an additional 163,333 shares during the last quarter. Institutional investors and hedge funds own 73.34% of the company’s stock.

Insider Activity at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total transaction of $111,190.82. Following the completion of the sale, the chief executive officer now directly owns 148,892 shares of the company’s stock, valued at approximately $12,014,095.48. This trade represents a 0.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Tamara Louise Linde sold 9,564 shares of the stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $90.61, for a total value of $866,594.04. Following the sale, the executive vice president now directly owns 48,397 shares of the company’s stock, valued at $4,385,252.17. The trade was a 16.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,783 shares of company stock valued at $2,381,626 in the last three months. 0.18% of the stock is currently owned by company insiders.

Public Service Enterprise Group Trading Up 0.7 %

PEG opened at $90.09 on Wednesday. Public Service Enterprise Group Incorporated has a one year low of $56.85 and a one year high of $92.20. The company has a market cap of $44.89 billion, a P/E ratio of 22.14, a PEG ratio of 3.27 and a beta of 0.61. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68. The business’s 50-day simple moving average is $87.87 and its 200-day simple moving average is $80.31.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.03. The firm had revenue of $2.64 billion during the quarter, compared to analysts’ expectations of $2.44 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The business’s revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.85 EPS. As a group, equities research analysts expect that Public Service Enterprise Group Incorporated will post 3.66 EPS for the current fiscal year.

Public Service Enterprise Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 10th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.66%. Public Service Enterprise Group’s dividend payout ratio (DPR) is presently 58.97%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PEG. Evercore ISI upped their price target on Public Service Enterprise Group from $92.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. Bank of America upped their price target on 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. Scotiabank boosted their price objective on 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. UBS Group boosted their price objective on Public Service Enterprise Group from $94.00 to $98.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Wells Fargo & Company boosted their price objective on Public Service Enterprise Group from $85.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Public Service Enterprise Group has a consensus rating of “Moderate Buy” and a consensus price target of $86.69.

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.