Public Service Enterprise Group Incorporated (NYSE:PEG – Get Free Report) declared a quarterly dividend on Tuesday, November 21st, RTT News reports. Stockholders of record on Friday, December 8th will be given a dividend of 0.57 per share by the utilities provider on Friday, December 29th. This represents a $2.28 annualized dividend and a dividend yield of 3.56%.
Public Service Enterprise Group has raised its dividend by an average of 4.7% annually over the last three years and has increased its dividend annually for the last 12 consecutive years. Public Service Enterprise Group has a payout ratio of 61.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Public Service Enterprise Group to earn $3.66 per share next year, which means the company should continue to be able to cover its $2.28 annual dividend with an expected future payout ratio of 62.3%.
Public Service Enterprise Group Stock Up 0.4 %
PEG stock opened at $64.01 on Tuesday. The stock has a market capitalization of $31.90 billion, a PE ratio of 11.41, a price-to-earnings-growth ratio of 3.72 and a beta of 0.60. Public Service Enterprise Group has a 52 week low of $53.71 and a 52 week high of $65.46. The company has a quick ratio of 0.45, a current ratio of 0.63 and a debt-to-equity ratio of 1.12. The firm has a 50 day moving average of $60.40 and a 200 day moving average of $61.36.
Insider Activity at Public Service Enterprise Group
In other news, CEO Ralph A. Larossa sold 4,122 shares of the stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $63.00, for a total transaction of $259,686.00. Following the sale, the chief executive officer now directly owns 112,076 shares of the company’s stock, valued at approximately $7,060,788. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last quarter, insiders have sold 4,522 shares of company stock worth $283,500. 0.57% of the stock is owned by company insiders.
Hedge Funds Weigh In On Public Service Enterprise Group
A number of large investors have recently bought and sold shares of the business. T. Rowe Price Investment Management Inc. increased its position in shares of Public Service Enterprise Group by 259.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,504,200 shares of the utilities provider’s stock valued at $275,973,000 after buying an additional 3,252,500 shares in the last quarter. Norges Bank purchased a new stake in Public Service Enterprise Group in the 4th quarter worth $141,476,000. Prudential Financial Inc. raised its position in Public Service Enterprise Group by 196.2% during the first quarter. Prudential Financial Inc. now owns 1,892,166 shares of the utilities provider’s stock worth $132,451,000 after acquiring an additional 1,253,283 shares during the period. Balyasny Asset Management L.P. purchased a new position in Public Service Enterprise Group during the first quarter valued at $74,050,000. Finally, Vanguard Group Inc. grew its position in shares of Public Service Enterprise Group by 2.7% in the first quarter. Vanguard Group Inc. now owns 43,654,799 shares of the utilities provider’s stock valued at $3,055,836,000 after purchasing an additional 1,159,331 shares during the period. Institutional investors and hedge funds own 72.28% of the company’s stock.
Wall Street Analyst Weigh In
Several research firms have weighed in on PEG. Morgan Stanley dropped their price target on Public Service Enterprise Group from $63.00 to $61.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 25th. Barclays increased their price target on shares of Public Service Enterprise Group from $62.00 to $64.00 and gave the stock an “overweight” rating in a report on Thursday, November 2nd. Guggenheim reduced their price target on shares of Public Service Enterprise Group from $70.00 to $64.00 in a research report on Monday, October 9th. BMO Capital Markets upped their price objective on shares of Public Service Enterprise Group from $59.00 to $63.00 and gave the company a “market perform” rating in a report on Wednesday, November 1st. Finally, Mizuho raised their target price on shares of Public Service Enterprise Group from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, August 29th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $64.05.
Public Service Enterprise Group Company Profile
Public Service Enterprise Group Incorporated, through its subsidiaries, operates as an energy company primarily in Mid-Atlantic United States. The company operates through PSE&G and PSEG 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.
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