KBC Group NV Increases Stock Position in Public Service Enterprise Group Incorporated (NYSE:PEG)

Defense World · Aug 7, 2022 19:11

KBC Group NV grew its position in Public Service Enterprise Group Incorporated (NYSE:PEG – Get Rating) by 3.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,648 shares of the utilities provider's stock after purchasing an additional 1,150 shares during the period. KBC Group NV's holdings in Public Service Enterprise Group were worth $2,145,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. IFM Investors Pty Ltd raised its holdings in shares of Public Service Enterprise Group by 137.8% in the first quarter. IFM Investors Pty Ltd now owns 150,029 shares of the utilities provider's stock valued at $10,502,000 after purchasing an additional 86,945 shares during the last quarter. Buckley Wealth Management LLC raised its holdings in shares of Public Service Enterprise Group by 99.6% in the first quarter. Buckley Wealth Management LLC now owns 6,794 shares of the utilities provider's stock valued at $476,000 after purchasing an additional 3,391 shares during the last quarter. Hazlett Burt & Watson Inc. purchased a new stake in shares of Public Service Enterprise Group in the first quarter valued at about $216,000. Community Bank N.A. increased its holdings in Public Service Enterprise Group by 4.4% during the first quarter. Community Bank N.A. now owns 100,551 shares of the utilities provider's stock worth $7,038,000 after buying an additional 4,222 shares during the last quarter. Finally, Aigen Investment Management LP increased its holdings in Public Service Enterprise Group by 951.8% during the first quarter. Aigen Investment Management LP now owns 124,589 shares of the utilities provider's stock worth $8,721,000 after buying an additional 112,744 shares during the last quarter. Hedge funds and other institutional investors own 70.82% of the company's stock.

Get Public Service Enterprise Group alerts:

Analyst Ratings Changes

PEG has been the subject of a number of research analyst reports. Barclays decreased their price objective on shares of Public Service Enterprise Group from $75.00 to $66.00 and set an "equal weight" rating for the company in a report on Monday, July 18th. Credit Suisse Group initiated coverage on shares of Public Service Enterprise Group in a report on Monday, April 25th. They set a "neutral" rating and a $76.00 price objective for the company. StockNews.com downgraded shares of Public Service Enterprise Group from a "hold" rating to a "sell" rating in a report on Wednesday. Mizuho decreased their price objective on shares of Public Service Enterprise Group from $73.00 to $68.00 and set a "buy" rating for the company in a report on Tuesday, July 12th. Finally, Morgan Stanley decreased their price objective on shares of Public Service Enterprise Group from $83.00 to $82.00 and set an "overweight" rating for the company in a report on Monday, May 23rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $70.36.

Public Service Enterprise Group Price Performance

Shares of NYSE:PEG opened at $64.74 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.78 and a debt-to-equity ratio of 1.23. The firm has a market capitalization of $32.30 billion, a PE ratio of -33.03, a P/E/G ratio of 5.64 and a beta of 0.55. Public Service Enterprise Group Incorporated has a twelve month low of $58.19 and a twelve month high of $75.61. The company has a 50-day moving average price of $63.21 and a two-hundred day moving average price of $66.35.

Public Service Enterprise Group (NYSE:PEG – Get Rating) last released its quarterly earnings data on Tuesday, August 2nd. The utilities provider reported $0.64 EPS for the quarter, missing analysts' consensus estimates of $0.65 by ($0.01). Public Service Enterprise Group had a negative net margin of 10.59% and a positive return on equity of 13.25%. The firm had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter last year, the business posted $0.70 earnings per share. Public Service Enterprise Group's revenue was up 10.8% compared to the same quarter last year. Equities analysts forecast that Public Service Enterprise Group Incorporated will post 3.48 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Friday, September 9th will be given a $0.54 dividend. The ex-dividend date is Thursday, September 8th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 3.34%. Public Service Enterprise Group's dividend payout ratio (DPR) is currently -110.20%.

Insider Activity

In other news, COO Ralph A. Larossa sold 1,054 shares of the firm's stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $65.75, for a total value of $69,300.50. Following the completion of the transaction, the chief operating officer now directly owns 62,313 shares in the company, valued at $4,097,079.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Ralph Izzo sold 9,883 shares of the firm's stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $65.58, for a total value of $648,127.14. Following the sale, the chief executive officer now directly owns 441,613 shares of the company's stock, valued at $28,960,980.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Ralph A. Larossa sold 1,054 shares of the firm's stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $65.75, for a total transaction of $69,300.50. Following the completion of the sale, the chief operating officer now directly owns 62,313 shares in the company, valued at $4,097,079.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,357 shares of company stock worth $2,133,525. 0.55% of the stock is owned by company insiders.

Public Service Enterprise Group Company Profile

(Get Rating)

Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid-Atlantic United States. It operates through two segments, PSE&G and PSEG Power. The PSE&G segment transmits electricity; distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs.