Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. trimmed its holdings in Public Service Enterprise Group Incorporated (NYSE:PEG) by 1.5% during the fourth quarter, Holdings Channel.com reports. The fund owned 121,874 shares of the utilities provider’s stock after selling 1,818 shares during the period. Corebridge Financial Inc.’s holdings in Public Service Enterprise Group were worth $10,297,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PEG. United Services Automobile Association lifted its holdings in shares of Public Service Enterprise Group by 5.3% in the fourth quarter. United Services Automobile Association now owns 11,732 shares of the utilities provider’s stock valued at $991,000 after purchasing an additional 588 shares in the last quarter. Congress Wealth Management LLC DE purchased a new stake in Public Service Enterprise Group in the 4th quarter valued at approximately $387,000. Vanguard Group Inc. lifted its stake in Public Service Enterprise Group by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 60,775,030 shares of the utilities provider’s stock valued at $5,134,882,000 after buying an additional 492,517 shares in the last quarter. LPL Financial LLC grew its holdings in Public Service Enterprise Group by 19.0% during the 4th quarter. LPL Financial LLC now owns 661,112 shares of the utilities provider’s stock valued at $55,857,000 after buying an additional 105,401 shares during the last quarter. Finally, Mosley Wealth Management increased its position in Public Service Enterprise Group by 7.2% during the fourth quarter. Mosley Wealth Management now owns 7,727 shares of the utilities provider’s stock worth $631,000 after buying an additional 517 shares in the last quarter. 73.34% of the stock is currently owned by hedge funds and other institutional investors.

Public Service Enterprise Group Stock Performance

Public Service Enterprise Group stock opened at $81.48 on Thursday. Public Service Enterprise Group Incorporated has a 12 month low of $64.03 and a 12 month high of $95.22. The stock’s 50-day moving average is $83.31 and its 200-day moving average is $86.09. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.68 and a quick ratio of 0.48. The company has a market cap of $40.62 billion, a price-to-earnings ratio of 20.02, a price-to-earnings-growth ratio of 2.78 and a beta of 0.60.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Tuesday, February 25th. The utilities provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.01. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The company had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period in the prior year, the company posted $0.54 EPS. Public Service Enterprise Group’s quarterly revenue was down 5.4% on a year-over-year basis. Equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current year.

Public Service Enterprise Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 10th will be issued a dividend of $0.63 per share. This is a positive change from Public Service Enterprise Group’s previous quarterly dividend of $0.60. This represents a $2.52 annualized dividend and a yield of 3.09%. The ex-dividend date of this dividend is Monday, March 10th. Public Service Enterprise Group’s dividend payout ratio (DPR) is currently 71.19%.

Analyst Ratings Changes

PEG has been the topic of several recent research reports. BMO Capital Markets upped their price objective on Public Service Enterprise Group from $85.00 to $86.00 and gave the company a “market perform” rating in a research report on Wednesday, February 26th. Barclays lowered shares of Public Service Enterprise Group from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $88.00 to $84.00 in a report on Monday, January 27th. Wells Fargo & Company lowered their price target on shares of Public Service Enterprise Group from $100.00 to $95.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Morgan Stanley upped their price objective on shares of Public Service Enterprise Group from $96.00 to $100.00 and gave the company an “overweight” rating in a research note on Thursday, March 20th. Finally, Bank of America lowered their target price on shares of Public Service Enterprise Group from $95.00 to $92.00 and set a “buy” rating for the company in a research note on Monday, March 3rd. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Public Service Enterprise Group currently has an average rating of “Moderate Buy” and a consensus target price of $89.65.

Insider Transactions 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 Monday, February 3rd. The stock was sold at an average price of $83.10, for a total transaction of $114,511.80. Following the transaction, the chief executive officer now owns 126,791 shares of the company’s stock, valued at $10,536,332.10. This trade represents a 1.08 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.57% of the company’s stock.

Public Service Enterprise Group 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.