Ralph A. LaRossa, Chair, President, and CEO of Public Service Enterprise Group Inc. (NYSE:PEG), recently sold shares of the company worth approximately $117,008. The transaction, which took place on January 2, 2025, involved the sale of 1,378 shares at a weighted average price of $84.9121 per share. Following this sale, LaRossa retains direct ownership of 144,211 shares. According to InvestingPro data, PEG's stock has delivered an impressive 44% return over the past year, with the current share price suggesting the stock is trading above its Fair Value.
In addition to the sale, LaRossa also executed transactions involving 6,297 and 9,746 shares at a price of $84.48 each, for a total value of $1,355,312. These transactions were classified under different reporting requirements.
Public Service Enterprise Group Inc., headquartered in Newark, NJ, is a major player in the energy and transportation sector.
In other recent news, Public Service Enterprise Group Incorporated announced amendments to its executive compensation plans, including updates to the Key Executive Severance Plan (KESP) and the Deferred Compensation Plan (DCP). The company also reported robust third-quarter earnings for 2024, slightly exceeding expectations at $0.90 per share. BMO Capital Markets adjusted its price target for the company to $87.00, maintaining a Market Perform rating. The company's management refined its 2024 earnings forecast to a range of $3.64-3.68, aligning closely with BMO's and the consensus estimate.
Public Service Enterprise Group Inc. 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, and the company continues to pursue opportunities in nuclear energy. 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.
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