In a recent transaction, Ralph A. LaRossa, the Chair, President, and CEO of Public Service Enterprise Group Inc (NYSE:PEG), sold 1,378 shares of the company's common stock. The transaction, dated October 1, 2024, involved shares sold at a weighted average price of $90.2031, with the price range for the shares being between $88.9700 and $90.9900.
The sale amounted to a total value of approximately $124,299. This change in LaRossa's holdings was disclosed in a regulatory filing with the Securities and Exchange Commission. Following the sale, LaRossa still holds a significant number of shares in the company, with the post-transaction amount listed as 147,514.3733 shares of common stock.
Investors tracking executive transactions at Public Service Enterprise Group Inc may note that the sale represents a routine adjustment in LaRossa's investment portfolio. The company, which is known for its electric and other services combined under the industrial classification of Electric & Other Services Combined, continues to operate with LaRossa at the helm.
The disclosure of this sale provides transparency for investors and the market, reflecting changes in insider ownership. It's important to note that such filings are standard practice and provide current and potential investors with insight into the actions of the company's executives.
Public Service Enterprise Group Inc, headquartered in Newark, New Jersey, is a publicly traded company and is required to report such transactions to the SEC to ensure regulatory compliance and maintain market integrity.
For those interested in the company's stock performance or in following the investment decisions of its executives, the details provided in these filings can be a valuable resource.
In other recent news, Public Service Enterprise Group (PSEG) reported a decrease in net income for the second quarter of 2024, with earnings falling to $0.87 per share from $1.18 per share in the same quarter of the previous year. Despite the dip in earnings, PSEG maintains its full-year expectations and anticipates an increase in gross margin in the fourth quarter. Analysts at JPMorgan (NYSE:JPM) revised their stance on PSEG, reducing its price target while retaining an Overweight rating. This adjustment followed investor meetings focusing on PSEG's outlook following the Three Mile Island transaction.
Ladenburg Thalmann has upgraded PSEG's stock to 'Buy' and increased the price target to $86.50. This follows a significant rise in the Reliability Pricing Model price from recent PJM capacity auction results. Analysts at Erste Group have initiated coverage on PSEG with a Buy rating, predicting a substantial increase in sales and earnings for the company.
On the other hand, Jefferies initiated coverage on PSEG with a Hold rating and set a price target of $85.00. These recent developments come amidst PSEG's growing involvement in the energy needs of data centers and its support for New Jersey's clean energy initiatives. The company plans to update its capital plan by the end of the year or the beginning of the next year, remaining confident in meeting its long-term growth forecast.
InvestingPro Insights
The recent stock sale by Ralph A. LaRossa, Chair, President, and CEO of Public Service Enterprise Group Inc (NYSE:PEG), aligns with several key metrics and trends highlighted by InvestingPro data.
PEG's stock has shown robust performance, with a 71.63% total return over the past year and a 52.12% return year-to-date. This strong momentum is further evidenced by the stock trading at 99.46% of its 52-week high, suggesting investor confidence in the company's prospects.
An InvestingPro Tip indicates that PEG "Has maintained dividend payments for 54 consecutive years," underlining the company's commitment to shareholder returns. This is particularly relevant given LaRossa's recent stock sale, as it suggests the company's financial stability despite changes in executive holdings. The current dividend yield stands at 2.65%, with a 5.26% dividend growth in the last twelve months.
While the company's revenue growth has been negative at -11.59% over the last twelve months, PEG maintains a healthy operating income margin of 22.25%. This efficiency in operations could be a factor in the stock's strong performance and may provide context for executive decisions regarding stock holdings.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for PEG, providing deeper insights into the company's financial health and market position. These additional tips can be valuable for understanding the full picture behind executive transactions and overall company performance.
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