Public Service Enterprise Group Incorporated (NYSE:PEG) Declares $0.60 Quarterly Dividend

Public Service Enterprise Group Incorporated (NYSE:PEGGet Free Report) announced a quarterly dividend on Tuesday, April 16th, Wall Street Journal reports. Shareholders of record on Friday, June 7th will be paid a dividend of 0.60 per share by the utilities provider on Friday, June 28th. This represents a $2.40 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend is Friday, June 7th.

Public Service Enterprise Group has raised its dividend payment by an average of 5.2% annually over the last three years and has increased its dividend every year for the last 13 years. Public Service Enterprise Group has a payout ratio of 59.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Public Service Enterprise Group to earn $4.04 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 59.4%.

Public Service Enterprise Group Stock Up 0.7 %

Shares of NYSE:PEG opened at $74.86 on Thursday. The firm has a market cap of $37.29 billion, a P/E ratio of 20.74, a P/E/G ratio of 3.78 and a beta of 0.59. The company has a quick ratio of 0.62, a current ratio of 0.79 and a debt-to-equity ratio of 1.19. Public Service Enterprise Group has a 12 month low of $53.71 and a 12 month high of $75.82. The company’s 50-day moving average price is $70.22 and its two-hundred day moving average price is $64.62.

Public Service Enterprise Group (NYSE:PEGGet Free Report) last issued its earnings results on Tuesday, April 30th. The utilities provider reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.01). The business had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.99 billion. Public Service Enterprise Group had a net margin of 17.65% and a return on equity of 11.10%. The firm’s revenue for the quarter was down 26.5% compared to the same quarter last year. During the same period last year, the business posted $1.39 EPS. As a group, research analysts forecast that Public Service Enterprise Group will post 3.67 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PEG. Scotiabank reduced their target price on shares of Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating on the stock in a research note on Monday, April 22nd. Mizuho lifted their price objective on shares of Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Wells Fargo & Company lifted their price objective on shares of Public Service Enterprise Group from $68.00 to $70.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 19th. Evercore ISI raised their target price on shares of Public Service Enterprise Group from $67.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, April 4th. Finally, Royal Bank of Canada raised their target price on shares of Public Service Enterprise Group from $70.00 to $72.00 and gave the stock an “outperform” rating in a report on Thursday, March 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $68.92.

View Our Latest Stock Report on PEG

Insider Activity

In other news, SVP Richard T. Thigpen sold 4,800 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $64.18, for a total value of $308,064.00. Following the completion of the sale, the senior vice president now owns 31,122 shares of the company’s stock, valued at $1,997,409.96. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Ralph A. Larossa sold 1,374 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $69.55, for a total value of $95,561.70. Following the completion of the transaction, the chief executive officer now owns 150,973 shares of the company’s stock, valued at $10,500,172.15. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Richard T. Thigpen sold 4,800 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $64.18, for a total value of $308,064.00. Following the completion of the transaction, the senior vice president now directly owns 31,122 shares of the company’s stock, valued at approximately $1,997,409.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,948 shares of company stock valued at $520,814. 0.57% of the stock is owned by company insiders.

Public Service Enterprise Group Company Profile

(Get Free Report)

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.

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Dividend History for Public Service Enterprise Group (NYSE:PEG)

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