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

Public Service Enterprise Group Incorporated (NYSE:PEG) declared a quarterly dividend on Monday, July 15th, RTT News reports. Investors of record on Monday, September 9th will be given a dividend of 0.60 per share by the utilities provider on Monday, September 30th. This represents a $2.40 annualized dividend and a yield of 3.00%. The ex-dividend date of this dividend is Monday, September 9th.

Public Service Enterprise Group has raised its dividend 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 $4.04 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 Down 1.2 %

Shares of NYSE:PEG opened at $79.94 on Friday. The firm’s 50-day moving average is $77.98 and its two-hundred day moving average is $72.09. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.65 and a quick ratio of 0.46. Public Service Enterprise Group has a 1 year low of $53.71 and a 1 year high of $81.89. The firm has a market capitalization of $39.82 billion, a PE ratio of 22.14, a price-to-earnings-growth ratio of 2.94 and a beta of 0.60.

Public Service Enterprise Group (NYSE:PEG) last announced its earnings results on Tuesday, July 30th. The utilities provider reported $0.63 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.01). The business had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.03 billion. Public Service Enterprise Group had a return on equity of 10.72% and a net margin of 16.12%. Public Service Enterprise Group’s quarterly revenue was up .1% on a year-over-year basis. During the same period in the previous year, the company earned $0.70 earnings per share. Analysts predict that Public Service Enterprise Group will post 3.67 EPS for the current year.

Insider Activity

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,378 shares of Public Service Enterprise Group stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $80.69, for a total transaction of $111,190.82. Following the transaction, the chief executive officer now owns 148,892 shares of the company’s stock, valued at $12,014,095.48. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, EVP Tamara Louise Linde sold 19,127 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $80.26, for a total transaction of $1,535,133.02. Following the completion of the sale, the executive vice president now owns 67,524 shares in the company, valued at $5,419,476.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, 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 value of $111,190.82. Following the transaction, the chief executive officer now directly owns 148,892 shares in the company, valued at approximately $12,014,095.48. The disclosure for this sale can be found here. Company insiders own 0.57% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PEG shares. Scotiabank upped their price target on 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. BMO Capital Markets raised their target price on shares of Public Service Enterprise Group from $78.00 to $86.00 and gave the company a “market perform” rating in a report on Friday, August 2nd. Morgan Stanley boosted their price target on shares of Public Service Enterprise Group from $78.00 to $83.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Barclays lifted their price objective on shares of Public Service Enterprise Group from $71.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. Finally, Bank of America increased their target price on Public Service Enterprise Group from $84.00 to $88.00 and gave the company a “buy” rating in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, three have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $77.33.

About Public Service Enterprise Group

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.