Public Service Enterprise Group Inc. (NYSE:PEG) declared a quarterly dividend on Tuesday, July 16th, RTT News reports. Investors of record on Monday, September 9th will be paid a dividend of 0.47 per share by the utilities provider on Monday, September 30th. This represents a $1.88 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend is Friday, September 6th.
Public Service Enterprise Group has raised its dividend by an average of 4.9% annually over the last three years and has increased its dividend annually for the last 7 consecutive years. Public Service Enterprise Group has a dividend payout ratio of 60.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Public Service Enterprise Group to earn $3.40 per share next year, which means the company should continue to be able to cover its $1.88 annual dividend with an expected future payout ratio of 55.3%.
Shares of PEG stock opened at $61.03 on Thursday. The stock has a 50 day moving average of $58.81 and a 200 day moving average of $59.24. The company has a current ratio of 0.79, a quick ratio of 0.59 and a debt-to-equity ratio of 0.99. The stock has a market cap of $30.93 billion, a P/E ratio of 19.56, a P/E/G ratio of 8.34 and a beta of 0.29. Public Service Enterprise Group has a twelve month low of $49.22 and a twelve month high of $61.63.
In other news, insider Derek M. Dirisio sold 2,176 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $60.08, for a total value of $130,734.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Ralph Izzo sold 52,407 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $58.26, for a total value of $3,053,231.82. Following the completion of the sale, the chairman now owns 396,403 shares of the company’s stock, valued at $23,094,438.78. The disclosure for this sale can be found here. Insiders sold 112,165 shares of company stock valued at $6,482,712 over the last 90 days. Company insiders own 0.51% of the company’s stock.
Several research analysts recently weighed in on the company. KeyCorp began coverage on Public Service Enterprise Group in a research report on Tuesday, June 4th. They set a “sector weight” rating and a $59.40 price target for the company. Morgan Stanley boosted their price objective on Public Service Enterprise Group from $67.00 to $69.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. ValuEngine cut Public Service Enterprise Group from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Citigroup cut Public Service Enterprise Group from a “buy” rating to a “neutral” rating and set a $61.00 price objective for the company. in a research report on Monday, July 29th. Finally, UBS Group set a $67.00 price objective on Public Service Enterprise Group and gave the company a “buy” rating in a research report on Wednesday, July 31st. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Public Service Enterprise Group presently has a consensus rating of “Buy” and an average target price of $62.30.
About Public Service Enterprise Group
Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in the Northeastern and Mid- Atlantic United States. It operates through two segments, PSE&G and Power. The PSE&G segment transmits electricity; distributes electricity and gas to residential, commercial, and industrial customers, as well as invests in solar generation projects, and energy efficiency and related programs; and offers appliance services and repairs to customers.
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