Kim C. Hanemann, President and Chief Operating Officer of PSE&G, a subsidiary of Public Service Enterprise Group Inc. (NYSE:PEG), recently sold shares of the company's common stock. According to a filing with the Securities and Exchange Commission, Hanemann sold 955.8881 shares at a price of $90.09 per share, totaling approximately $86,115. This transaction was executed on November 19, 2024, and the shares were held indirectly through a 401(k) plan. Following this sale, Hanemann holds no shares in this particular account. However, she retains direct ownership of 70,011.2330 shares of common stock, which includes accumulated dividend reinvestments.
In other recent news, Public Service Enterprise Group Incorporated (PSEG) announced amendments to its executive compensation plans, including the Key Executive Severance Plan (KESP) and the Deferred Compensation Plan (DCP). These changes aim to update and clarify the plans, extending benefits to certain highly-compensated non-officer employees and expanding the eligibility for the KESP.
PSEG reported robust third-quarter earnings for 2024, exceeding expectations at $0.90 per share. The company refined its 2024 earnings forecast to a range of $3.64-3.68, aligning closely with BMO Capital Markets and the consensus estimate. BMO adjusted its price target for the company to $87.00, maintaining a Market Perform rating.
The company also reported a resolution to regulatory filings, including a rate case that will add $505 million in annual revenues. A $1.9 billion energy efficiency investment program was approved for 2025-2027. PSEG Power, a division of the company, reported a Q3 net income of $0.28 per share. The company reaffirmed its commitment to a long-term earnings per share compound annual growth rate (CAGR) of 5-7% and projected capital investment for 2024 at $3.5 billion. These are among the recent developments for the company.
InvestingPro Insights
In light of Kim C. Hanemann's recent stock sale, it's worth examining some key financial metrics and insights for Public Service Enterprise Group Inc. (NYSE:PEG). According to InvestingPro data, PEG's market capitalization stands at $45.75 billion, reflecting its significant presence in the utility sector. The company's P/E ratio of 22.65 suggests that investors are willing to pay a premium for PEG's earnings, possibly due to its stable business model and dividend history.
Speaking of dividends, PEG boasts an impressive track record. An InvestingPro Tip reveals that the company has maintained dividend payments for 54 consecutive years, demonstrating a strong commitment to shareholder returns. This is further supported by the current dividend yield of 2.65%, which may be attractive to income-focused investors in the current market environment.
The company's financial performance shows some mixed signals. While PEG's revenue for the last twelve months as of Q3 2024 was $10.43 billion, it experienced a revenue decline of 11.39% over the same period. On a more positive note, the quarterly revenue growth for Q3 2024 was 7.57%, indicating a potential turnaround in top-line performance.
It's also worth noting that PEG is trading near its 52-week high, with the stock price at 99.73% of its peak. This aligns with another InvestingPro Tip highlighting the stock's strong recent performance. Investors considering PEG should be aware that there are 8 additional InvestingPro Tips available, which could provide further insights into the company's financial health and market position.
Given the company's long-standing dividend history and recent stock performance, Hanemann's sale might be viewed in the context of personal portfolio management rather than a reflection on PEG's future prospects. As always, investors should conduct thorough research and consider multiple factors before making investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.