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

Public Service Enterprise Group Incorporated (NYSE:PEG) announced a quarterly dividend on Tuesday, November 19th,RTT News reports. Shareholders of record on Tuesday, December 10th will be paid a dividend of 0.60 per share by the utilities provider on Tuesday, December 31st. This represents a $2.40 annualized dividend and a yield of 2.65%. The ex-dividend date of this dividend is Tuesday, December 10th.

Public Service Enterprise Group has raised its dividend payment by an average of 5.2% per year over the last three years and has raised its dividend every year for the last 13 years. Public Service Enterprise Group has a dividend payout ratio of 59.0% indicating that its dividend is sufficiently covered by earnings. Analysts expect Public Service Enterprise Group to earn $4.07 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 59.0%.

Public Service Enterprise Group Stock Up 0.4 %

Shares of NYSE:PEG opened at $90.49 on Thursday. The stock has a 50-day simple moving average of $88.03 and a 200-day simple moving average of $80.38. The stock has a market capitalization of $45.08 billion, a P/E ratio of 22.23, a PEG ratio of 3.31 and a beta of 0.61. Public Service Enterprise Group has a 1 year low of $56.85 and a 1 year high of $92.20. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.48 and a current ratio of 0.68.

Public Service Enterprise Group (NYSE:PEG) last posted its earnings results on Monday, November 4th. The utilities provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.03. Public Service Enterprise Group had a net margin of 19.48% and a return on equity of 10.70%. The business had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the previous year, the business posted $0.85 EPS. The business’s quarterly revenue was up 7.6% on a year-over-year basis. Equities analysts forecast that Public Service Enterprise Group will post 3.66 earnings per share for the current year.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total transaction of $111,190.82. Following the completion of the sale, the chief executive officer now directly owns 148,892 shares in the company, valued at approximately $12,014,095.48. This trade represents a 0.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Tamara Louise Linde sold 9,563 shares of the company’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $79.54, for a total value of $760,641.02. Following the completion of the transaction, the executive vice president now owns 57,961 shares in the company, valued at $4,610,217.94. This represents a 14.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,783 shares of company stock valued at $2,381,626 over the last quarter. Company insiders own 0.57% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Morgan Stanley boosted their price target on Public Service Enterprise Group from $83.00 to $95.00 and gave the stock an “overweight” rating in a research note on Monday, September 23rd. BMO Capital Markets upped their price target on shares of Public Service Enterprise Group from $86.00 to $89.00 and gave the company a “market perform” rating in a report on Monday, October 21st. Scotiabank raised their price objective on shares of Public Service Enterprise Group from $62.00 to $73.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 20th. Wells Fargo & Company boosted their target price on shares of Public Service Enterprise Group from $85.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, UBS Group increased their target price on Public Service Enterprise Group from $94.00 to $98.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Public Service Enterprise Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.69.

Public Service Enterprise Group Company Profile

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.