Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Acquired by abrdn plc

abrdn plc lifted its stake in Public Service Enterprise Group Incorporated (NYSE:PEG) by 10.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,792,186 shares of the utilities provider’s stock after purchasing an additional 165,995 shares during the quarter. abrdn plc owned 0.36% of Public Service Enterprise Group worth $159,074,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of PEG. Family Firm Inc. acquired a new position in shares of Public Service Enterprise Group in the second quarter worth about $33,000. OFI Invest Asset Management purchased a new position in Public Service Enterprise Group during the 2nd quarter worth approximately $35,000. Salomon & Ludwin LLC raised its stake in Public Service Enterprise Group by 1,866.7% during the 1st quarter. Salomon & Ludwin LLC now owns 590 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 560 shares during the period. Northwest Investment Counselors LLC purchased a new stake in shares of Public Service Enterprise Group in the third quarter valued at $48,000. Finally, Country Trust Bank acquired a new stake in shares of Public Service Enterprise Group in the second quarter worth $52,000. Hedge funds and other institutional investors own 73.34% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PEG shares. Jefferies Financial Group began coverage on shares of Public Service Enterprise Group in a research report on Friday, September 13th. They issued a “hold” rating and a $85.00 price target for the company. Royal Bank of Canada increased their price target on shares of Public Service Enterprise Group from $80.00 to $84.00 and gave the stock an “outperform” rating in a research note on Monday, July 15th. LADENBURG THALM/SH SH upgraded shares of Public Service Enterprise Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 5th. Barclays boosted their target price on shares of Public Service Enterprise Group from $80.00 to $98.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Finally, BMO Capital Markets upped their price target on 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. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Public Service Enterprise Group presently has an average rating of “Moderate Buy” and an average target price of $87.15.

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 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 transaction, the chief executive officer now directly owns 148,892 shares in the company, valued at $12,014,095.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Ralph A. Larossa sold 1,378 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $80.69, for a total value of $111,190.82. Following the sale, the chief executive officer now owns 148,892 shares of the company’s stock, valued at approximately $12,014,095.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Tamara Louise Linde sold 9,563 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $79.54, for a total transaction of $760,641.02. Following the sale, the executive vice president now owns 57,961 shares of the company’s stock, valued at $4,610,217.94. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 41,010 shares of company stock valued at $3,397,855 in the last 90 days. 0.18% of the stock is owned by corporate insiders.

Public Service Enterprise Group Stock Performance

NYSE PEG opened at $90.42 on Tuesday. Public Service Enterprise Group Incorporated has a twelve month low of $56.85 and a twelve month high of $92.20. The company has a quick ratio of 0.46, a current ratio of 0.65 and a debt-to-equity ratio of 1.16. The stock has a market cap of $45.04 billion, a P/E ratio of 27.40, a PEG ratio of 2.73 and a beta of 0.61. The company’s 50-day simple moving average is $85.88 and its 200 day simple moving average is $78.09.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.01). Public Service Enterprise Group had a net margin of 16.12% and a return on equity of 10.72%. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the prior year, the company posted $0.70 earnings per share. The company’s revenue for the quarter was up .1% on a year-over-year basis. As a group, 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 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.