Geode Capital Management LLC Acquires 110,087 Shares of Public Service Enterprise Group Incorporated $PEG

Geode Capital Management LLC raised its holdings in shares of Public Service Enterprise Group Incorporated (NYSE:PEG) by 0.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,526,776 shares of the utilities provider’s stock after purchasing an additional 110,087 shares during the quarter. Geode Capital Management LLC owned 2.51% of Public Service Enterprise Group worth $1,049,973,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. TFB Advisors LLC increased its stake in Public Service Enterprise Group by 4.8% in the 2nd quarter. TFB Advisors LLC now owns 2,611 shares of the utilities provider’s stock worth $220,000 after buying an additional 119 shares during the period. Massachusetts Wealth Management boosted its position in Public Service Enterprise Group by 2.5% in the 2nd quarter. Massachusetts Wealth Management now owns 5,125 shares of the utilities provider’s stock valued at $431,000 after buying an additional 125 shares during the period. Apollon Wealth Management LLC grew its stake in Public Service Enterprise Group by 0.8% in the 2nd quarter. Apollon Wealth Management LLC now owns 15,621 shares of the utilities provider’s stock worth $1,315,000 after acquiring an additional 126 shares in the last quarter. FourThought Financial Partners LLC increased its position in shares of Public Service Enterprise Group by 2.8% during the first quarter. FourThought Financial Partners LLC now owns 4,588 shares of the utilities provider’s stock worth $378,000 after acquiring an additional 127 shares during the period. Finally, Summit Financial LLC raised its stake in shares of Public Service Enterprise Group by 2.2% during the first quarter. Summit Financial LLC now owns 6,166 shares of the utilities provider’s stock valued at $507,000 after acquiring an additional 133 shares in the last quarter. 73.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Richard T. Thigpen sold 4,920 shares of the stock in a transaction on Friday, November 7th. The stock was sold at an average price of $82.33, for a total transaction of $405,063.60. Following the completion of the sale, the senior vice president owned 26,134 shares in the company, valued at approximately $2,151,612.22. This represents a 15.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.19% of the company’s stock.

Public Service Enterprise Group Stock Down 1.4%

NYSE:PEG opened at $82.35 on Friday. Public Service Enterprise Group Incorporated has a fifty-two week low of $74.67 and a fifty-two week high of $95.22. The stock has a market capitalization of $41.11 billion, a P/E ratio of 20.80, a P/E/G ratio of 2.46 and a beta of 0.55. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.76 and a current ratio of 1.00. The company’s 50-day simple moving average is $82.13 and its 200-day simple moving average is $82.38.

Public Service Enterprise Group (NYSE:PEG) last posted its quarterly earnings data on Monday, November 3rd. The utilities provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.02 by $0.11. Public Service Enterprise Group had a net margin of 17.78% and a return on equity of 12.08%. The firm had revenue of $3.23 billion during the quarter, compared to analyst estimates of $2.80 billion. During the same quarter in the previous year, the business posted $0.90 EPS. Public Service Enterprise Group’s revenue was up 22.1% on a year-over-year basis. Public Service Enterprise Group has set its FY 2025 guidance at 4.000-4.060 EPS. On average, equities analysts anticipate that Public Service Enterprise Group Incorporated will post 3.67 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PEG. Wells Fargo & Company began coverage on Public Service Enterprise Group in a report on Tuesday, October 28th. They issued an “equal weight” rating and a $88.00 price target for the company. BMO Capital Markets lowered their target price on Public Service Enterprise Group from $85.00 to $83.00 and set a “market perform” rating for the company in a report on Tuesday, November 4th. Weiss Ratings reissued a “buy (b)” rating on shares of Public Service Enterprise Group in a research report on Wednesday, October 8th. Barclays lifted their price objective on Public Service Enterprise Group from $82.00 to $87.00 and gave the company an “equal weight” rating in a report on Tuesday, October 21st. Finally, Jefferies Financial Group upgraded shares of Public Service Enterprise Group from a “hold” rating to a “buy” rating and increased their target price for the stock from $89.00 to $90.00 in a report on Thursday, November 6th. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $91.19.

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.