Public Service Enterprise Group Incorporated (NYSE:PEG) is experiencing significant attention from institutional investors, with Baker Avenue Asset Management LP notably increasing its stock holdings in the utility giant during the first quarter. This move underscores a broader trend of confidence among major financial firms in PEG’s market position and future prospects, as detailed in recent 13F filing documents.
Baker Avenue Asset Management LP bolstered its stake in Public Service Enterprise Group by 3.4%, acquiring an additional 180 shares. This strategic purchase elevated their total ownership to 5,533 shares, valued at $455,000 as per their latest SEC filing, signaling a reinforced commitment to this prominent utility stock within their portfolio.
Beyond Baker Avenue, a host of other significant institutional investors have also modified their positions in PSEG. Firms like Invesco Ltd., Northern Trust Corp, Capital Research Global Investors, UBS AM, and Royal Bank of Canada have collectively lifted their holdings by substantial margins, with some increasing their stakes by millions of shares, reinforcing the widespread institutional interest in the company’s performance in the stock market.
Analyst sentiment surrounding Public Service Enterprise Group remains varied but generally positive. Recent research notes indicate several firms, including UBS Group and Morgan Stanley, maintaining “buy” or “overweight” ratings, albeit with some price target adjustments. The consensus among equities research analysts currently places a “Hold” rating on the utility stock, with a shared price target of $90.50, reflecting a cautious optimism.
In other corporate developments, recent insider trading activity saw the CEO of Public Service Enterprise Group sell 1,387 shares of the company’s stock. This transaction, valued at over $115,000, was promptly disclosed in an SEC filing, adjusting the CEO’s total ownership to 218,328 shares and highlighting typical internal adjustments in executive holdings.
From a market perspective, Public Service Enterprise Group’s stock opened recently at $88.97, operating within a 52-week range of $74.67 to $95.22. The company boasts a robust market capitalization of $44.40 billion, with key financial indicators such as a price-to-earnings ratio of 24.31, a PEG ratio of 3.19, and a beta of 0.45. Its 50-day and 200-day moving averages hover around the mid-$80s, indicating steady performance in the broader stock market.
Public Service Enterprise Group also delivered solid financial results in its latest quarterly earnings report. The utilities provider met consensus estimates with $1.43 earnings per share (EPS) and reported revenues of $3.22 billion, surpassing analyst expectations. The company showcased a healthy net margin of 17.01% and an impressive return on equity of 11.80%, demonstrating efficient operational management and strong profitability.
Further enhancing its appeal to investors, Public Service Enterprise Group recently declared a quarterly dividend of $0.63 per share, payable later in the year. This represents an annualized dividend of $2.52 and a dividend yield of 2.8%, with a dividend payout ratio of 68.85%, underscoring the company’s commitment to returning value to its shareholders.
At its core, Public Service Enterprise Group Incorporated operates through its PSE&G and PSEG Power segments, serving customers across the United States. Its primary focus involves the transmission and distribution of electricity and natural gas, complemented by strategic investments in solar generation projects and energy efficiency programs, solidifying its role as a critical utility provider.
