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

Public Service Enterprise Group Incorporated (NYSE:PEG) announced a quarterly dividend on Monday, July 15th, RTT News reports. Stockholders of record on Monday, September 9th will be paid a dividend of 0.60 per share by the utilities provider on Monday, September 30th. This represents a $2.40 annualized dividend and a dividend yield of 3.21%.

Public Service Enterprise Group has raised its dividend payment by an average of 5.2% per year over the last three years and has increased its dividend annually for the last 13 consecutive years. Public Service Enterprise Group has a payout ratio of 59.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Public Service Enterprise Group to earn $4.05 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 59.3%.

Public Service Enterprise Group Stock Performance

Shares of PEG traded down $1.46 during mid-day trading on Monday, reaching $74.82. 1,368,727 shares of the company’s stock were exchanged, compared to its average volume of 2,828,773. The business’s fifty day simple moving average is $73.98 and its 200-day simple moving average is $66.76. Public Service Enterprise Group has a 52-week low of $53.71 and a 52-week high of $77.46. The stock has a market capitalization of $37.27 billion, a PE ratio of 20.73, a price-to-earnings-growth ratio of 3.17 and a beta of 0.59. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.79 and a quick ratio of 0.62.

Public Service Enterprise Group (NYSE:PEG) last released its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.31 EPS for the quarter, missing the consensus estimate of $1.32 by ($0.01). The company had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.99 billion. Public Service Enterprise Group had a return on equity of 11.10% and a net margin of 17.65%. Public Service Enterprise Group’s revenue for the quarter was down 26.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.39 EPS. On average, equities research analysts expect that Public Service Enterprise Group will post 3.68 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently commented on PEG shares. BMO Capital Markets raised their price target on shares of Public Service Enterprise Group from $69.00 to $74.00 and gave the company a “market perform” rating in a report on Wednesday, July 3rd. Barclays raised their price objective on Public Service Enterprise Group from $71.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, July 10th. Mizuho upped their target price on Public Service Enterprise Group from $65.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Scotiabank reduced their price target on Public Service Enterprise Group from $64.00 to $62.00 and set a “sector perform” rating on the stock in a research report on Monday, April 22nd. Finally, Bank of America increased their price objective on shares of Public Service Enterprise Group from $73.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $74.17.

Insider Transactions at Public Service Enterprise Group

In other Public Service Enterprise Group news, CEO Ralph A. Larossa sold 1,374 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $69.55, for a total transaction of $95,561.70. Following the completion of the transaction, the chief executive officer now directly owns 150,973 shares of the company’s stock, valued at approximately $10,500,172.15. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.57% of the company’s stock.

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.