Ralph A. LaRossa, the Chair, President, and CEO of Public Service Enterprise Group Inc. (NYSE:PEG), a $45.5 billion utility company that has delivered a remarkable 50% return over the past year, recently sold 1,378 shares of the company's common stock. The shares were sold at an average weighted price of $92.9561, resulting in a total transaction value of approximately $128,093. Following this transaction, LaRossa holds 145,589 shares directly, which includes dividend reinvestments exempt from Section 16. This transaction was executed as part of a pre-arranged trading plan. According to InvestingPro, PEG has maintained dividend payments for 54 consecutive years and raised them for 13 straight years, demonstrating strong shareholder returns. For deeper insights into insider trading patterns and comprehensive valuation metrics, explore PEG's detailed Pro Research Report, available with an InvestingPro subscription.
In other recent news, Public Service Enterprise Group Incorporated (PSEG) reported notable third-quarter earnings for 2024, with results slightly exceeding expectations at $0.90 per share. The company also refined its 2024 earnings forecast to a range of $3.64-3.68. Additionally, PSEG Power, a division of the company, reported a Q3 net income of $0.28 per share, and the company projected its capital investment for 2024 at $3.5 billion. These are among the recent developments for the company.
BMO Capital Markets adjusted its price target for PSEG to $87.00, maintaining a Market Perform rating. The company also resolved 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, and the company continues to pursue opportunities in nuclear energy.
Furthermore, PSEG announced amendments to its executive compensation plans. The changes aim to update the Key Executive Severance Plan (KESP) and the Deferred Compensation Plan (DCP), extending benefits to certain highly-compensated non-officer employees, among other administrative updates. These amendments are part of PSEG's regular review of its compensation strategies to ensure they remain competitive and align with the company's objectives.
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